📈 Aftermath

Good morning.

The Fast Five → Bridge collapse consequences set to stretch out for weeks, Trump's media company valued at $8 billion in strong Wall St debut, cocoa prices hit $10,000/metric ton for first time ever, Amazon launches same-day prescription delivery in NY/LA, and McDonald’s to sell Krispy Kreme nationwide…

Calendar:

• THU 3/28: Initial jobless claims, 8:30am ET

  • Consumer sentiment, 10:00am ET

• FRI 3/29: MARKET CLOSED (Good Friday)

  • PCE Index, 8:30am ET

  • Fed Chair Jerome Powell speaks, 11:30am ET

Your 5-minute briefing for Wednesday, March 27:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks fell yesterday as the market rally cooled further

• The S&P and Dow fell for a third consecutive session

• Reddit shares are now up 92% since last week’s IPO

• Cocoa futures temporarily crossed $10k

EARNINGS

• Gamestop shares plunged ~15% after reporting weaker-than-expected Q4 earnings and revenue driven by a fall in software sales (link)

• What we're watching this week:

  • Today: Cintas, Jefferies, MillerKnoll

  • Thursday: Walgreens Boots Alliance

• Full calendar here

NEWS BRIEFING

Baltimore’s Freak Bridge Collapse Reverberates From Cars to Coal

Trump's Media Company Valued at Almost $8 Billion in Strong Wall St Debut

• Biden wants US Gov to pay to rebuild Baltimore bridge (link)

  • Logistics companies scramble after bridge collapse closes Port of Baltimore (link)

• The Fed posted a record ~$114B loss in 2023 (link)

• Dow, S&P fall for third straight session with inflation data eyed (link)

• Amazon launches same-day prescription delivery in NY and LA (link)

• McDonald’s to sell Krispy Kreme nationwide; shares jump (link)

• Visa and Mastercard agree to $30B settlement that will lower merchant fees (link)

• Commercial banks buy Treasuries at fastest pace since Covid (link)

• Treasury yields continue to rise despite rate cut expectations (link)

• BlackRock CEO calls on Baby Boomers to Fix ‘Retirement Crisis’ (link)

• Retail investors host meme stock party amid high rates (link)

• Moody's placed Boeing on review for downgrade (link)

• Advisory firm ISS tells Disney shareholders to side with activist Nelson Peltz in proxy fight (link)

• Dell has now slashed ~6k jobs as part of broad cost cuts (link)

• US will investigate credit card rewards and BNPL companies (link)

• Apple will unveil AI strategy in June (link)

• Latino entrepreneurship in US is rising at rapid pace (link)

• China sued US over EV-subsidies, citing unfair competition (link)

CRYPTO

• US prosecutors charged crypto exchange KuCoin with failing to comply with US anti money-laundering laws (link)

• Texan bitcoiners start mining in Argentina, where peso is in freefall (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🌉 Aftermath: What to know about the ripple effects of the Baltimore bridge collapse.

🍎 WWDC 2024: Apple will be playing AI catch-up as they prepare to tell us what in the world they plan to do with AI, at the Worldwide Developers Conference set for June 10th.

👬 Odd couple: Netflix’s co-CEOs are nothing alike. That’s a good thing.

🍽 Lost kitchen: A Maine restaurant so hot that it has prospective patrons request a reservation by postcard.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️