📈 Boeing shake-up

Boeing CEO steps down in sweeping management shake-up (read his letter), Trump’s social media company set to trade today on Nasdaq, NYSE delists Fisker, Wall Street lifts S&P 500 target to 5500 by year-end, and cocoa is now more expensive than copper...

March 26, 2024

Good morning.

The Fast Five → Boeing CEO steps down in sweeping management shake-up (read his letter), Trump’s social media company set to trade today on Nasdaq, NYSE delists Fisker, Wall Street lifts S&P 500 target to 5500 by year-end, and cocoa is now more expensive than copper…

Calendar:

  • Today: Durable-goods orders, 8:30am ET

    • Consumer confidence, 10:00 am ET

  • 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 Tuesday, March 26:

BEFORE THE OPEN

As of market close 3/25/2024.

PRE-MARKET

MARKETS

  • US stocks slipped ahead of Friday’s PCE release to begin this holiday-shortened week

  • The VIX dropped to its lowest level since 2018

  • Traders are betting a 20% chance of a BoE rate cut in May, double than the Fed or ECB

EARNINGS

  • What we're watching this week:

    • Today: Gamestop

    • Wednesday: Cintas, Jefferies, MillerKnoll

    • Thursday: Walgreens Boots Alliance

  • Full calendar here

NEWS BRIEFING

Chairman of the board Larry Kellner is also stepping down, and Stan Deal, CEO of the commercial airplane unit, is out effective immediately.

SPAC and firm behind Truth Social finally completed merger. Listing may bring Trump a windfall of more than $5 billion.

  • Biden admin announces $6 Billion to slash industrial emissions (link)

  • Wall Street just gave its highest year-end forecast yet for the S&P 500 (link)

  • Cocoa is more expensive than copper as it tops $9,000 (link)

  • New home sales fall; median price lowest in more than 2-1/2 years (link)

  • Fisker deal talks with big automaker collapse, NYSE to delist stock (link)

  • Disney stock upgraded by Barclays as turnaround plan takes shape (link)

  • Hedge funds have been swapping US stocks for European stocks (link)

  • Citigroup will complete its sweeping overhaul this week after 5k layoffs (link)

  • US median home prices hit a 2.5 year low, down 7.6% YoY (link)

  • Reddit options bets overwhelmingly bullish as shares soar further (link)

  • Trump Media SPAC options are pricing the stock to fall 95% MoM (link)

  • Bitcoin’s surge stirs crypto VC from its slumber (link)

  • Florida bans social media for kids under 14 (link)

CRYPTO

  • FTX to sell $884M of Anthropic shares to two dozen institutional investors (link)

  • London Stock Exchange will start a marketplace for Bitcoin and ether ETNs in May (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

👀 Deeper look: Behind the plot to break Nvidia’s grip on AI by targeting software.

⚖️ The scoop: Trump's $464M bond reduced in NY civil fraud case.

💔 Shards of glass: Inside media's 12 splintering realities.

🛥 Keeping up with the Bezoses: Check out Zucks new $300M super yacht.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️