📈 Coming in hot

Inflation picks up hotter than expected, traders shrug it off, voters blame businesses more than Biden, Boeing Max crisis forces airlines to cut flights, and an organized crime ring plaguing retailers -busted...

Good morning.

The Fast Five → Inflation picks up hotter than expected, traders shrug it off, voters blame businesses more than Biden, Boeing Max crisis forces airlines to cut flights, and an organized crime ring plaguing retailers -busted…

Calendar:

  • THU 3/14: Producer price index (PPI), 8:30am ET

Your 5-minute briefing for Wednesday, March 13:

BEFORE THE OPEN

As of market close 3/12/2024.

PRE-MARKET

MARKETS

  • US stocks surged yesterday as investors shrugged off sticky inflation data

  • The S&P closed at a new record high

  • Traders are pricing a ~70% chance of a Fed rate cut in June, and a ~15% chance of a cut in May or July

  • Europe's Stoxx 600 rallied 1%

  • UK’s FTSE 100 hit a 10-month high

  • Cocoa futures hit $7k / ton for the first time amid climate-related supply concerns (link)

EARNINGS

  • Kohl’s shares fell ~10% after missing revenue estimates and reporting a 4% YoY decline in comparable store sales (link)

  • What we're watching this week:

    • Thursday: Adobe, Dollar General, Dick’s Sporting Goods

  • Full calendar here

NEWS BRIEFING

Boeing is struggling to stabilize its supply chain after a host of quality control problems. Southwest, Alaska and United say they are impacted by the late-arriving aircraft.

  • Inflation picks up to 3.2%, slightly hotter than expected (link)

  • Emerging market ETFs broke inflow records in February (link)

  • FHLB charged $285M in fees for attempting to rescue SVB (link)

  • Goldman Sachs seeks to expand private credit portfolio to $300B by 2029 (link)

  • Inverted yield curve no longer reliable recession flag, strategists say (link)

  • Tesla, LVMH and Toyota are their respective regions' most shorted stocks (link)

  • Voters blame businesses more than Biden for sticky inflation (link)

  • US small business optimism fell to lowest in 9 months (link)

  • BOJ to offer guidance on bond buying upon ending YCC (link)

  • Ken Griffin says the Fed shouldn’t cut too quickly (link)

  • Carl Icahn dropped a challenge to Illumina's board (link)

  • OpenAI denied Musk's lawsuit claims (link)

  • 3M names new CEO amid legal battles and health spinoff (link)

  • US power use to reach record highs in 2024 and 2025 (link)

  • TikTok plans full legal fight if US divestment bill becomes law (link)

  • FC Barcelona may break up with Nike (link)

  • Tech start-ups are giving new hires fewer shares (link)

  • Standard Chartered's head of IB Simon Cooper to leave (link)

  • US to face Trump-Biden presidential election rematch (link)

  • Ex-Wall Street banker takes on AOC in New York Democratic primary (link)

CRYPTO

  • Nigeria arrested and accused Binance execs over Nigeria's currency crisis (link)

  • The founder of a crypto mixing service Bitcoin Fog was convicted of money laundering (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💄 Criminal: Inside the organized crime rings plaguing retailers including Ulta, T.J. Maxx and Walgreens.

🛑 Roadblock: A top auto safety group tested 14 partial automated systems — only one passed.

🏆 Pay to play: Dating apps have hit a wall. Can they turn things around?

 🚙 Toys: Electronic broncos.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️