📈 Cover curse?

Biden’s pitches $7.3 trillion budget, Trump says a TikTok ban would empower Meta, traders debate magazine cover curse, long-term inflation expectations rise, and The Body Shop and Deadspin—gone...

March 12, 2024

Good morning.

The Fast Five → Biden’s pitches $7.3 trillion budget, Trump says a TikTok ban would empower Meta, traders debate magazine cover curse, long-term inflation expectations rise, and The Body Shop and Deadspin—gone…

Calendar:

  • Today: Consumer price index (CPI), 8:30am ET

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

Your 5-minute briefing for Tuesday, March 12:

BEFORE THE OPEN

As of market close 3/11/2024.

PRE-MARKET

MARKETS

  • US stocks closed mixed yesterday as investors await crucial inflation data that will test bets on Fed rate cuts

  • Options traders are pricing a ±1% swing in the S&P 500 to follow inflation data

  • Japanese stocks slumped on speculation that BOJ may end negative rates this month

  • Bitcoin topped $72k, surpassing silver to become the eighth-largest financial asset 🤯 🤯 

EARNINGS

  • Oracle shares rose ~13% after reporting better-than-expected Q3 earnings thanks to strong demand for its AI servers, though it slightly missed on revenue (link)

  • What we're watching this week:

  • Today: Kohl’s, ADM

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

  • Full calendar here

NEWS BRIEFING

Traders are chattering about recent bullish market coverage. Magazine cover-contrary indicator often points to trend ending.

Trump’s view on TikTok contrasts with that of incumbent U.S. President Joe Biden, who has said he would sign a bill to ban the app, if Congress passes it.

  • Prominent Boeing whistleblower found dead in US (link)

  • PE is sitting on a record 28k unsold firms worth $3T+ (link)

  • Biden’s pitches $7.3 trillion budget - callls for tax hikes on the wealthy to pay for Social Security, Medicare (link)

  • The Body Shop is closing down all US operations after filing for bankruptcy (link)

  • Long-term inflation expectations rise, spelling possible trouble for the Fed, survey shows (link)

  • HSBC to hire ~50 bankers for startup, venture lending in US (link)

  • Disney attacks Nelson Peltz’s motivations in effort to win board seats (link)

  • Jamie Dimon warns US recession ‘not off the table’ yet (link)

  • Activist fund Third Point added three new directors to Advance Auto Parts' board (link)

  • Telegram hits 900M users and nears profitability as founder considers IPO (link)

  • Thomson Reuters has $8B war chest for AI-focused acquisitions (link)

  • Bank of America execs get pay bump despite CEO compensation cut (link)

  • NYCB's new CEO will receive $1.25M base salary (link)

  • Deadspin sold by G/O Media, employees laid off with half-hour's notice (link)

  • Americans’ are dipping into 401k’s, with financial insecurity at a record high (link)

CRYPTO

  • ISIS is increasingly using crypto to fund global operations (link)

  • UK approved crypto-backed ETNs for professional investors (link)

  • Bitcoin surpassed silver to become the eighth-largest financial asset (link)

  • US Treasury once again proposes new crypto tax rules to “modernize” code (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💰 New rule: Airbnb finally overturns its creepiest policy.

👀 Cyber threats: Four things we learned when US spy chiefs testified to Congress.

🏆 New start: TikTok creators look for a new home as threat of US ban gains steam.

🤔 Royal drama: British monarchy rocked by bad Photoshop job.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️