📈 The Fab Four

Gold hits another record high, Musk is now officially Austin’s largest private employer, US manufacturing grows at fastest rate since 2022, Trump Media plunges 25% after reporting big loss, and the Magnificent Seven is now the Fab Four...

April 02, 2024

Good morning.

The Fast Five → Gold hits another record high, Musk is now officially Austin’s largest private employer, US manufacturing grows at fastest rate since 2022, Trump Media plunges 25% after reporting big loss, and the Magnificent Seven is now the Fab Four…

Calendar: (all times ET)

  • Today: Job openings, 10am

  • WED 4/3: Fed Chair Powell, 10am

  • THU 4/4: Jobless claims, 8:30am

  • FRI 4/5: Unemployment rate, 8:30am

Your 5-minute briefing for Tuesday, April 2:

BEFORE THE OPEN

As of market close 4/1/2024.

PRE-MARKET

MARKETS

  • US stocks mostly dipped as investors weighed a jump in manufacturing activity and fresh inflation data

  • Bond traders priced in a < 50% chance of a June rate cut, with swap contracts forecasting < 65 bps of rate cuts this year

  • The MOEX Russian index hit a two-year high

  • US 2Y, 10Y and 30Y yields jumped 10+ bps in their biggest increase YTD

  • US dollar index rose to a 4.5 month high against major peers and a six-week high versus the euro and pound

  • Gold hit fresh ATHs

EARNINGS

  • What we're watching this week:

    • Today: Dave & Buster’s

    • Wednesday: Levi’s

    • Thursday: Lamb Weston

  • Full calendar here

NEWS BRIEFING

Gold prices scaled to another record high Monday, propelled by U.S. interest rate cut expectations and the metal’s appeal as a safe haven asset.

Elon Musk boosts headcount by 86% at biggest site of his Texas empire

  • US manufacturing activity grows at fastest rate since 2022 (link)

  • Trump Media plunges more than 25% after company reports big loss for 2023 (link)

  • The stock market’s magnificent seven is now the Fab Four (link)

  • Ken Griffin sees ‘modest’ economic growth but warned on US debt (link)

  • US manufacturing grew for the first time in 1.5 years (link)

  • US and global equity funds see fifth straight week of inflows (link)

  • India is second busiest market for ECM deals after US (link)

  • Citi to cut 430 jobs including in IB TMT and ECM (link)

  • OpenAI removed Sam Altman from VC fund ownership (link)

  • BlackRock launched its first active equity ETFs in Europe (link)

  • S&P revised JPMorgan's ratings outlook to 'positive' (link)

  • Japan service sector optimism hit a 33-year high (link)

  • UBS is still reviewing risk of misstatement in Credit Suisse books (link)

  • Bitcoin boom overshadows broadening of US ETF landscape (link)

  • BlackRock backed Disney's board in blow to activist funds (link)

  • Trump’s net worth dropped $1B as Trump Media stock sinks (link)

  • Microsoft to unbundle Teams and Office in antitrust response (link)

  • Two Warner Bros. Discovery board members resigned after antitrust probe (link)

  • Gen Z is embracing skilled trades (link)

CRYPTO

  • Binance named its first board of directors (link)

  • Solana breaks $200 as memecoin and airdrop interest continue (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🍿 Disney board showdown: What’s at stake at upcoming contentious 2024 shareholder meeting.

🤖 Free for all? ChatGPT no longer requires an account — but there’s a catch.

🎯 On the prowl: Macy’s hasn’t closed 150 stores yet. But Target, Kohl’s CEOs already smell opportunity.

🎙 Friendly PR: Tech CEOs like Zuckerberg are increasingly bypassing traditional media in favor of podcasters who help get their message out.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️