📈 Goldman warning

Goldman President warns out of control spending risks economic crisis, tech CEOs give India PM Modi election boost, Walmart-backed Ibotta shares surge 34%, Meta’s new AI assistant rolling out across social platforms, and Google terminates employees after multicity protests (read memo)...

April 19, 2024

Good morning.

The Fast Five → Goldman President warns out of control spending risks economic crisis, tech CEOs give India PM Modi election boost, Walmart-backed Ibotta shares surge 34%, Meta’s new AI assistant rolling out across social platforms, and Google terminates employees after multicity protests (read memo)…

Calendar - next week: (all times ET)

  • WED, 4/24: Durable-goods orders, 8:30a

  • THU, 4/25: GDP - Q1, 8:30a

    • Jobless claims, 8:30a

  • FRI, 4/26: PCE index, 8:30a

    • Consumer Sentiment, 10:00a

Your 5-minute briefing for Friday, April 19:

BEFORE THE OPEN

As of market close 4/18/2024.

PRE-MARKET

MARKETS

  • US stocks continued to fall yesterday on bearish sentiment driven by rate policy concerns and Middle East tensions

  • The S&P fell for a fifth-straight day for its longest losing streak since October

  • This Nasdaq fell for a fifth-straight day for its longest losing streak since January

  • US 30Y mortgage rates climbed above 7% for the first time this year

EARNINGS

  • TSMC shares fell ~5% despite beating Q1 earnings due as it cut expectations for 2024 semiconductor market growth to ~10% (link)

  • Netflix shares fell ~5% despite beating Q1 estimates for revenue, earnings, and net subscriber additions due to a slightly lower-than-expected Q2 revenue forecast (link)

  • Blackstone reported 1% YoY growth in Q1 distributable earnings, slightly higher than estimates (link)

  • What we're watching this week:

    • Today: American Express, P&G

  • Full calendar here

NEWS BRIEFING

Goldman Sachs President John Waldron warned that Washington needs to get “its spending under control” to prevent a market crisis similar to what happened in the UK in 2022.

Indian Prime Minister Narendra Modi’s ties to U.S. tech company CEOs have helped to boost the country’s and his own profile ahead of national elections that start Friday.

  • Walmart-backed Ibotta shares surge 34% after $577M IPO (link)

  • Meta’s new AI assistant is rolling out across WhatsApp, Instagram, Facebook and Messenger (link)

  • Google terminates 28 employees after multicity protests (read memo)

  • Private credit funds get Moody’s warning on problem loans (link)

  • Pension funds pull hundreds of billions from stocks (link)

  • Some HFs too big to fail for bond market (link)

  • Norway's $1.3T SWF posted a $110B Q1 profit as tech stocks surge (link)

  • US financial firms facilitated investments into blacklisted Chinese companies (link)

  • S&P and Moody’s in downgraded Israel (link)

  • TD investors meet as probe, CEO succession fuel frustration (link)

  • ANZ Bank is in talks with Australia pensions on India investments (link)

  • Google fired 28 employees for protesting company business with Israel (link)

  • Tech workers are flocking to Austin and NYC (link)

  • Israel retaliated against Iran (link)

  • Dubai is grappling with extraordinary flooding (link)

CRYPTO

  • Crypto trader Avi Eisenberg was convicted of fraud in $110M Mango Markets scheme (link)

  • How the Bitcoin halving could impact ailing mining stocks (link)

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DAILY SHARES

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