📈 Reason to delay

Inflation rose much more than expected, Fed gets more reasons to delay cuts, Biden opposes Nippon Steel's US Steel takeover plans, Blackstone says it’s a good time to buy real estate, and Mnuchin wants to buy TikTok...

March 15, 2024

Good morning.

The Fast Five → Inflation rose much more than expected, Fed gets more reasons to delay cuts, Biden opposes Nippon Steel's US Steel takeover plans, Blackstone says it’s a good time to buy real estate, and Mnuchin wants to buy TikTok…

Calendar:

  • Today: Consumer sentiment, 10:00am ET

Your 5-minute briefing for Friday, March 15:

BEFORE THE OPEN

As of market close 3/14/2024.

PRE-MARKET

MARKETS

  • US stocks dropped, while yields jumped, as investors reacted to hotter-than-expected producer inflation data

  • Nvidia accounts for ~20% of the S&P 500's YTD rise

  • Italy 10Y bond spread sunk to a two-year low as Italy’s economy outshines Germany

  • Oil held near a four-month high after sharp supply-side price pressure this week

EARNINGS

  • Adobe plunged ~11% despite beating Q1 earnings and revenue estimates as it fell slightly short on Q2 revenue guidance (link)

  • Dick’s Sporting Goods shares rose ~15% after beating Q4 estimates, posting its largest quarterly sales in history, and raising its dividend by 10% (link)

  • Dollar General shares fell ~5% despite reporting a surprise increase in same-store sales due to a downbeat profit outlook for the current quarter (link)

  • Full calendar here

NEWS BRIEFING

Producer prices topped forecasts and jobless claims revised lower, overshadowing weaker retail sales.

Mnuchin said on CNBC that he has spoken to potential investors. TikTok should be owned by a US business, Mnuchin said on CNBC.

  • Wholesale inflation rose 0.6% in February, much more than expected (link)

  • Biden opposes Nippon Steel's US Steel takeover plans (link)

  • Good time to buy real estate as prices bottom, Blackstone says (link)

  • Private funds increasingly replacing banks on everything consumer (link)

  • Corporate defaults at highest rate since 2008 crisis (link)

  • HF manager faces arrest over $533M taken from Byju's startup (link)

  • Morgan Stanley named Jeff McMillan as head of AI (link)

  • Citigroup is investigating a senior IPO banker over abuse/harassment (link)

  • JPMorgan hit with $350M fine for compliance failures in trading (link)

  • Two-thirds of Goldman women partners have exited since 2018 (link)

  • Bank of America made several leadership changes in capital markets (link)

  • NYCB sold $900M of loans and will integrate Signature Bank into its financial reporting (link)

CRYPTO

  • Bitcoin topped Taylor Swift and Beyonce in Google search popularity (link)

  • El Salvador to transfer 'big chunk' of Bitcoin to physical vault (link)

  • A UK judge ruled that self-described Bitcoin creator Craig Wright did not invent the crypto (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💻 Big Tech: Google I/O developer conference is set for May 14, 15.

🥃 Sleuthing: On the trail with the whisky detectives.

🛑 Takedown: New York Times takes action against hundreds of Wordle clones.

🎓 Rate of return: A college degree offers better returns than the stock market - but it varies dramatically between majors.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️