📈 Tik-Tock

Good morning.

The Fast Five → Biden plans to ban TikTok if Congress passes bill, traders are on alert for hotter-than-expected inflation print, authors sue Nvidia over AI use of copyrighted works, Techstars’ $80M partnership with J.P. Morgan is on the rocks, and Sam Altman rejoins OpenAI board of directors…

Calendar:

• TUE 3/12: Consumer price index (CPI), 8:30am ET

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

Your 5-minute briefing for Monday, March 11:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks retreated on Friday as tech and AI stocks went into reverse

• The Dow had its worst week since October

• Futures contracts now reflect an 80% chance of a June Fed rate cut, and a ~25% chance of a May cut

• Gold prices surged to another record high

• Bitcoin briefly rose to a record high, crossing $70k for the first time

EARNINGS

• What we're watching this week:

  • Today: Oracle 

  • Tuesday: Kohl’s, ADM

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

• Full calendar here

NEWS BRIEFING

Biden Says He’ll Ban TikTok if Congress Passes Bill

Traders Are on Alert for a Hotter-Than-Expected Inflation Print

• EY deals staff hit out at bosses after job cuts and sales slump (link)

• Tech stocks see biggest weekly outflow ever (link)

• US bond funds see biggest weekly inflow since mid-2021 (link)

• High-grade bond funds see biggest weekly inflow since September 2020 (link)

• Global equity funds saw $6.5B of weekly inflows (link)

• Hedge funds threaten to pull India investments due to regulatory crackdown (link)

• Nvidia is sued by authors over AI use of copyrighted works (link)

• US job market data reduce hopes of early Fed rate cut (link)

• Unemployment rate nonetheless rose to 3.9%, a two-year high (link)

• BOJ leaning toward exiting negative rates (link)

• Techstars’ $80M partnership with J.P. Morgan is on the rocks, employees say (link)

• Big companies heed Saudi demand to set up regional HQs (link)

• Europe faces ‘competitiveness crisis’ as US widens productivity gap (link)

• Costco stock had its worst day in two years (link)

• Sam Altman rejoins OpenAI board of directors as investigation into his ouster comes to a close (link)

• Apple retreats in Epic feud, allows Fortnite return in EU (link)

• Aramco hiked dividend 30% to $98B despite profit decline (link)

• Nvidia on cusp of overtaking Apple as second-most valuable company (link)

• BP's carbon emissions rose for the first time since 2019 (link)

CRYPTO

• Binance will face a revived investor lawsuit in the US over crypto losses (link)

• BlackRock's Bitcoin ETF accumulated ~200k Bitcoin in less than two months, surpassing Michael Saylor’s Microstrategy (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💰 Pursuits: Wyoming wants to become America’s crypto capital.

👀 Watching: What’s going on with the new bill that could ban TikTok?

🏆 Survivors: Three anonymous Oscars insiders on what really happens on the run-up to Hollywood's biggest night.

🤔 Rethinking? Billionaire hedge funder Bill Ackman mulls Bitcoin.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️