📈 Zuck apologizes

Good morning.

The Fast Five → Interest rates hold steady with March cuts unlikely, Zuck apologizes as Senate grills tech CEOs over child safety, House passes $78B business/child tax break bill, Walmart plans to add 150+ stores across US, and Boeing gets sued by shareholders following blowout…

Calendar:

• Friday, 2/2: US unemployment rate, 8:30a ET

Your 5-minute briefing for Wednesday, January 31:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks fell after the Fed’s decision to keep rates steady and Chair Jerome Powell hinted that March rate cuts were unlikely

• The Nasdaq led indices with a 2.23% loss

• Chinese stocks continued their decline, with the CSI 300 falling to a five year low as traders unwind rescue bets

EARNINGS

• Qualcomm beat Q1 revenue and earnings estimates after sales of handset chips jumped 16% YoY, a sign of a possible recovery for the smartphone market (link)

• Boeing shares rose ~5% after narrowing its losses at the end of the year and reporting higher-than-expected revenue; the manufacturer did not provide guidance for 2024 (link)

• What we're watching this week:

  • Today: Apple, Amazon, Meta, Royal Caribbean, Altria

  • Friday: Exxon, Chevron, Bristol Myers Squibb, AbbVie, Cigna

• Full calendar here

NEWS BRIEFING

Fed’s Powell Cements Pivot But Pushes Back on Timing of Cuts

Zuckerberg Apologizes to Families of Kids Harmed Online as Senate Grills Tech CEOs

• House passes $78 billion business, child tax break bill (link)

• Jeff Gundlach says all the ‘Goldilocks’ talk makes him nervous, thinks recession is still likely (link)

• Walmart plans to add more than 150 large-format stores across the US (link)

• Billionaire Sternlicht sees $1T loss in office values (link)

• Tech CEOs told ‘you have blood on your hands’ at US Senate child safety hearing (link)

• Nelson Peltz tells Disney investors to reject two board directors (link)

• Boeing’s CEO says ‘We caused the problem’ in Alaska Air blowout (link)

  • Boeing sued by shareholders following MAX 9 blowout (link)

• US disrupts Chinese hacking campaign targeting critical infrastructure, officials say (link)

• Meta’s continued rally could hinge on the fortunes of upstart retailers Temu and Shein (link)

• Biden administration looks to forgive student debt of borrowers in hardship (link)

• Trump says he would ‘absolutely’ block Nippon-US Steel deal (link)

CRYPTO

• FTX dropped its plans to relaunch the exchange and intends to repay customers in full (link)

• The DOJ filed an objection to crypto lender Genesis Global’s Chapter 11 plan, saying it provided a legal shield to the company and a myriad of third parties (link)

• British police uncovered $1.7B worth of Bitcoin laundered from a $6B Chinese investment fraud (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

🍎 Art: The psychology of Apple packaging - Steve Jobs and Jony Ive prioritized packaging, which they said could be "theatre"…

🤷🏻‍♂️ Meh: Working for Google used to be 'sexy and exciting.' Now, not so much.

🌯 Extra guac: We're about to enter 'burrito season.' Seriously.

🙉 Overheard: 'Stupid,' 'shameful' say tech workers of Y Combinator CEO Garry Tan's rant.

FEATURED TRADES

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Market Cap: $38M | Timeframe: N/A

✏️ Educational Products | 📈 Bullish Idea

Read the full article here. Read time: 3 min

DAILY SHARES

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