Tesla's Berlin factory shut down after an attempted firebombing. Shares are at their lowest in nearly 2 years.
Facebook, Instagram, and Threads all went down for a while.
Bitcoin soared to a new all-time high of $68,869, then crashed hard down 11%. It’s around $66k at publishing.
Fed Chair Jerome Powell testifies to Congress today. Markets will be looking for any hint of change in the Fed's rate cut plans.
“The message very much is not going to be ‘mission accomplished,’ but ‘we’ve made a lot of progress, we anticipate rate cuts are coming, - Joseph LaVorgna, chief economist at SMBC Nikko Securities.
As you can see, I’ve been bearish on rate cuts for some time, and it’s paying off now. Also, it’s now been widely covered that the new Nintendo Switch won’t come out until 2025, but markets on Kalshi haven’t caught up yet
You can get $25 free to play this disconnect if you’d like.
Properly combined through an excellent documentary and a plate of brisket.
Smoked meats
“Not everyone likes talking about war; almost everyone likes good smoked meat.”
It doesn’t get any better than this, boys.
📈 Trends you need to know
Ross stores had a bit of a moment during the pandemic, but it looks like the chain of discount retailers is sliding into a slow demise. Could a recession save the company?
Target beat expected Q4 sales, gross profit margins, and EPS. It announced plans for growth in 2024, focusing on new stores, remodels, and a membership program. Stock popped over 10% on the news.
CrowdStrike issued strong guidance, beat earnings, and announced its acquisition of Flow Security. Shares up 23%.
ChargePoint saw shares fall 7.5% after reporting a 24% year-over-year revenue decline.
NIO briefly reached a new 52-week low then stabilized after missing earnings estimates.
Ross Stores provided cautious guidance despite beating earnings and revenue estimates for the holiday quarter; shares 1.5%. [Ed: honestly didn’t know Ross was still a thing.]
Market movers
The Biden administration capped credit card late fees at $8; banks are predictably indignant.
Apple's shares tumbled below $170, entering a technical correction and erasing over $300 billion in market value.
Spot Bitcoin ETFs shattered records with over $10 billion in trading volume amid BTC's price rollercoaster.
The SEC will probably decide on Ethereum spot ETF proposals in May.
Mining stocks have underperformed during this Bitcoin run.
Ether reversed gains, dropping 5% under pressure from Bitcoin's decline. It quickly bounced back and sits well above $3,800 atm. that Bitcoin could fall to $42K post-halving.
🧠 Errata
A Frenchman found a near-complete fossilized Titanosaur. He surrendered immediately.
