|  | *past 24-hour performance |
| 💨 TL;DR | Markets rebounded slightly ahead of today’s key jobs report. Economists think we’re already in a recession. Biden smacks down pharma companies.
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| | 📰 Market Headlines | Wall Street closed higher following its first three-day losing streak since Halloween. The S&P 500 rose 0.8% and continued to hang near its highest level since March 2022. The Dow rose 0.2%, and the Nasdaq added 1.4%. Big Tech pushed firmly upward on the market, led by a significant gain for Google’s parent company, Alphabet. Treasury yields held steady. Unemployment benefits claims rose by 1,000 to 220,000 last week, in line with analyst expectations. Crude oil was up $0.96, while Brent crude added $1.15. Bloomberg economists say a recession probably began in October. The Biden administration warned pharma companies that if the price of certain drugs is too high, the government might cancel their patent protection and allow rivals to make their own versions. Why drug prices are so high in America.
| | 🕶️ Market Vibes | 🎰 Market Forecasts and Futures | Brought to you by Kalshi, our favorite prediction market. Get $25 with this link. | 99% of Americans will be financially worse off than they were pre-pandemic by mid-2024 | The global inverter market is expected to grow 6.1% annually to $25.6 billion in 2031. | If you’re bullish on inverters, check out: | Enphase Energy: Specializing in micro-inverter-based solar storage systems, they are a leader in integrating solar generation, storage, and energy management. SolarEdge Technologies: Known for manufacturing optimizers and inverters for solar power conversion, they focus specifically on the efficiency and cost-effectiveness of renewable energy equipment. Stem: Providing AI-driven renewable energy storage solutions and specializing in smart battery systems, they are a focused player in the energy storage and intelligent energy management sector.
| End-of-year forecasts | | Macro forecasts | | 😱 Fear and Greed Index | | | 🧠 What do you think? | Drug prices in America are | |
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| 🎤 What you said last time | Nearly 2/3 of you think SpaceX will be a trillion-dollar company one day. Time to load up on pre-IPO shares. |
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| | To the Moon | “Elon... Enough said!” |
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| | 📊 Stocks | | Want to invest like Buffet? With Public.com, you can emulate Berkshire Hathaway’s portfolio with just a few clicks. | Winners and losers | Cerevel Therapeutics jumped 11.4% after AbbVie announced an $8.7 billion deal to buy the company and its pipeline of candidates for schizophrenia, Parkinson’s, and other diseases. AbbVie added 1.1%. On Wednesday, Google released its AI model — Gemini — and will roll it out gradually. Shares are up 55% on the year. However, there are allegations that some of the demos were faked. Broadcom forecast annual revenue below Wall Street estimates on Thursday, as weak enterprise spending and stiff competition cast a shadow on its acquisition of VMware. JetBlue Airways raised guidance for Q4. Shares were up 15%. Disney is building two new planned communities. One each in California and North Carolina. Prices are expected to start from the upper $1 million range to the lower $2 million. Restoration Hardware (aka RH) swung to a surprise quarterly loss and said its bottom line is under pressure due to the frozen housing market. Things are so bad they’re delaying shipment of their paper catalog until “conditions…are more favorable.” Robinhood announced it’s launching BTC and other crypto trading in the EU. Shares were up 2%. Tesla lost its legal dispute with Sweden’s postal service as its spat with Nordic trade unions rumbles on. Amazon is piloting a new grocery subscription offering for Prime members in three cities. Gamestop, suffering from a bleak outlook, is looking to use spare cash to play the markets.
| Ideas, trends, and analysis | |
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| | 📊 Income | | After a dismal year, the bond market is rallying as investors celebrate the likely end of the Federal Reserve’s historic interest rate tightening cycle. Bond traders who powered a ferocious rally in the $26 trillion US Treasury market are about to find out if they’ve gotten ahead of themselves.
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| | | | 🌍 Global Perspectives | 🇨🇳 Even distressed debt funds are finding China uninvestable. | 🇬🇾 🇻🇪 🇧🇷 🇺🇸 The US military announced it would begin air exercises in Guyana, and Brazil has mobilized troops to the borders of both Guyana and Venezuela. Earlier this week, Venezuelan President Maduro threatened to invade Guyana to seize its $1T in oil. | 🇮🇱 🇱🇧 Israeli Prime Minister Benjamin Netanyahu threatened devastation in Beirut and southern Lebanon if Hezbollah joins the war. | 🇯🇵 Updated data released today showed Japan’s economy shrank by 2.9% year-on-year in the July-September quarter, worse than estimated earlier. |
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| | | | | | 📺 What to Watch Today |  | China's Addiction with Debt Triggers Exodus of Investors | Vantage with Palki Sharma |
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| | 📈 Trends you need to know | Brought to you by our friends at Glimpse, my favorite way to spot trends. | |
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| Straddling the intersection of meta-trends ETFs and dividend stocks, the SCHD ETF has surged in popularity despite its mediocre performance. |
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| | That’s all for today. Did we miss anything? Smash the reply button to let us know. | Cheers, | Wyatt |
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| | Notes | Please read this disclaimer. The authors of Alt Assets, Inc. are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content should not be taken as professional advice. They are self-taught accredited investors, sharing information, research, entertainment and lessons learned based solely on their own experience and circumstances. Individual results may vary. The published content is unique, based on certain assumptions and market conditions at the time of publishing, and is intended to serve solely as research, not financial advice. For entertainment purposes only. Not investment advice. Alts I LLC (the “Fund”) is an affiliate of Alt Assets, Inc. and the Fund has conducted a private placement offering under Rule 506(c) of Regulation D of the Securities Act of 1933, as amended. The Fund may invest in one, several, or all of the alternative asset classes that Alt Assets, Inc. publishes content about on its site. Any of the Fund’s investments that have positive designations on the Alt Assets, Inc. site are purely coincidental, as the Fund is actively managed and guided by its own investment parameters, as summarized in the relevant private placement memorandum. Alternative investing involves a high degree of risk, including complete loss of principal and is not suitable for all investors. Past performance does not guarantee future results. The newsletter may contain affiliate links, meaning that Alts.co and its associated entities may receive compensation for referring customers to the noted companies. We recommend seeking the advice of a financial professional before you make any investment in an alternative asset class or any associated entities, and we accept no liability whatsoever for any loss or damage you may incur. |
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