Bitcoin's value crashed below $62,000 after peaking at a record high last week of $73,794.
S&P 500 hit a record high, moving 0.6% up to 5,178. The Dow had its best day in a month.
Everyone is watching the Federal Reserve today, but don't expect any big changes.
The Fed will release its quarterly "dot plot," which will tell us if there is still consensus on three rate cuts this year.
"If anything, the [Fed's] message hasn't really changed," Charles Schwab's Kevin Gordon said. "It's really been the market that's been jumping around in terms of when it expects rate cuts to start and how many you're going to get this year."
Wall Street optimism has hit its highest level since early 2022.
This is the most evenly distributed poll we've run so far. It's super interesting that nearly half of you are considering moving to Saudi Arabia. I wonder how that's changed over the Last 5 Years.
📈 Trends you need to know
I'm usually loathe to share anything from Statista but it's hard to mess up charting survey results.
XPeng stock edged up 0.7% following a smaller-than-expected Q4 loss report and a 143% revenue surge.
Tencent Music shares surged 2% following a report indicating a 21% increase in subscribers. Tencent Music Entertainment ADR (which is the US-listed version of the company), saw shares climb 7.03%.
Caleres reported Q4 sales of $697.1 million and a flat-to-2% sales growth outlook for 2024.
Horizon Bancorp missed 2023 expectations with 25% revenue drop and 70% net income decrease, dropping shares by 6.2%.
Market movers
Nvidia's unveiled Blackwell AI chips prompted Goldman Sachs to raise the target price to $1,000. [Ed: whenever I see round numbers like this, it feels lazy]
Chipotle is planning a 50:1 stock split. Free burritos not included.
Nvidia's GB200 chip was announced to ship this year, priced between $30,000 and $40,000.
JetBlue announced route cuts from Los Angeles and other locations.
Saudi Arabia issued plans to invest $40 billion in artificial intelligence.
MicroStrategy's shares dropped sharply this week, emphasizing stocks' volatility as proxies for Bitcoin.
Bentley announced plans to delay its all-EV transition as hybrid demand increases.
Zillow faces challenges following a settlement that could disrupt traditional real estate commission structures.
Unilever began implementing plans to spin off its ice cream unit and cut up to 7,500 jobs.
Ideas, trends, and analysis
Global energy demand is set to outpace population growth by 2050.
The AI boom differs from the dot-com bust in that today's market is supported by broad-based index funds, unlike the individual stock frenzy of 2000.
Hedge funds are piling into the euro zone's $10 trillion government bond market.
Loop Capital tagged Best Buy as a 'stealth' home improvement stock.
Home prices rose 2.4 times faster than inflation since the 1960s.
Palantir stock is expected to hit $35 following a US Army contract.
Yielding over 8%, here are three dividend stocks to watch.
⚡ Crypto
MicroStrategy's leveraged buys of Bitcoin contributed to the recent Bull Run.
Grayscale's CEO predicted Bitcoin ETF fees will decrease as the market matures.
Bloomberg analysts predicted slim chances for Ether ETF approval in May.
🧠 Errata
Two white Mississippi sheriff's deputies were sentenced to 20 and 17 years in federal prison for torturing two black men because they lived with a white woman.
Australian termites walk in a circle until they die. [Ed: this feels like a metaphor ]
The Biden administration wiped out $138 billion in student debt.
Nvidia entered into the humanoid robot ring, challenging Tesla'a Optimus.
A systems glitch turned Ethiopia's largest bank into a $40 million money printer.
FBI data revealed a significant drop in U.S. crime rates in 2023.
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