February 26, 2024 | Read Online

Wyatt from Stocks and Income
February 26, 2024

I’m coming at ya from Puerto Vallarta, Mexico this week, so your S&I issues may be with you slightly later than usual.

Pretty pretty good

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📰 Market Headlines

*past 24-hour performance

Last week was a blowout with Nvidia’s earnings pushing the S&P 500 and Dow to record peaks last Friday. New inflation data will test that this week.
- On Thursday one of the Fed's favorite inflation gauges the Personal Consumption Expenditures (PCE) index will be released. “Economists expect annual "core" PCE — which excludes the volatile categories of food and energy — to have clocked in at 2.4% in January. Over the prior month, economists project "core" PCE at 0.4%.”
- Gun to my head, I think PCE will come in somewhere in the 2.7% to 2.9% range.
- As the CPI-driven selloff from a few weeks back shows, markets are especially touchy with inflation indicators right now.
Earnings from retail giants Lowes, Best Buy, and Macy's will hint at consumer sentiment.
We will see if Salesforce, Zoom, and Snowflake manage to catch the AI wave after their reports.
Donald Trump defeated former governor Nikki Haley by 20 points in her home state of South Carolina in the Republican primary on Saturday. Haley vowed to stay in the race. Democrat Joe Biden won by 94%.
The bond market's yield curve is the most inverted it has been since 1981.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

😱 Fear and Greed Index

🧠 What do you think?

How much longer will Nikki Haley stay in the race?

March 6 - she'll drop out after Super Tuesday

April 3 - after the NY primary

July 19 - after the RNC convention

November 6 - after the election

Drop out? She's going to win.

🎤 What you said last time

If you think the moon landing was faked, I don’t know what to tell you. 🚀🧑‍🚀

📈 Trends you need to know

Even though the search volume for moon landing conspiracies is up notably this year, given India’s efforts, science seems to be winning the battle overall.

📊 Stocks

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Winners and losers

Earnings, upgrades, and acquisitions

Berkshire Hathaway reported a record profit of $97 billion last year but said all the big wins are behind them. Shares down 1%.
Warner Bros. Discovery shared no 2024 financial guidance; shares tumbled 11%.
Block surprised the market with a quarterly profit and upbeat guidance, driven by Cash App's performance; shares soared over 13%.
Opendoor Technologies reported strong Q4 earnings but offered soft guidance for 2024, questioning profitability; shares down 3%.
Ant Group outbids Citadel for Credit Suisse's China unit, though regulatory approval remains uncertain.
Broadcom nears a deal to sell a software unit to KKR for about $4 billion.

Market movers

AT&T compensated customers with a full day's credit after a 10-hour outage on Thursday impacted over 70,000 users.
Meta's advertising customers are complaining about their account managers being replaced with bots.
Retailers including Home Depot and Walmart say their prices have stabilized and might even decline later this year.
Chinese EV maker BYD surpassed Tesla as the world's best-selling EV brand.

Ideas, trends, and analysis

Credit card APRs hit a record average of 22.8%.
Three stocks set to rise if interest rates fall.
Nvidia might have delayed the S&P 500's correction.
Competition and regulation mean it might also have peaked.

🌍 Global Perspectives

🇲🇽 Taps in Mexico City could run dry soon.
🇺🇸 🇬🇧 🇾🇪 The US and UK launched the fourth set of coalition strikes on Houthi targets.
🇾🇪 Houthis nearly struck an oil tanker in the Gulf of Aden using one-way attack drones.
🇮🇳 India's economy under Modi might be a real alternative to China.
🇧🇷 Jair Bolsonaro rallied supporters in Brazil amid a coup probe.
🇺🇸 🇷🇺 The US announced over 500 new sanctions against Russia.