That’s the TikTok trend that more Americans are going to have to start practicing. NY Fed research points to more delinquencies for auto loans and credit-card loans.
Uber’s rev and bookings grew double digits, beating expectations. Consumers in the US spent more on services, which helped the company.
Nvidia chip prices are on a tear in Asia as US export curbs, coupled with the AI boom, are driving demand through the roof, per the FT.
You probably already saw this, but I find it fascinating. The NTSB’s prelim report showed that the Boeing 737 Max door that blew out midflight was missing four bolts, per Reuters….for months….
MSFT plans to train up to 2mm folks in India on AI skills, per CEO Nadella. That’s like everyone in Houston or Phoenix getting trained by MSFT…or everyone in Miami + Tampa + Orlando + St Petersburg + Port St Lucie! Now compare that to news from JPM this morning. They plan to open more than 500 Chase branches and hire 3,500 people.
Xi replaced the head of its securities regulator, per Bloomberg. It’s not his fault that the economy tanked and real estate companies were too aggressive, but someone has to take the blame, right?
Jefferies says they’re taking some profit off the table on equities, worried about a temporary market pullback, but they’re keeping their Mag 7 positions….which doesn’t make much sense to me. They represent so much of the market that if the market were to go down meaningfully to warrant taking chips off the table, either everything else is tanking or their Mag 7 will be hurting (or both). So, they’re still rolling the dice, in my opinion, if they are trying to get defensive.
Per Moody’s downgrade. The bank is going down faster than a plan with Boeing parts.
More time in front of the TV and on your tush? You got it. ESPN, Fox and Warner are launching a joint sports streaming service that will feature major college and some pro games.
Snap rev growth was lower than expected, even after expectations for the ad market were lowered because of challenges at Google and others, per Bloomberg.
Huge Treasury sale today. $42bn of 10-yr UST. If the auction goes well, it could support higher equities and bonds. Also today a bunch of Fed folks will be yapping, so they may move markets via tea leaf expectations changing.