$F +25% in two days because a Morgan Stanley analyst note suggested that their Energy Storage System battery business (a pivot from EV capacity) has a "fairly high likelihood" of announced contracts with hyperscalers "over the next few months". Sure, why not.
AI chipmaker Cerebras Systems secures $5.55B in the year’s largest IPO $CRBS @seekingalpha
Venezuela has launched a formal restructuring of its $170 billion foreign debt, including PDVSA obligations, after being in default since 2017, following recent easing of US sanctions. | @yahoofinance.com
US Government Finances Are Not Ready for a Recession. Torsten at Apollo
BofA: Even the greatest IPO compounders had struggles at the start Eyes on SpaceX, OpenAI, Anthropic...
Biggest m/m PPI jump since March 2022... 2nd-largest in the lat 10+ years +1.4%
📅 After yesterday’s CPI report, attention shifts to PPI this morning for another key read on inflation pressures further up the pipeline, while energy markets remain in focus with the EIA petroleum data later in the session. Full economic calendar: bit.ly/4j8uVrj Latest updates: bit.ly/4j8uVrj
"This type of extreme narrow leadership barely existed in earlier decades, so most signals are clustered in the post-2020 market regime. Interesting data point, but hard to draw strong conclusions from only a handful of occurrences." HBM Strategies
ICYMI: The oil market won't recover this year if the Iran war drags on much longer, Saudi Aramco CEO says: The Saudi oil giant posted a 26% jump in first-quarter adjusted net income, beating analyst expectations, as the Strait of Hormuz remains nearly shut
The oil market won't recover this year if the Iran war drags on much longer, Saudi Aramco CEO says
The Saudi oil giant posted a 26% jump in first-quarter adjusted net income, beating analyst expectations, as the Strait of Hormuz remains nearly shut
dlvr.it
Core CPI m/m +0.4%, hasn't been hotter since April 2023 (rounded) Apparel prices, OER up notably
Fleet adoption hinges on charging and hydrogen infrastructure availability, while hydrogen combustion offers easier integration than fuel cells despite lower efficiency.
Volvo Trucks is launching a major product refresh including electric trucks with 700 km range and a new 13-liter engine supporting diesel, gas, and future hydrogen, with sales starting in Q3 2026. | @yahoofinance.com
"First-quarter profits at S&P 500 companies have surged 27% so far ... the last time year-on-year earnings grew at that pace outside of recoveries from major shocks was over two decades ago, in 2004." -BBG
All eleven sectors posted positive growth for the first time in four years, Deutsche Bank strategists highlighted in a recent note. -BBG
JUST IN: April CPI inflation jumped to 3.8%. Higher than expected. Highest increase since 2023. 3.8% is just the average. Energy commodities are up+29.2% Gasoline is up +28.4% Airfare is up +20.7% Energy is up +17.9% No amount of “budgeting” can excuse the fact that inflation is robbing us blind.
Yardeni, RBC, And HSBC Raise S&P 500 Targets: Who's The Most Bullish On The Street Now? vist.ly/53smk
Yardeni, RBC, HSBC Raise S&P 500 Targets: Who's Most Bullish? - State Street SPDR S&P 500 ETF Trust (ARCA
Three major Wall Street houses lifted their S&P 500 year-end targets in less than three days. Yardeni Research went to 8,250, the highest on the Street. HSBC and RBC each raised on a "two-speed economy" view, with one tail risk every strategist flagged.
benzinga.com
Here's a graph showing interest payments from 1792 to present. The US has a problem, stemming from historically high primary deficits coupled w/ interest rates that have somewhat rebounded. But if we hadn't done the Bush and Trump tax cuts, we wouldn't: the high primary deficits come from tax cuts
Read our article: “Putting solar panels on land used for biofuels would produce enough electricity for all cars and trucks to go electric”: ourworldindata.org/biofuel-land...
Putting solar panels on land used for biofuels would produce enough electricity for all cars and trucks to go electric
The world dedicates a Poland-sized area of land to liquid biofuels. Is there a more efficient way to generate energy?
ourworldindata.org
Jewels cascading from St Michael's tower at sunrise this morning. Photo taken on Glastonbury Tor.
5 of Friday's best charts and insights:
Violent moves have increasingly come in the form of rallies, not selloffs
DC Lite #595
dailychartbook.com
S&P 500 hits another record as Q1 earnings show 18% growth. But inflation is heating up with CPI expected to jump above 3.5% this week while consumers keep spending strong. 🟢 Open
ECONOMIC WEEK AHEAD: May 11-15
The S&P 500 closed Friday at 7,398.93, another record high. The index is 9.2% above its 200-day moving average. Earnings have done the heavy lifting so far this year. The Q1-2026 earnings reporting season is winding down, with companies representing 1% of the S&P 500’
quicktak.es
The oil giant ramped up exports via its East-West pipeline, which bypasses the Strait of Hormuz. on.wsj.com/42qNU8N
Saudi Arabia’s national oil company said its quarterly profit rose 25% as it increased exports via a pipeline that bypasses the Strait of Hormuz
The oil giant ramped up exports via its East-West pipeline, which bypasses the Strait of Hormuz.
on.wsj.com
Goldman's market breadth measure is now the narrowest since late 2023.. 'Market breadth is the gap between the S&P 500 Index and the median stock relative to their 52-week highs.'
The idea that macro strategies have been "broken" over the last 3 years of the AI era is total nonsense. These strategies matched to equity risk have returned >20% annualized with a 1.3 Sharpe.
