TiiCKER | May 23rd, 2024

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GOOD MORNING

Here's everything you need to know today: Boeing is making moves in the political arena with $2.3 million in donations to both parties. Why? To navigate the rough waters of regulation and stock woes. Meanwhile, the Federal Reserve is staying cautious about inflation, hinting at more rate hikes in the future.

Across the pond, the Bank of England is getting closer to hitting its inflation target, which might lead to interest rate cuts that could shake up the global financial scene. Bloom Energy's stock is soaring thanks to a surge in demand from AI data centers. And in a groundbreaking move, the London Stock Exchange is now listing crypto ETPs, signaling a major shift in how digital assets are traded.

Let’s dive into more detail below.

AEROSPACE

Boeing Targets Bipartisan Support with $2.3 million in Political Contributions Scandals and Stock Woes

Despite significant stock decline, Boeing invests heavily in political influence to navigate regulatory challenges

BREAKING NEWS
Despite ongoing lousy news and poor stock price action, Boeing has emerged as a significant player in the 2024 election campaign financing landscape, contributing $2.3 million to various political candidates.

This substantial financial support is divided almost evenly between Democrats and Republicans, highlighting Boeing's strategic approach to influence both sides of the political spectrum.

WHAT HAPPENED
Boeing's political donations, totaling $2.3 million to date (expect more), are strategically allocated across various candidates in the 2024 election.

The top recipients of these funds include both major political parties, demonstrating Boeing's intent to maintain favorable relations regardless of which party holds power. The most significant chunks of these donations are directed towards the National Republican Senatorial Committee (NRSC) and the Democratic Congressional Campaign Committee (DCCC), indicating Boeing's focus on influencing congressional support.

Focusing on the top six sectors as seen in the zoomed-in graph, Boeing's contributions are divided as follows: NRSC (Building Fund) receives significant funding aimed at strengthening Republican Senate campaigns; NRSC (Recount and Legal Fund) receives support directed towards legal and recount efforts, showcasing a commitment to maintaining influence through electoral challenges; DCCC (Building Fund) receives investments to bolster Democratic congressional campaigns; NRCC (Building Fund) receives funds allocated to support Republican congressional campaigns; NRCC (Recount and Legal Fund) receives similar funding as the NRSC, aimed at supporting legal and recount processes; DC (Recount and Legal Fund) receives contributions focused on helping Democratic efforts in election recounts and legal challenges.

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CRYPTO

WisdomTree and 21Shares Launch Crypto ETPs on London Stock Exchange Signaling a New Era for Digital Assets

Institutional investment expected to increase as London's crypto ETP listings and BlackRock's ETF filing gain traction

BREAKING NEWS
Bitcoin and crypto are heating up, and with the London Stock Exchange (LSE) making history by listing crypto exchange-traded products (ETPs) from WisdomTree and 21Shares on May 28, following approval from the Financial Conduct Authority (FCA), many are wondering if we are seeing the start of a new bull run.

This marks the first time crypto ETPs will trade on the LSE, signaling a significant shift in the U.K.'s regulatory stance towards digital assets.

WisdomTree's Physical Bitcoin, Ethereum ETPs, and 21Shares' Bitcoin and Ether products will be available exclusively to professional investors.

WHAT HAPPENED
In March, the FCA announced it would accept applications for bitcoin and ether ETPs, culminating in approvals for WisdomTree and 21Shares to list their products on the LSE. This decision follows the FCA's earlier ban on crypto derivatives in 2020, which has now been partially relaxed to align with U.S. and European trends. WisdomTree's ETPs will charge fees of 35 basis points, while 21Shares has yet to disclose its fees. Invesco also received FCA approval but has not provided further details on its product offerings. This development aligns the U.K. with other major financial markets, offering new investment opportunities in the growing digital asset sector.

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ECONOMY

Federal Reserve Minutes Reveal Heightened Worries About Inflation and Caution Over Future Rate Cuts

Despite easing inflation over the past year, recent data shows a lack of progress towards FED Jerome’s Powell 2% target

BREAKING NEWS
Federal Reserve minutes were revealed Wednesday, revealing heightened concerns over stubborn inflation and signaling potential further tightening of monetary policy.

Despite easing inflation over the past year, recent data shows a lack of progress toward the Fed's 2% target. This prompts officials to maintain the current high interest rates and consider additional measures if inflation risks escalate.

The latest policy meeting underscores the Fed's cautious stance amid persistent inflationary pressures and mixed economic signals.

WHAT HAPPENED
Minutes from the Federal Open Market Committee's (FOMC) April 30-May May meeting indicate growing apprehension among Federal Reserve officials about persistent inflation. While inflation had eased somewhat over the past year, recent readings showed that price increases remained well above the Fed's 2% target. Consequently, the FOMC unanimously voted to keep the federal funds rate at a range of 5.25%-5.5%, its highest level in 23 years. Officials noted several upside risks to inflation, including geopolitical events, and expressed concerns about the financial strain on low- and moderate-income households. Public remarks since the meeting suggest that the Fed remains cautious, with markets adjusting their expectations for potential rate cuts later this year.

Federal Reserve officials appear to have "no idea" what is happening regarding the inflation picture in the U.S., according to Julian Howard, lead investment director of multi-asset solutions at GAM.

His comments reflect the frustration and uncertainty among policymakers urging patience over interest rate cuts. Fed Governor Christopher Waller and Boston Fed President Susan Collins emphasized the need for more consistent inflation data before considering easing monetary policy, highlighting recent economic indicators' mixed and unpredictable nature.

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1. OpenAI, News Corp. sign multi-year content deal

OpenAI and News Corp. have announced a multi-year agreement that allows OpenAI to utilize News Corp.'s content to support and enhance high journalism standards. This partnership aims to leverage AI technology to improve the quality and reliability of news reporting, benefiting both companies and their audiences.

2. Nestlé is launching a line of food for Ozempic users

Nestlé has unveiled a new food line specifically designed for users of the weight-loss medication Ozempic. The company emphasizes a 'sharper focus on portion control and nutrient balance' to cater to the dietary needs of individuals on this medication. This launch reflects Nestlé's strategy to capitalize on growing health trends and consumer demand for specialized nutrition products.

3. Most Americans falsely think the U.S. is in recession, poll shows

A recent poll reveals that a majority of Americans incorrectly believe the U.S. economy is in a recession. This misconception poses a challenge for President Biden, who is trying to highlight his administration's economic achievements ahead of the November election against Donald Trump. The findings underscore the importance of public perception in shaping economic narratives.

4. Nvidia stock pops 4% after earnings beat forecasts, announces stock split and dividend hike

Nvidia's stock surged 4% following its fiscal first-quarter earnings report, which exceeded analysts' expectations. The company also announced a 10-to-1 stock split and an increase in its dividend, signaling strong financial health and confidence in future growth. These moves are expected to attract more investors and boost shareholder value.

5. Bark Air, a new airline for dogs, will take its first flight Thursday

Bark Air, an airline dedicated to transporting dogs, is set to launch its first flight, offering the "white paw treatment" for canine passengers. The service prioritizes the comfort and safety of dogs, with human passengers coming second. This innovative travel option aims to cater to pet owners who want to ensure their pets travel in style and comfort.

6. Vivek Ramaswamy acquires activist stake in BuzzFeed

Former GOP presidential candidate Vivek Ramaswamy has acquired a 7.7% activist stake in BuzzFeed. Ramaswamy's investment aims to influence the company's strategy and drive significant changes within the media organization. This move highlights the increasing involvement of activist investors in shaping the direction of media companies.

7. Mortgage applications climb for third week as 30-year interest rates drop

Mortgage applications in the U.S. have increased for the third consecutive week, driven by a drop in 30-year interest rates. Refinancing applications surged by 7%, reflecting growing interest from homeowners looking to lower their mortgage payments. This trend is benefiting mortgage-sensitive firms, whose stocks are on the rise as a result.

8. Pfizer announces another $1.5B in cost cuts — and plans for more to come

Pfizer has announced an additional $1.5 billion in cost cuts, following a previous $4 billion savings strategy initiated months ago. The new cuts will involve shrinking the company's manufacturing base and other strategic reductions. Pfizer aims to improve its financial efficiency amid changing market dynamics and declining demand for COVID-related products.

9. Average US vehicle age hits record 12.6 years as high prices force people to keep them longer

The average age of vehicles in the U.S. has reached a record 12.6 years, driven by high prices that make new car purchases less affordable. Despite a slight decrease in prices from their peak, many consumers are holding onto their vehicles longer. This trend reflects broader economic pressures and shifts in consumer behavior within the automotive market.

10. RFK Jr. invests in GameStop, aims to back 'ape retail rebellion'

Third-party presidential candidate Robert F. Kennedy Jr. has announced his investment of $24,000 in GameStop, expressing support for the 'ape retail rebellion' movement. This move aligns RFK Jr. with a community of retail investors known for their involvement in the 2021 GameStop short squeeze. His investment could garner support from this group as he campaigns for the 2024 election.

CONTINUE READING ➔

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