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- 🐂 Is This A New Bull Market?
🐂 Is This A New Bull Market?
Daily Market Briefs
March 30, 2023
Good morning. US stock futures moved higher in Thursday morning trading as investors mulled over corporate earnings, the future path of interest rates and the potential for a recession.
| S&P 500 | Dow | Nasdaq |
|---|---|---|
| +0.62% | +0.65% | +0.56% |
"In investing, what is comfortable is rarely profitable"
Robert Arnott
Top News
Is this the start of a new bull market?
WHAT: It might be time to break out the bull horns and grab some tech stocks because the Nasdaq 100 index looks like it's making a comeback like a superhero in spandex! The index surged into bull market territory for the first time in nearly three years.
WHY: Tech stocks have outperformed this year as investors speculate that weakening economic data may prompt the Federal Reserve to stop raising interest rates sooner than expected.
That's a big bill!
WHAT: The Federal Deposit Insurance Corporation is in a bit of a pickle — they've got a whopping $23 billion bill to pay for all those recent bank failures and they're thinking about passing the buck onto the biggest banks in the land.
WHY: The agency says it plans to propose a so-called "special assessment" on the industry in May to shore up a $128 billion deposit insurance fund by shifting an outsized portion of the expense towards much larger banking institutions.
TikTok ban blocked
WHAT: US Senator Rand Paul has decided to shake things up in the world of social media! He's put the brakes on a plan to ban TikTok in the US, citing concerns about free speech and uneven treatment of social media companies.
WHY: Earlier this month, the Biden Administration demanded TikTok's Chinese owners divest their stakes or face a US ban. TikTok says it has spent more than $1.5 billion on rigorous data security efforts and rejects spying allegations.
In Other News
Pause AI now!
WHAT: Well, well, well it looks like even the "experts" are getting a little freaked out by the speed of advancements in artificial intelligence. Elon Musk, Steve Wozniak and UC Berkeley computer science professor Stuart Russell are telling developers to slowdown with the AI training.
WHY: More than 1100 people in the industry signed a petition calling for a 6-month break from training AI systems in order to allow for the development of shared safety protocols across the industry.
Retail slowdown likely in 2023
WHAT: The National Retail Federation (NRF) predicts that sales in the US for 2023 might not be as hot as last year mostly due to the looming threat of a recession and pesky bank problems. The trade body said it expects sales to grow between 4% and 6% this year as compared to the 7% growth for 2022.
WHY: The NRF said that in spite of an anticipated slowdown, consumer spending held up well in the first quarter of this year thanks to a strong labor market and wage growth.
New York, New York...
WHAT: The "Greatest City In The World" seems to be having a comeback moment as a global financial center. According to the City of London Corporation, London town is no longer the king of the finance world — the crown has been snatched by the Big Apple.
WHY: The City, which administers London's financial district, said that benchmarks on the performance of global financial centers gave New York a score of 60 with London coming in second with an overall competitiveness score of 59 in 2022.
Key Economic Events
Thursday - Fed President Collins Speaks
Friday - Consumer Sentiment
Notable Briefs
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