The only precedent for when the S&P 500 has been at record highs while fewer than 60% of stocks were above both their 50- and 200-day moving averages: December 1998-March 2000.
Source: Bespoke Invest
21Shares lnc. is going live TODAY 12th of May with their Hyperliquid #ETF Ticker $THYP US Fee 30bps.
Source: Bloomberg, Eric Balchunas
Stocks vs. Housing Performance since the 1970s
Source: Barchart
Seems like another AI chipmaker IPO is on its way with Cerebras.
Source: Bloomberg
In case you missed it.... KKR Funds Loses $560 Million In 3 Months
The WSJ reports KKR’s big private-credit fund for regular investors just took a $560 Million bath (10% of its value) as loan defaults jumped to 8.1%. KKR's largest private-credit fund, primarily held by individual investors, experienced a significant $560 million loss in the first quarter due to an increasing number of loan defaults. Wall Street Journal (Markets) posted on X that this development highlights the challenges faced by private-credit funds as economic conditions fluctuate. The fund, which has been a popular choice among individual investors seeking higher yields, has been impacted by the financial instability of several borrowers. KKR share price has been cut in half and it’s now junk-rated.
75% chance Crypto Clarity Act passes
Source: Kalshi
US–China Sanctions Escalation Over Iranian Oil
Jack Prandelli argues that 90% of Iran’s oil exports go to China, prompting a US sanctions escalation aimed at Beijing. The US has built a multi-step pressure strategy including sanctions on shadow fleet vessels, teapot refineries like Hengli Petrochemical, and networks of front companies across Asia. It has also issued warnings to Chinese banks about potential secondary sanctions if Iranian oil payments continue flowing through their systems. Full secondary sanctions on major Chinese banks remain a possible next step, which could significantly escalate US–China financial tensions. Outcome depends on Beijing.
Republicans surge past Democrats in Senate midterm odds projected to remain in power.
Source: Polymarket
