China likely to impose the largest fine in history against an accounting firm of at least $138 million against PwC due to their failure to catch the largest financial fraud in history at Evergrande.
Source: Barchart
Abercrombie & Fitch $ANF making Nvidia $NVDA shareholders look poor...
Abercrombie & Fitch reported its financial results for the first quarter today. Here's what its CEO Fran Horowitz said in a press release on Wednesday. Abercrombie & Fitch stock is now up close to 70% versus the start of 2024. Source: Conor Mac, InvestmentTalkk
US Q1 GDP growth was slower on soft consumer spending.
The US economy expanded at 1.3% pace versus initial estimate of 1.6%. Consumer spending was lower on outlays for goods like autos. Source: Bloomberg, HolgerZ
Momentum is the winner YTD 🏆
Source: The Long view
It's hard to understate just how unprecedented the scale of US fiscal stimulus is at the moment.
Not only is the deficit massive for a non-crisis period, but its financing is almost entirely via very short-term issuance, which has never been the case before in a non-crisis time. Source: Robin Brooks
Software stocks got hammered yesterday.
iShares Tech Software Sector ETF finished -5.8% (biggest daily drop since the pandemic w/Salesforce DOWN 20% (worst session in ~20 years), UiPath -35%, Okta -6%, Mongo DB -24%. Source: Bloomberg, HolgerZ
Speculators have built the largest Brent Oil short position since 2020
Source: Barchart, Bloomberg
Risk-taking
Source: Business Insider
