GS Cutting Tesla Numbers & PT
1. "....lowering Tesla estimates to better reflect what we believe are both production (e.g. Model 3 ramp pace, and downtime in Berlin tied to the Red Sea conflict/power loss) and market headwinds... 2. Overall we reduce our EPS estimates including SBC to $2.15/$3.80/$5.00 from $2.45/$4.40/$5.40 for 2024/2025/2026... 3. Our 12-month price target is now $190 (from $220 prior), and is based on 50X (unchanged) applied to our updated Q5-Q8 EPS estimate..." source : goldman sachs, tme
Cocoa Prices Double From Start of 2024
The most-active contract in New York rose to $8,394 a metric ton, the highest on record! Source : bloomberg
US Rate-cut expectations were revised downward last week.
For the first time this year, markets now only see 3 interest rate cuts in 2024. This also happens to be the first time that markets align with the latest Fed guidance. Odds of a rate cut in this week are down to 2% and odds of a rate cut in May are down to ~7%. Just 3 months ago, markets saw SEVEN rate cuts in 2024 with rate cuts beginning this month. Source: The Kobeissi Letter
Brilliant chart by the wonderful folks at Longview Economics showing the Top 10 stocks as a share of global market cap (%).
Source: Longview Economics
Is more foodflation coming?
Source: Bloomberg, Tavi Costa
Daily Routine
Source: Seek Wiser
S&P 500 Tech Profit Margins versus the rest.
Source: Eugene Ng, Goldman Sachs
Financial stress is the lowest since the Fed began raising rates, which begs the question -- why cut this year? 🤔
Source: Markets & Mayhem, St Louis Fed
