"History does not repeat itself but often rhymes" - Mark Twain
On the back of lower than expected inflation CPI report yesterday, the S&P 500 joined the Nasdaq 100 in the green year-to-date, erasing all of the April pullback. The S&P 500 Trump Tariffs 2.0 line is catching up with the Trump Tariffs 1.0 one... Source: zerohedge
After a 22% rally from the April 7 lows, the S&P 500 is now up on the year.
One of the biggest short-term comebacks in market history. $SPX Source: Charlie Bilello
Capital light businesses outperform over time
Source: Invest In Assets 📈 @InvestInAssets, Goldman
ChatGPT still leads, Gemini rises
40% of U.S. consumers have used a Gen AI tool in the past 30 days. Most used: 1. ChatGPT - 46% 2. Google Gemini - 37% 3. Microsoft Copilot - 25% Which AI tool do you use most? Source: The Future investors
BlackRock, the world's largest asset manager with $11.6 Trillion in assets under management, has 1,131 funds.
BlackRock's BITCOIN ETF, $IBIT, is #9 of all funds after 16 months 👇 Source: HODL15Capital 🇺🇸 @HODL15Capital
Who will be right?
BoA hedge fund clients around record low (to 2008) 4-wk net buying flows. Institutions also have been big sellers, while retail at record highs. Neil Sethi @neilksethi
Here's an intraday composite of the S&P 500's action on the last eight Fed Days
Bulls will be rooting for a reversal of this trend today. Source: Bespoke
German benchmark index Dax slips, as Merz falls short of majority in initial German parliament vote.
Friedrich Merz failed to be elected German chancellor Tuesday, after he fell short of securing a majority in a shock first-round parliamentary vote. Merz needed at least 316 votes to become chancellor and only 310 members of parliament voted in his favor. Germany’s Bundestag has a total of 630 members. The result marks an unanticipated setback for Merz who was widely expected to secure the necessary votes and be officially sworn in later in the day. After the result of the vote was announced the parliamentary session was halted to allow for discussion of next steps. The German Dax stock market index extended losses to trade around 1.4% lower by 10:07 a.m. London time. A second vote needs to take place within 14 days, according to the German constitution, with an absolute majority needed once again. There are also protocols in place in case the second vote also fails to elect a chancellor. Source: CNBC, Bloomberg, HolgerZ
