Tale of the Tape
Good evening, folks!! The market of stocks was mixed.
The small-caps collapsed 1.6% while the S&P 500, Nasdaq Composite, and Dow all finished flat.
Communications, technology, and financials all flew ~0.5%. Basic materials broke down 1.7%.
The cryptos crept back as Bitcoin bopped below 56K for the first time since March 29. Ethereum retraced its recent rally and dropped below 2K.
Big cap tech continues to carry on. The FAANG Gang all advanced at least 0.45%. Facebook flew 2.2% and closed at another all-time high. 👏
The cruise lines cruised early, but gave up some gains throughout the day. Carnival reported future cruise bookings up 90% quarter-over-quarter. 🤯 See more below.
Here are the closing prints:
| S&P 500 | 4,079 | +0.15% |
| Nasdaq | 13,688 | -0.07% |
| Russell 2000 | 2,223 | -1.60% |
| Dow Jones | 33,446 | +0.05% |
Cruise Lines Are Cruisin’
Carnival might once again be cruisin’— the company posted its Q1 2021 updates with some (potentially) exciting news. 😁
Despite the cruise line’s $2B Q1 loss, Carnival reported its booking volume up 90% from Q4 2020, and that 6 of its 9 cruise brands are expected to resume operations this summer!
Carnival CEO Arnold Donald commented:
We are focused on resuming operations as quickly as practical, while at the same time demonstrating prudent stewardship of capital and doing so in a way that serves the best interests of public health. Our highest responsibility and therefore our top priority is always compliance, environmental protection and the health, safety and well-being of everyone.
With an exciting roster of six new, more efficient ships by December and with lower capacity from the exit of 19 less efficient ships, we expect to capitalize on pent-up demand and achieve significant cost improvement from the greater efficiency of our fleet, along with ongoing streamlining of shoreside operations.
Here are the daily performances of major cruise lines:
$CCL +1.40%
$RCL +0.31%
$NCLH +0.74%
Are we cruisin’ to the end of Covid?? 🛥️ 🛥️ Time will tell…
Will We Run Until 2023??
Jamie Dimon thinks so. The JPMorgan CEO thinks we’re almost over the pandemic hump, with a 2-year post-pandemic economic boom waiting for us at the end. 🐪
Dimon explained:
I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom. This boom could easily run into 2023.
Basically, the CEO thinks widespread saving, stimulus boosts, and heightened economic awareness will result in major future spending power. 🇺🇸 💰
Dimon also commented on banks’ increasing competition with big tech and fintech, claiming “Banks have enormous competitive threats— from virtually every angle. Fintech and Big Tech are here… big time!”
Here’s Bloomberg with more on the big bank CEO.
The Early Bird Gets The Worm..?
Well, well, well… someone dodged a bullet. 🤠 💰
Today it was reported that Morgan Stanley sold huge blocks of its Archegos-related shares (we’re talking $5B worth) the night before the hedge fund’s calamity became public knowledge. Apparently, the bank obtained Bill Hwang’s permission to pawn off its Archegos shares to other hedge funds on Thursday, March 25.
Morgan Stanley is now off the hook, as its shareholders benefited from the gigantic sale with no material losses. Other banks, however, weren’t so lucky— Credit Suisse is still cleaning up its $4.7B bloodbath. 😬
A Morgan Stanley insider said this about the bank’s clever move:
I think it was an ‘oh s—’ moment where Morgan was looking at potentially $10 billion in losses on their book alone, and they had to move risk fast.
Here’s CNBC with more hedge fund drama.
A Very Nüwa Experience
What’s the most ambitious thing you’ve ever done? For ABIBOO, the architecture studio’s design of a self-sufficient city on Mars takes the cake. 😮
Nüwa, ABIBOO’s Martian cliffside city, was designed for the non-profit Mars Society to be the first permanent outer space settlement. With the capacity to house 250,000 people by 2054, this vertical city isn’t messing around.
ABIBOO Founder Alfredo Munoz described his project:
Nüwa solves all the core problems of living on Mars while creating an inspiring environment to thrive, architecturally rich and using only local materials sourced on Mars.
Are you ready to move to Mars???
Here’s Dezeen with more.
Who Wants Money?!?
As the pandemic slowly (but surely) ends, things are returning to normal— spectators are back in the stadiums, the economy is beginning to thrive, and vaccines are flowing like a fire hose. 🥳
One thing that isn’t returning, though, is the number of rideshare drivers for apps like Uber and Lyft. The two companies are struggling so badly that they’re both draining money to remedy the situation.
Uber announced today its $250M attempt to launch a ‘driver stimulus’ to entice new drivers. Meanwhile, Lyft is already covering its rental car costs, offering increased bonuses (up to $800) for driver referrals, and paying extra when it takes time to pick up passengers.
Currently, the number of drivers is still down about 40% compared to the same three-month period in 2020.
Will these ‘monetary’ policies work?! 😅 Place your bets…
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
💰ICYMI. This sub $2 stock in the hemp industry trended higher in February, download their industry outlook.*
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