All Eyes on Elon 👀

Tale of the Tape

Good evening, y’all! That’s a wrap for the week, and the market of stocks finished on a high note!! 💚

Every major index closed in positive territory. The small-caps surged 1.35%, followed by the Nasdaq Composite closing up 0.88%. The Dow dashed to its 3rd-consecutive all-time high. 

Energy flew 1.84%. It was the strongest sector as $XLE closed at its highest price since February 21, 2020. See the weekly charts below. 🕯

Real estate, industrials, and basic materials all bopped up ~1%. Consumer staples was the only sector that didn’t close higher— $XLP finished flat.

Crypto was quiet. Perhaps everyone’s waiting on Elon’s SNL guest appearance…?  😂 🤷‍♂️

Roku rallied 11.5% after last night’s earnings release, but the stock closed 4 points off its opening print. 

EOG Resources ripped 7.95% and closed at its highest price since January 21, 2020.

Freeport-McMoRan ran 4.5% to close at a 9-year high. Oh my!! 🤭 

Here are the closing prints: 

S&P 5004,232+0.74%
Russell 20002,271+1.35%
Dow Jones34,777+0.66%

Weekly Candles 🕯

What a wild week on Wall Street. The market is still a mess— here’s the weekly S&P 500 heat map:

The Dow Jones Industrial Average was the best major index. It dashed 2.67% and broke out to blue sky. ☀️ ☁️

The Nasdaq Composite was the weakest major index, closing down 1.5%. But it settled >300 points off its intra-week low. Will that low hold?? Nobody knows… 

Energy cranked 8.5% and finally filled its pre-COVID crash gap. $XLE is still down 47% from its June 2014 all-time high. 

Ethereum inched up 19% to surge higher for its 6th-straight week. Will the streak stretch to 7 weeks??

April Jobs Are Meh

The April jobs report is out, and it’s meh. Not good, not great. 🤷

266,000 jobs were created in the US economy last month despite projections for 1 million. The unemployment rate went up to 6.1%, average hourly earnings increased 0.7%, and total workforce participation is at 61.7%.

Here’s Eddy Elfenbein from Crossing Wall Street

Many economists had been expecting an even higher number amid signs that the U.S. economy was roaring back to life.

There was more bad news: March’s originally estimated total of 916,000 was revised down to 770,000, though February saw an upward revision to 536,000 from 468,000.

The battered leisure and hospitality industry saw the biggest hiring gains, adding 331,000 workers though that still left the industry nearly 2.9 million shy of where it was before the pandemic.

The report comes amid robust growth that saw gross domestic product rise at a 6.4% annualized pace in the first quarter, and as many economists see a burst of 10% or more in the second quarter.

Well… at least it’s better than last April. 😅

Earnings Round-Up

DraftKings reported earnings early this morning. The company beat estimates, but still reported negative EPS.

Here are the stats:

EPS: ($0.36) vs ($0.42) est.
Revenue: $312M, +253% YoY

DraftKings CEO Jason Robins said:

DraftKings is off to an outstanding start in 2021. We continued to make progress and remain on track with the migration to our own in-house proprietary sports betting engine, strengthened our content and technology capabilities with the acquisitions of VSiN and BlueRibbon Software, and invested in further differentiating our product offering with the upcoming rollout of social functionality in our DFS and mobile Sportsbook apps.

$DKNG dropped 6.7% today.

Elon Musk on Live TV

What could possibly go wrong?

In case you haven’t already heard, Elon Musk will be hosting SNL tomorrow night (with his guest musician, Miley Cyrus—what a pair). Everyone’s expecting it to be a little insane. In fact, the duo has already apologized in advance to their mothers watching in the audience (this is a friendly reminder that Mother’s Day is Sunday). 

As for the skits? Elon’s already aired his ideas on Twitter:

Baby Shark & Shark Tank merge to form Baby Shark Tank

Irony Man – defeats villains using the power of irony

Woke James Bond

But the real question here is about crypto. Will Elon mention Dogecoin? (It sure looks like it) And if so, is it going to the moon like he predicted before?

To prepare for the (possible) Doge rocket ship, why not snag a tee before they fly off the shelves? 🚀

Bugatti x Billiards 

Finally. Someone has solved our most pressing problem—it’s impossible to play pool on your yacht. When you try, the waves just scatter the balls everywhere. What a pain. 🙄 🛥️

Luckily, Bugatti stepped in and saved the day! The company has developed a high-tech, carbon fiber billiards table with gyroscopic self-leveling technology (for an affordable $300,000). According to Bugatti’s specs, each table leg automatically re-levels itself every 5 milliseconds to compensate for wave motion. 🌊

That’s not all, though— each table also comes with carbon fiber pool cues, a score-tracking, wall-mounted cue storage rack (with a 13” touchscreen), a chalk box, a cleaning brush, a custom billiard-carrying suitcase, and a USB drive with photos/videos of the table’s production. Boujee. 

The coolest part? Each detail is handcrafted to match Bugatti’s trademark aesthetic. After all, who are you if your pool table doesn’t match your supercar?! 

Calling All Jet Setters ✈️

Are any of you jet setters out there looking for a job? 

Southwest Airlines just announced the company’s plan to start hiring flight attendants! Last year, airlines froze hiring due to COVID-related travel restrictions. But as travel resumes, American Airlines, United, and Delta are all competing for flight attendants and pilots. 

Southwest’s most recent staff note mandated: 

In order to support future operational needs, all Flight Attendants have been recalled to work effective June 1, and we will need to hire Flight Attendants in the immediate future.

So… what’s your first post-COVID travel destination? 🤔

Links That Don’t Suck

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