Welcome Back,

Many have been waiting for Google’s response to Bing search collaboration with ChatGPT; today Pichai announced company developments at Google I/O their developer conference.

Let’s keep it concise.

Market Headlines 👀

• US President Biden and GOP vow to continue discussing debt ceiling talks through the week after they met yesterday.

• US Inflation (CPI) YoY comes in at 4.9%; est 5%. Core CPI 5.5% est: 5.5%

• Alphabet (GOOGL) announces major developments to its search engine which will be powered by AI at their Google I/O event today.

• Alphabet (GOOGL) enters foldable phone market with a new pixel priced at $1800 the company announced today.

• OpenAI CEO Sam Altman is set to testify in front of congress for the first time next week, company behind ChatGPT.

• Icahn Enterprises (IEP) shares slump after US attorney office requests more information following recent Hindenburg short report.

• TikTok delays the launch of a shopping platform which was set to launch in the US.

• Airbnb (ABNB) shares decline following earnings yesterday after reporting a muted travel outlook.

• Fox News Media (FOXA) former news anchor Tucker Carlson is launching a new show on Twitter.

• European Central Bank (ECB) officials believe rate hikes won’t pause in July.

• Apple (AAPL) executive Pete Distad responsible for its Tv+, Tv app, and sports operations is departing company.

• Perrigo (PRGO) over-the-counter Opill, a birth control pill receives key recommendation from the FDA.

Earnings 💸

• Walt Disney (DIS)

  • EPS: $0.93 misses (exp. $0.94)

  • Revenue: $21.82b beats (exp. $21.8b)

• The Trade Desk (TTD)

  • EPS: $0.23 beats (exp. $0.11)

  • Revenue:$383m beats (exp. $363.6m)

• Unity Technologies (U)

  • EPS: $-0.67

  • Revenue: $500m beats (exp. $481.46m)

• Robinhood (HOOD)

  • EPS: $-0.57 beats (exp. $-0.62)

  • Revenue: $441m beats (exp. $426m)

• Roblox (RBLX)

  • EPS: $-0.44 misses (exp. $-0.38)

  • Revenue: $773.82m beats (exp. $759.81m)

• The Blackstone Group (BX)

  • EPS: $0.97 beats (exp. $0.95)

  • Revenue: $2.486b beats (exp. 2.57b)

• Beyond Meat (BYND)

  • EPS: $-0.92 beats (exp. $-1.01)

  • Revenue: $92.2m misses (exp. $94m)

S&P 500 Heap Map

Recap Around the Street 🧠

Inflation report analysis: Services ex shelter only up 0.11%. Used cars biggest positive contributor but this may revert lower as recent manheim auction prices have dipped. Shelter remains sticky but is expected to contribute less over the coming year. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Confidence in Fed chair Powell is lowest seen in decades. Fed pause now most likely scenario for June FOMC. Rate cuts expected to begin in September with four cuts priced in by next January.(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Some additional highlights from todays CPI print…

Market Preview 🎞️

• Thursday, May 11th: Price Producer Index (PPI); Jobless claims

• Thursday earnings: Jd.com (JD), and Fiverr (FVRR)

• Friday, May 12th: University of Michigan sentiment survey

That’s all for today, folks! We’ll be back around the same time tomorrow with a curated list of important news, economic data and market highlights. 

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