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CPI cools off, rates down markets rally!

Market Headlines 👀 

• US Headline inflation cools YoY coming in at 3.2%; est: 3.3%.

• Citadel CEO Ken Griffin believes the Fed will cut rates too soon and harm its credibility.

• BlackRock (BLK) $100b model makers are betting heavily on big tech.

• Airbnb (ABNB) acquires Ai startup Gameplanner.ai for a little under $200m.

• Amazon (AMZN) partners with Snapchat to allow users seamless buying through the app.

• Uber (UBER) is testing a service which will allow you to hire drivers for chores, similar to TaskRabbit.

Earnings 💸

• Sea Limited (SE)

  • EPS: $-0.26 misses (exp. $0.12)

  • Revenue: $3.3b beats (exp. $3.17b)

• Home Depot (HD)

  • EPS: $3.81 beats (exp. $3.76)

  • Revenue: $37.7b beats (exp. $37.6b)

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S&P 500 Heatmap

Recap Around the Street 🧠

Today’s CPI release implies Fed is finished with the rate hike cycle that saw the terminal rate rise to 5.50%. Expectations for the first rate cut in 2024 now pulled forward to May from June FOMC with four rate cuts now priced in for 2024. Soft landing in clearer view with Fed viewed in maintenance mode at this point.(Contributed by Benjamin Lavine, CIO at Freedom Investment Management (3D)).

Market Preview 🎞️

• Wednesday, November 15th: MBA mortgage applications; Price Producer Index PPI; Retail sales; President Biden and Xi meeting; Empire manufacturing survey

• Wednesday earnings: Target (TGT), Paloalto Networks (PANW), JD.com (JD), and Cisco (CSCO)

• Thursday, November 16th: Weekly jobless claims

• Thursday earnings: Alibaba Group (BABA), Walmart (WMT), Applied Materials (AMAT) and Macys (M)

• Friday, November 17th: Monthly options expiration (OPEX); Housing starts; Building permits

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

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