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- 🚨 Dimon Sounds The Alarm
🚨 Dimon Sounds The Alarm
Plus, some people think the NFL rigged the playoffs and the name's Bond. Ionic Bond.
Brooks Dyroff
January 30, 2024
Happy Tuesday, Zingernation! You might think you’re doing well financially. You’re making all the right decisions, opting for the coffee at home instead of going out for $6 lattes, possibly even avoiding avocado toast altogether. But there are some hobbies you just can’t fit comfortably into a budget.
Like, say, skiing. Flights and lodging aside, ski passes have now reached up to $300 a day for some resorts in Colorado. Even buying a hot chocolate at the lodge these days is like buying a beer at the Super Bowl.
That’s why I’m bringing my own thermos of boiling water and hot cocoa mix while I ski down the mountain. What could go wrong?
Plus, if you’re still trading $SPY, you may wanna check out this index instead.
And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.
MARKET SNAPSHOT
Yesterday: New all-time highs for the S&P 500? Eh. What’s new?
On Our Radar: The biggest earnings week of the year so far will begin in earnest after the bell, when Microsoft, AMD, Starbucks, and more report.
TOP STORY
🚨Briefly: Jamie Dimon, CEO of JPMorgan Chase & Co, is warning of a potential ‘rebellion’ in global markets prompted by the escalating U.S. national debt.
Important Context: The U.S. debt-to-GDP ratio currently sits at approximately 120%, with the national debt exceeding $34 trillion. Dimon anticipates the debt-to-GDP ratio will reach 130% by 2035.
📈 The national debt surpassed $34 trillion at the start of 2024, marking a significant increase from when it first hit the $1 trillion mark in 1982.
Dimon's Warning: According to Dimon, the rising debt could exceed the U.S. government’s total revenue by 2030, as projected by the Congressional Budget Office.
Not The First Time: Dimon’s recent comments build upon his earlier warnings from May and February, where he cautioned that a U.S. debt default could lead to financial panic and that declaring an early victory against inflation could be premature.
PRESENTED BY CBOE
FIVE ZINGERS
Gary’s Gaffe: Here’s why one expert says the SEC and Gary Gensler made a mistake when they approved Bitcoin ETFs.
Switch It Up: Nintendo is making big changes to the Switch — but some fans aren’t thrilled.
Off A Cliff: Cleveland Cliffs shares dove after the close yesterday, following a disappointing earnings report.
The Fix Is In: Many NFL fans are convinced the league rigged the playoffs. Here’s a round-up of all the conspiracy theories.
Ionic Bond: We’re used to seeing James Bond in an Aston Martin. But his next car could be an EV from Lucid Motors.
ONE FOR THE ROAD
Briefly: It seems like just last night we were singing the praises of DraftKings. (It was.) But is FanDuel already coming for the king’s crown?
What: FanDuel-parent Flutter Entertainment is listing on the NYSE, after being available to investors as an OTC stock for years, with the ticker PDYPY.
Who: Flutter is a leading global sports betting, online gaming and poker company with brands such as BetFair, Paddy Power, PokerStars, Sky Betting and TVG.
But: Stifel analyst Jeffrey Stantial, though overall bullish on DraftKings, raised concerns about the impact Flutter’s NYSE listing could have, as "DraftKings has benefitted from scarcity value as the sole U.S. listed operator of-scale.”
What Next: Check out the full story and analyst breakdown here.
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