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đ Powell On The Prowl
The Federal Reserve and Jerome Powell took the bulls for a ride yesterday, UMG cracks down on music on TikTok and more
Brooks Dyroff
February 01, 2024
Happy Thursday Zingernation! If your Super Bowl watch party is going to be anything like mine, chances are that youâre going to have to hear about your uncleâs bets all night. Why donât we just get out in front of it and take a look at some of the most interesting prop bets for the game:
How many times the broadcast will show Taylor Swift
What brand of shoes Usher is going to wear during his performance
My personal favorite: what color Gatorade the winning coach will be bathed in
Plus, if youâre looking to take your trading to the next level, use the brokerage that the pros use.
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MARKET SNAPSHOT
Yesterday: Well the market didnât like what Powell was saying yesterday, with his hawkish tone putting a damper on most stocks. Except for, coincidentally, $POWL which finished the day up more than 40%.
On Our Radar: Like Smashmouth said, they donât stop coming. More earnings on the way, with Apple, Amazon, Meta and more reporting after the close.
TOP STORY
Briefly: When Jerome Powell isnât running the Federal Reserve or at a Dead show, I guess he likes to LARP as a Revolutionary War general.
What Happened: Powell and the Fed decided to keep rates where they are, throwing a wrench in a lot of bulls trading plans.
But Then: One analyst, Bill Adams at Comerica, said that the Fed wonât cut rates until it sees âthe whites of 2% inflationâs eyesâ. Powell even said that a March rate cut is unlikely at the current pace of the economy.
What Now: Some experts argue that inflation is close enough to the Fedâs 2% target to cut rates, but the CPI remains above 3%. The Fed will want to see that number drop further before making any rate cuts.
What Next: Check out the full story here.
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FIVE ZINGERS
Home Sweet Home: After an unfavorable court ruling in Deleware, Elon Musk is trying to move Teslaâs legal home to Texas.
Donât Get Greedy: Investor sentiment dipped after the Fed decided to keep rates unchanged, but still remains in the âgreedâ section of the index.
Bad News For Mooches: Like Netflix and Disney, Hulu announced that it will start cracking down on people sharing passwords.
The Billionaire Bear: Jeffrey Gundlach, the billionaire founder of DoubleLine Capital, is now calling for a recession. Hereâs why.
Fore Pounds: Golf courses already hire groundskeepers to deal with weeds. So why not have them grow weed too? At least thatâs what one private course in California tried to do.
ONE FOR THE ROAD
Briefly: Sorry TikTokkers, if you want to hear or see more T Swift youâll have to go⌠well literally anywhere else, sheâs everywhere.
So Basically: Universal Music Group announced it will be pulling its music from big artists like Swift, Drake and Justin Bieber off of TikTok because of insufficient payouts.
TikTokâs Response: TikTok hit back, saying "it is sad and disappointing that Universal Music Group has put their greed above the interests of their artists and songwriters," in an emailed response to Benzinga.
What Now: Weâll see if UMGâs decision sparks negotiations between the two parties, but maybe theyâre never ever getting back together.
What Next: Read more here.
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