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Good morning. We are now down to just eight products
remaining in the Greatest Product of All Time tournament.
Interestingly, they are all #1 or #2 seeds: Microsoft Windows, Google
Search, Google Maps, Netflix, iPhone, Lego, Coca-Cola, and YouTube. Yes,
air fryer’s Cinderella run has come to an end.
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Side note: Google owns three products in the Elite Eight. They’re worth $1.4 trillion...checks out.
Tune back in tomorrow, when we’ll vote to decide the Final Four.
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NASDAQ
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13,525.20
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+ 0.40%
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S&P
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3,974.16
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+ 0.29%
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DOW
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33,016.16
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+ 0.58%
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GOLD
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1,743.40
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+ 0.72%
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10-YR
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1.637%
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+ 2.00 bps
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OIL
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64.62
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- 0.28%
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*As of market close.
Here's what these numbers mean.
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Economy: Stimulus checks descended on Americans yesterday like college freshmen to a meeting promising free pizza. The US has issued 90 million checks
worth a collective $242 billion, more than half the amount allocated
from President Biden’s $1.9 trillion economic relief package.
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Taxes: The IRS plans to delay
the tax filing deadline by about one month, from April 15 to May 17.
“This extension is absolutely necessary to give Americans some needed
flexibility in a time of unprecedented crisis,” two high-ranking House
Dems said in a statement.
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Samuel Corum/Getty Images
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That’s not
us trying to impress our middle school readers—it’s a direct quote from
the Federal Reserve’s highly anticipated policy statement yesterday.
As the US economy continues to rebound from its Covid-induced recession, the Fed projects GDP will grow 6.5% this year, a big jump from its previous estimate of 4.2% in December.
But despite
the bullish predictions, the central bank said it wouldn’t change its
plans to a) leave interest rates near-zero through 2023 and b) buy $120
billion/month of bonds to stimulate the economy.
Setting the scene
Given the
current market environment, Fed Chair Jerome Powell needed to walk a
rhetorical tightrope across the Grand Canyon yesterday. Here’s why:
- If the Fed said that economic conditions don’t look better, well...that’s bad.
- If the Fed said things do look
better, then it’s increasingly hard to justify its current strategy of
ultra-loose monetary policy, which is when the Fed uses its tools (like
lowering interest rates) to juice the economy when it’s in the dumps.
Investors
have been spooked by the possibility that the Fed will wind down its
economic juicing measures to protect against what happens when you pour
too much juice: inflation. Inflation has replaced Covid-19 as the No. 1 risk for the market, according to a survey of portfolio managers.
- Powell is
not one of them. “There was a time when inflation went up, it would
stay up,” he said at a press conference yesterday. “And that time is not
now. That hasn’t been the case for some decades.”
Still, we’ve
seen inflation fears play out in stock prices. Growth in expensive tech
shares has come to a halt or even reversed course due in part to
inflation jitters. Meanwhile, “value” plays such as industrials and
banks have been gaining.
- This month, the tech-focused Nasdaq has dropped more than 2%, while the less-tech-focused Dow is up nearly 5%.
Bottom line: Markets reacted positively to the Fed’s statement, which means Powell’s tightrope stroll is going just fine.
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Ever since
the Model T rolled off production lines, gasoline has been the primary
fuel source to get from Point A to Point B. But as 17th century tulip
investors and Uggs owners know, not all trends last forever.
Yesterday the International Energy Agency (IEA) forecasted that global gasoline consumption has hit its peak and won’t return to pre-pandemic levels...ever.
The report
isn’t exactly a surprise. Drops in travel related to Covid-19 put a
pandemic-sized dent in gas consumption. But when you also factor in
increasingly fuel-efficient cars and greater adoption of electric
vehicles, it makes sense that gasoline’s decline is all gas and no
brakes.
One important note: The IEA does
see a full recovery for global crude oil demand, which is used for
everything from jet fuel to electricity generation—not just for
gasoline.
Bottom line: The world still very much relies on crude oil, but according to the IEA report, the rate at which oil-thirsty nations consume black gold is slowing.
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Francis Scialabba
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Yesterday, Snap did some online shopping and acquired a company that helps people do online shopping.
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The company: Berlin-based Fit
Analytics uses machine learning and customer-provided info to help
shoppers find the right clothing size when ordering online.
Snap hasn’t spoken about how it plans to integrate Fit Analytics’s tech into its app (if it plans to at all), but TechCrunch outlined
what a conceivable use case could look like: “Come for the AR filter to
see how you look in a Ralph Lauren sweater, and then…shop the look.”
- It’s a
timely acquisition given the upcoming changes Apple is making to its
privacy policies, which will make it harder for companies like Snap to
track ad performance.
- Adding Fit Analytics opens the door for Snap to monetize through in-app purchases and reduce its reliance on ad dollars.
Bottom line: A
big gap in the online shopping experience has been the inability to
“try something on.” Fit Analytics x Snapchat’s augmented reality filters
is a powerful one-two punch that tries to address that shortcoming.
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SPONSORED BY THE MOTLEY FOOL
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Everyone has
an opinion on bitcoin these days. Your dad. Your boss. And yes, your
roommate’s boyfriend Dave. (Stop talking about bitcoin, Dave.)
We got curious about whether or not to invest in bitcoin, but with all these opinions floating around, we knew we needed to seek out some expert advice.
So we hit up our pals at The Motley Fool.
Many cups of
coffee and multiple notepads later, our noggins were full of
bitcoin-investing know-how. But readers, we couldn’t keep this expertise
to ourselves—nope, we wrote up an article about it.
If you’re wondering whether or not to wade into the bitcoin hype, this piece is perfect for you. We lay out the bitcoin basics, walk you through what bitcoin’s future could look like, and explain what that means for your portfolio.
Shut Dave up and read the real bitcoin knowledge here.
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Getty Images
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As of today, Iceland is one of the first countries in the world to reopen to tourists—but with some asterisks.
- Only
those who can show proof of full vaccination with a European Medicines
Agency-approved shot will be allowed glimpses of Iceland’s insanely cute
shaggy horses.
Previously, EU citizens could visit
Iceland without quarantining, but now the country is opening up to
those outside the bloc’s free-travel zone known as the Schengen area.
That includes Americans and Brits, who accounted for 41% of all hotel
stays in Iceland in 2019.
Zoom out:
Even with the Ts and Cs, this is a big deal for a country where tourism
became one of the primary economic drivers over the past decade. The
sector suffered a 75% drop last year due to...well, you know.
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Stat: To stay hydrated, Peloton CEO John Foley drinks 40 sips of water from his hands in his upstairs bathroom every morning until he feels like he’s going to throw up.
Quote: "There's a serious imbalance in supply and demand of chips in the IT sector globally."
Speaking at his company’s annual shareholders meeting, Samsung Co-CEO Koh Dong-jin warned
that the global chip shortage will ding business performance. Koh said
that Samsung may even skip the introduction of its new Galaxy Note phone
because of the lack of chips.
Read: Why Clubhouse will fail. (Shaan Puri on Twitter)
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Intel
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Yesterday, Intel debuted
a series of ads featuring actor Justin Long, who back in the late 2000s
starred in Apple commercials as the hip Mac compared to comedian John
Hodgman’s un-hip PC.
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The backstory: Long is the latest pawn in Intel and Apple’s chip chess match. In November, Apple said it was going in-house for chips, ending a 15-year business relationship with Intel—and featured Hodgman in the announcement.
Long isn’t the only celebrity making the leap to a former partner’s direct competitor. Basketball star LeBron James inked a deal with PepsiCo after working with Coca-Cola since he was 18 years old.
LeBron will
be the face of Pepsi’s new morning energy drink, plus he'll promote some
of its other brands and take part in the company’s social justice
efforts.
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Morgan Stanley is offering its wealthy clients access to bitcoin funds, becoming the first major US bank to do so, per CNBC.
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Ford will allow 30,000 employees who have been working from home to keep working from home after the pandemic winds down.
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Katherine Tai
was confirmed by the Senate as the US trade representative, becoming
the first Asian American and woman of color to hold the position.
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Finally: The “Snyder Cut” of Justice League hits HBO Max today.
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Paper goods chain Paper Source’s bankruptcy blindsided small vendors that relied on it, according to an exclusive report by Retail Brew.
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SPONSORED BY THE MOTLEY FOOL
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Bit confuzzled ’bout bitcoin? We were too—so we phoned our expert friends at The Motley Fool, who walked us through the bitcoin basics and lent us their advice on whether or not bitcoin should have a place in our portfolio. For a prognosis on bitcoin’s future and what it means to you, read our bitcoin bonanza here.
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Attention college students: Do you have a big idea to change the world or know somebody who does? Our friends at OZY have launched the OZY Genius Awards
to provide 10 US college students with grants of $10,000 to pursue
their genius ideas this summer. Apply today, or nominate the brilliant
college student in your life by visiting ozy.com/genius.
Xiaolongbao: How soup dumplings are made and how to correctly eat them.
Marco Logo: Test your knowledge of corporate logos with this fun quiz.
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This news
quiz is trickier than an X-Games halfpipe. Three of the headlines below
are real, but one is made up. Can you spot the fake?
- "Drivers involved in highway fender bender agree to sell picture of wreck as NFT and split the profits"
- "First ever sighting of a walrus in Ireland after it is thought to have drifted across Atlantic after falling asleep on iceberg"
- "Biden says 85% of White House staff still ‘love’ his dog Major after biting incident"
- "SUV crashes into house in Montgomery; hedgehog involved, unharmed"
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We made up the NFT one...could you tell?
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Today's
Headlines...
Trump Addresses 2024 presidential bid
P&O Cruises: No vaccine, no cruise!
MUST
See if You Support NASA and its Amazing History! (sponsor)
It’s a Miracle! Biden Advisor Just PRAISED Trump on Live
TV
Can You Guess Who Nancy Pelosi is Blaming for the Border
Crisis?
March 18th, 2021
| NASA is Freaking Out Over This... |
| NASA
admitted there's a daunting natural epidemic out there that's killing
millions of Americans each year. The worst part is nobody's talking
about it because the government's sinister, hidden agenda. The media's
trying to cover it all up because they're right... Read More › |
Liberal Pundits Duped by Viral Fake News Tweet on Hunter Biden’s Laptop
PHOTO: American Airlines probes John Kerry’s violation of U.S. mask mandate
Navy Will Keep ‘How To Be an Antiracist’ Book on Reading List
Mass Immigration Not OK for US or El Salvador, President says to Tucker
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