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iPhone sales have been lagging in China since 2023 as domestic competitors like Huawei have taken a greater market share. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Published on: May 9th, 2024

Read less news with our sponsor: Policygenius.

Good morning! Stocks traded in mixed territory yesterday, but the Dow extended its winning streak to six days. That's the index's longest winning streak this year!

The session was capped off with an eventful earnings report from Airbnb.

What else is in today's newsletter?

Bankruptcies and buybacks.
Chips and dip.
And Korea's golden ticket.

ECONOMY

US10YEAR: 4.50% (+0.03%)
US2YEAR: 4.84% (+0.01%)
GOLD: $2,316 (-0.35%)

*Economy numbers as of May 8th

Bankruptcies are Spiking

In April, we saw the most corporate bankruptcies in a year.

According to S&P Global, there was an 88% increase in official corporate bankruptcies in April compared to January.

What's going on? Distressed businesses were expecting interest rate cuts from the Fed in early 2024. Since that hasn't happened, many of them are throwing in the towel as high rates keep the pressure on.

A Full Plate of Expenses

Americans are still feeling inflation's annoying pinch.

Update: Inflation peaked at 9.1% in June 2022 and has since slowed down. However, the current rate (3.5%) still isn't comfortable.

According to a CNBC survey, 54% of younger Americans say that rising food costs have hit their wallets the hardest.

When asked how inflation affected their budget the most, respondents selected the following:

Food: 54%.
Rent: 22%.
Discretionary spending: 10%.
Health care: 6%.
Utilities: 5%.

Where have you felt inflation the most? Chime in on our Discord.

STOCKS

DOW: 39,056 (+0.44%)
S&P: 5,187 (-0.00%)
NASDAQ: 16,302 (-0.18%)

*Stock numbers as of market close on May 8th

A Complex Renter

Peak travel season is coming up, and Airbnb is getting ready.

Airbnb (ABNB -1.20%) reported earnings after the market closed.

Despite beating expectations on the top and bottom lines, shares fell 8% in extended trading after it offered weak guidance for the rest of the year.

Its revenue increased 18% to $2.14 billion from $1.82 billion a year earlier.

🔑 Key points:

The company said that it is already experiencing "robust demand for travel" ahead of the peak summer season.
Events like the solar eclipse in North America boosted platform engagement in the first quarter.

The S&P's Top Performer

The cloud computing company Arista Networks (ANET +6.45%) recorded the best performance in the S&P 500 yesterday after it beat earnings expectations.

It wasn't just the biggest increase in the broad index, it also marked its best day since late October when shares rose by 14%.

Notably, Arista's biggest customers are Microsoft, Meta, Oracle, and Google.

Arista also announced a $1.2 billion stock buyback, a common trend lately.

In fact, companies have announced buying back shares worth over $383 billion in the last 13 weeks. That's a 30% increase from the same period last year and the highest amount since June 2018.

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GLOBAL SCOOP

WTI CRUDE: +1.07%
BRENT CRUDE: +0.72%

*Global Scoop numbers as of May 8th

Chips and Dip

Intel (INTC -2.22%) dipped as the U.S. government banned it from selling microchips to Chinese firm Huawei.

The government banned Huawei from selling its products in the U.S. in 2019, though it still allows Huawei to buy from American suppliers on a limited basis.

Intel says it will lose sales as a result of the government’s decision, made to restrict China’s access to AI technology.

INTC is down nearly 38% year-to-date.

Qualcomm’s (QCOM +0.22%) license to sell microchips to Huawei was also revoked, though the tech firm doesn’t expect much of a hit since its business dealings with Huawei was already winding down.

Just Make it Cheaper

iPhone sales have been lagging in China since 2023 as domestic competitors like Huawei have taken a greater market share.

So, Apple applied a tried-and-true method: Discounts.

Chinese imports of non-Chinese smartphones–the vast majority of which are iPhones–increased 37% in March over the first two months of 2024.

Apple began discounting its iPhones in China between $70-180 in January and February.

The sales bump helped Apple beat quarterly revenue expectations last week.

Coffee, Magazines and…Gold?

Korean customers can now add gold to their shopping list before their convenience store run.

That’s because CU - the country’s largest convenience store chain - has begun selling gold bars between 0.1 and 1.87 grams in weight.

The heaviest bars scan for around $165, with the popular one-gram bars selling for around $83.

Gold demand in South Korea rose 27% year-over-year in Q1, as young people have especially flocked to the precious metal.

Where they get it doesn’t seem to matter, either: CU says it sold out of its one-gram bars in two days.

BRIEF BREAK

The Swiss Army Knife Tool

Adrian Moser/Bloomberg/Getty Images

The manufacturer of the Swiss Army Knife is developing a new version of the classic multi-tool that will not include a blade for the first time.

Why? The British government is considering new legislation on blades and knives. So, the 140-year-old company is looking to adapt to stay relevant.

CRYPTO

BTC: $61,523 (+0.57%)
ETH: $2,996 (+0.77%)
SOL: $143.95 (-2.19%)

*Crypto numbers as of 5:00 pm EST on May 8th

Payback (With Interest)

Former crypto exchange FTX says it has the money - all $11.2 billion - to pay back its creditors 18 months after declaring bankruptcy.

Where did they get the money? FTX didn’t cash out its holdings when it went bust, but instead froze operations hoping the value of their crypto assets would rise over time.

Value has increased since then, with Bitcoin up 270% and Solana up nearly 1000% since the bankruptcy.

FTX said that most of its customers will get all their money back. The reorganization plan is awaiting approval from the bankruptcy court.

It’s Not That Simple, Though

FTX plans on paying all the money it owes, but that doesn’t mean clients are necessarily getting back the full value on their holdings.

That’s because FTX isn’t paying back customers based on the value of their assets today, but based on what their assets were worth in November 2022.

A customer who held one Bitcoin in their FTX account at the time of the crash can expect a payout around $19,000, more than $40,000 less than the price of one Bitcoin today.

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REAL ESTATE

15-year: 6.66%
30-year: 7.20%

*Mortgage rates via Mortgage News Daily

Refinancing is On the Rise

Weekly mortgage refinancing demand increased by 5% after a small drop in mortgage rates last week.

Mortgage applications increased by 2% for the week but were still 17% lower than last year.

Bottom line: Mortgage rates are much higher than this time last year, but they dropped a bit last week after rising for several weeks. The decrease led to increased demand, especially for refinancing.

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<!--<![endif]--><div style="mso-hide:all;position:fixed;height:0;max-height:0;overflow:hidden;font-size:0;">iPhone sales have been lagging in China since 2023 as domestic competitors like Huawei have taken a greater market share. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌</div>
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        <p class="size-14" style="Margin-top: 0;Margin-bottom: 20px;font-size: 14px;line-height: 21px;" lang="x-size-14">Published on: May 9th, 2024</p>
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        <p class="size-16" style='Margin-top: 0;Margin-bottom: 20px;font-family: Oswald,"Avenir Next Condensed","Arial Narrow","MS UI Gothic",sans-serif;font-size: 16px;line-height: 24px;text-align: center;' lang="x-size-16"><span class="font-oswald" style="text-decoration: inherit;">Read less news with our sponsor: <strong><a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.policygenius.com/marketbriefs-life/" data-emb-iscopy="true">Policygenius</a>.</strong></span></p>
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        <p style="Margin-top: 0;Margin-bottom: 0;"><strong>Good morning!</strong> Stocks traded in mixed territory yesterday, but the Dow extended its winning streak to six days. That's the index's longest winning streak this year!</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">The session was capped off with an eventful earnings report from Airbnb.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;"><strong>What else is in today's newsletter?</strong></p>
<ul style="Margin-top: 20px;Margin-bottom: 20px;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;">Bankruptcies and buybacks.</li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;">Chips and dip.</li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;">And Korea's golden ticket.</li>
</ul>
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        <p style="Margin-top: 0;Margin-bottom: 0;"><span style="text-decoration: inherit;color: #006afe;"><strong>ECONOMY</strong></span></p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><strong>US10YEAR: 4.50%<span style="text-decoration: inherit;color: #ff0000;"> </span><span style="text-decoration: inherit;color: #1fba2a;">(+0.03%)</span></strong></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><strong>US2YEAR: 4.84%<span style="text-decoration: inherit;color: #ff0000;"> </span><span style="text-decoration: inherit;color: #1fba2a;">(+0.01%)</span></strong></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><strong>GOLD: $2,316<span style="text-decoration: inherit;color: #ff0000;"> (-0.35%)</span></strong></li>
</ul>
<p class="size-11" style="Margin-top: 20px;Margin-bottom: 20px;font-size: 11px;line-height: 19px;text-align: center;" lang="x-size-11">*Economy numbers as of May 8th</p>
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      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>Bankruptcies are Spiking</strong></h2>
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          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i3.cmail20.com/ei/y/09/937/DAF/144047/csfinal/Johnnys5-9900000000079e3c.png">
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            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">In April, we saw the most corporate bankruptcies <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.businessinsider.com/us-economy-corporate-bankruptcies-fed-interest-rate-cuts-inflation-yields-2024-5" data-emb-iscopy="true">in a year</a>.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">According to S&amp;P Global, there was an 88% increase in official corporate bankruptcies in April compared to January.</p>
<p style="Margin-top: 20px;Margin-bottom: 20px;"><strong>What's going on?</strong> Distressed businesses were expecting interest rate cuts from the Fed in early 2024. Since that hasn't happened, many of them are throwing in the towel as high rates <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.investopedia.com/how-high-interest-rates-are-affecting-every-corner-of-business-what-ceos-are-saying-8387336" data-emb-iscopy="true">keep the pressure on</a>.</p>
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      <div class="divider" style="display: block;font-size: 2px;line-height: 2px;Margin-left: auto;Margin-right: auto;width: 40px;background-color: #ccc;Margin-bottom: 20px;"> </div>
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        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>A Full Plate of Expenses</strong></h2>
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      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">Americans are still feeling inflation's annoying pinch.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;"><strong>Update: </strong>Inflation <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.politico.com/news/2022/07/13/us-inflation-new-40-year-high-june-00045541#:~:text=Consumer%20prices%20in%20June%202022,largest%20annual%20increase%20since%201981.&amp;text=The%20ongoing%20price%20increases%20underscore,much%20faster%20than%20average%20incomes." data-emb-iscopy="true">peaked at 9.1%</a> in June 2022 and has since slowed down. However, the current rate (3.5%) still isn't comfortable.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">According to a <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.cnbc.com/2024/04/03/learning-about-money-can-help-you-feel-financially-secure-cnbc-survey.html" data-emb-iscopy="true">CNBC survey</a>, 54% of younger Americans say that rising food costs have hit their wallets the hardest.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;"><strong>When asked how inflation affected their budget the most, respondents selected the following:</strong></p>
<ul style="Margin-top: 20px;Margin-bottom: 20px;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><em>Food: 54%.</em></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><em>Rent: 22%.</em></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><em>Discretionary spending: 10%.</em></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><em>Health care: 6%.</em></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><em>Utilities: 5%.</em></li>
</ul>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <blockquote style="Margin-top: 0;Margin-bottom: 20px;Margin-left: 0;Margin-right: 0;padding-left: 14px;border-left: 4px solid #ccc;"><p style="Margin-top: 0;Margin-bottom: 20px;">Where have you felt inflation the most? Chime in on <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://discord.com/invite/75vm4X2UZK" data-emb-iscopy="true">our Discord</a>.</p></blockquote>
      </div>
    </div>
        
        <div style="font-size: 12px;font-style: normal;font-weight: normal;line-height: 19px;" align="center">
          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i4.cmail20.com/ei/y/09/937/DAF/144047/csfinal/CopyofCopyofCopyofCopyofCopyofUntitled1280360px-5-6a82c317f71ad708.png">
        </div>
      
            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;"><span style="text-decoration: inherit;color: #006afe;"><strong>STOCKS</strong></span></p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><strong>DOW: 39,056<span style="text-decoration: inherit;color: #1fba2a;"> (+0.44%)</span></strong></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;">
<strong>S&amp;P: 5,187</strong><span style="text-decoration: inherit;color: #ff0000;"><strong> (-0.00%)</strong></span>
</li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><strong>NASDAQ: 16,302<span style="text-decoration: inherit;color: #1fba2a;"><strong> </strong></span><span style="text-decoration: inherit;color: #ff0000;">(-0.18%)</span></strong></li>
</ul>
<p class="size-11" style="Margin-top: 
20px;Margin-bottom: 20px;font-size: 11px;line-height: 19px;text-align: center;" lang="x-size-11">*Stock numbers as of market close on May 8th</p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>A Complex Renter</strong></h2>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">Peak travel season is coming up, and Airbnb is getting ready.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">Airbnb <span style="text-decoration: inherit;color: #ff0000;">(ABNB -1.20%)</span> reported earnings after the market closed.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">Despite beating expectations on the top and bottom lines, <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.google.com/url" data-emb-iscopy="true">shares fell 8%</a> in extended trading after it offered weak guidance for the rest of the year.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">Its revenue increased 18% to $2.14 billion from $1.82 billion a year earlier.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;"><strong>🔑 Key 
points:</strong></p>
<ul style="Margin-top: 20px;Margin-bottom: 20px;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;">The company said that it is already experiencing "robust demand for travel" ahead of the peak <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.marketwatch.com/story/airbnb-expects-a-stronger-summer-quarter-spurred-by-olympics-but-shares-fall-a3cea628" data-emb-iscopy="true">summer season</a>.<br>
 </li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><p style="Margin-top: 0;Margin-bottom: 20px;">Events like the solar eclipse in North America boosted platform engagement in the first quarter.</p></li>
</ul>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div class="divider" style="display: block;font-size: 2px;line-height: 2px;Margin-left: auto;Margin-right: auto;width: 40px;background-color: #ccc;Margin-bottom: 20px;"> </div>
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            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>The S&amp;P's Top Performer</strong></h2>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 20px;">The cloud computing company Arista Networks <span style="text-decoration: inherit;color: #1fba2a;">(ANET +6.45%) </span>recorded the best performance in the S&amp;P 500 yesterday after it beat <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.investopedia.com/arista-networks-stock-rises-after-strong-ai-cloud-demand-powers-earnings-outlook-8645094" data-emb-iscopy="true">earnings expectations</a>.</p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 20px;">It wasn't just the biggest increase in the broad index, it also marked its best day since late October when shares rose by 14%.</p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 20px;">Notably, Arista's biggest customers are Microsoft, Meta, Oracle, and Google.</p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">Arista also announced a $1.2 billion <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.investopedia.com/terms/b/buyback.asp" data-emb-iscopy="true">stock buyback</a>, a common trend lately.</p>
<blockquote style="Margin-top: 20px;Margin-bottom: 20px;Margin-left: 0;Margin-right: 0;padding-left: 14px;border-left: 4px solid #ccc;"><p style="Margin-top: 20px;Margin-bottom: 20px;">In fact, companies have announced buying back shares worth over $383 billion in the last 13 weeks. That's a <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;Margin-top: 20px;" href="https://www.bloomberg.com/tosv2.html" data-emb-iscopy="true">30% increase</a> from the same period last year 
and the highest amount since June 2018.</p></blockquote>
      </div>
    </div>
        
        <div style="font-size: 12px;font-style: normal;font-weight: normal;line-height: 19px;" align="center">
          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i5.cmail20.com/ei/y/09/937/DAF/144047/csfinal/CopyofCopyofCopyofCopyofUntitled1280360px1-6a82c3124ad8ba98.png">
        </div>
      
            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 20px;text-align: left;"><span style="text-decoration: inherit;color: #006afe;"><strong>SPONSORED BY POLICYGENIUS</strong></span></p>
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            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>The Smarter Way to Buy Life Insurance</strong></h2>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">Over 50% of Americans don’t have life insurance because getting life insurance is complicated and time consuming.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;"><a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.policygenius.com/marketbriefs-life/">With Policygenius</a>, you can get an easy-to-understand quote in just a few minutes.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;"><strong>How?</strong> Policygenius automatically compares hundreds of the top agencies and uses its smart tools and human support to make sure you <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.policygenius.com/marketbriefs-life/">get the best deal</a>.</p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;"><li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><p style="Margin-top: 0;Margin-bottom: 20px;">That way you get a policy that’s built for you and your family.</p></li></ul>
<p style="Margin-top: 20px;Margin-bottom: 20px;">Agents at Policygenius work for you, not for commissions - so you know you’re always getting the best coverage, <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" data-emb-iscopy="true" href="https://www.policygenius.com/marketbriefs-life/">at the best price.</a>*</p>
      </div>
    </div>
        
        <div style="font-size: 12px;font-style: normal;font-weight: normal;line-height: 19px;" align="center">
          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i6.cmail20.com/ei/y/09/937/DAF/144047/csfinal/CopyofCopyofCopyofCopyofUntitled1280360px-2-6a8f4315d3ae5d68.png">
        </div>
      
            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;"><span style="text-decoration: inherit;color: #006afe;"><strong>GLOBAL SCOOP</strong></span></p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li class="size-16" style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;font-size: 16px;line-height: 24px;" lang="x-size-16"><strong>WTI CRUDE:<span style="text-decoration: inherit;color: #ff0000;"> </span><span style="text-decoration: inherit;color: #1fba2a;">+1.07%</span></strong></li>
<li class="size-16" style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;font-size: 16px;line-height: 24px;" lang="x-size-16"><strong>BRENT CRUDE:<span style="text-decoration: inherit;color: #ff0000;"> </span><span style="text-decoration: inherit;color: #1fba2a;">+0.72%</span></strong></li>
</ul>
<p class="size-11" style="Margin-top: 20px;Margin-bottom: 
20px;font-size: 11px;line-height: 19px;text-align: center;" lang="x-size-11">*Global Scoop numbers as of May 8th</p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>Chips and Dip</strong></h2>
      </div>
    </div>
        
        <div style="font-size: 12px;font-style: normal;font-weight: normal;line-height: 19px;" align="center">
          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i7.cmail20.com/ei/y/09/937/DAF/144047/csfinal/Johnnys6-9900000000079e3c.png">
        </div>
      
            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">Intel <span style="text-decoration: inherit;color: #ff0000;">(INTC -2.22%)</span> dipped as the U.S. government <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://finance.yahoo.com/news/us-revokes-intel-qualcomm-licenses-215129066.html" data-emb-iscopy="true">banned it</a> from selling microchips to Chinese firm Huawei. </p>
<p style="Margin-top: 20px;Margin-bottom: 0;">The government banned Huawei from selling its products in the U.S. in 2019, though it still allows Huawei to buy from American suppliers on a limited basis. </p>
<p style="Margin-top: 20px;Margin-bottom: 0;">Intel says it will <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://finance.yahoo.com/news/intel-flags-revenue-hit-u-120747032.html" data-emb-iscopy="true">lose sales</a> as a result of the government’s decision, made to restrict China’s access to AI technology. </p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;"><li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;">INTC is down nearly 38% year-to-date.</li></ul>
<p style="Margin-top: 20px;Margin-bottom: 20px;">Qualcomm’s <span style="text-decoration: inherit;color: #1fba2a;">(QCOM +0.22%)</span> license to sell microchips to Huawei was also revoked, though the tech firm doesn’t expect much of a hit since its business dealings with Huawei was already winding down. </p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div class="divider" style="display: block;font-size: 2px;line-height: 2px;Margin-left: auto;Margin-right: auto;width: 40px;background-color: #ccc;Margin-bottom: 20px;"> </div>
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            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 0;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>Just Make it Cheaper</strong></h2>
<p style="Margin-top: 16px;Margin-bottom: 0;">iPhone sales have been lagging in China since 2023 as domestic competitors like Huawei have taken a greater market share.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">So, Apple applied a tried-and-true method: Discounts.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;">Chinese imports of non-Chinese smartphones–the vast majority of which are iPhones–increased 37% in March over the first two months of 2024.</p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;"><li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><p style="Margin-top: 0;Margin-bottom: 20px;">Apple <a style="text-decoration: 
underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://qz.com/apple-iphone-sales-china-price-cuts-huawei-tim-cook-1851463074" data-emb-iscopy="true">began discounting</a> its iPhones in China between $70-180 in January and February.</p></li></ul>
<p style="Margin-top: 20px;Margin-bottom: 20px;">The sales bump helped Apple beat quarterly revenue expectations last week. </p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div class="divider" style="display: block;font-size: 2px;line-height: 2px;Margin-left: auto;Margin-right: auto;width: 40px;background-color: #ccc;Margin-bottom: 20px;"> </div>
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            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 0;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>Coffee, Magazines and…Gold?</strong></h2>
<p style="Margin-top: 16px;Margin-bottom: 0;">Korean customers can now add <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.cnbc.com/2024/05/08/gold-is-selling-like-hot-cakes-in-koreas-convenience-stores-vending-machines.html" data-emb-iscopy="true">gold</a> to their shopping list before their convenience store run. </p>
<p style="Margin-top: 20px;Margin-bottom: 0;">That’s because CU - the country’s largest convenience store chain - has begun selling gold bars between 0.1 and 1.87 grams in weight.</p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;"><li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 
0;"><p style="Margin-top: 0;Margin-bottom: 20px;">The heaviest bars scan for around $165, with the popular one-gram bars selling for around $83. </p></li></ul>
<p style="Margin-top: 20px;Margin-bottom: 0;">Gold demand in South Korea rose 27% year-over-year in Q1, as young people have especially flocked to the precious metal.</p>
<p style="Margin-top: 20px;Margin-bottom: 20px;">Where they get it doesn’t seem to matter, either: CU says it sold out of its one-gram bars in two days. </p>
      </div>
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        <div style="font-size: 12px;font-style: normal;font-weight: normal;line-height: 19px;" align="center">
          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i8.cmail20.com/ei/y/09/937/DAF/144047/csfinal/unnamed1-9900000000079e3c.png">
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            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 20px;"><span style="text-decoration: inherit;color: #006afe;"><strong>BRIEF BREAK</strong></span></p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>The Swiss Army <s>Knife</s> Tool</strong></h2>
      </div>
    </div>
        
        <div style="font-size: 12px;font-style: normal;font-weight: normal;line-height: 19px;" align="center">
          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i9.cmail20.com/ei/y/09/937/DAF/144047/csfinal/Screenshot2024-05-08143956-9900000000079e3c.png">
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            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p class="size-14" style="Margin-top: 0;Margin-bottom: 20px;font-size: 14px;line-height: 21px;text-align: center;" lang="x-size-14"><em>Adrian Moser/Bloomberg/Getty Images</em></p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">The manufacturer of the <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.businessinsider.com/swiss-army-knife-factory-victorinox-pocket-knives-manufacturer-2019-9" data-emb-iscopy="true">Swiss Army Knife</a> is developing a new version of the classic multi-tool that will not include a blade for the first time.</p>
<p style="Margin-top: 20px;Margin-bottom: 20px;"><strong>Why? </strong>The British government is considering new legislation on blades and knives. So, the 140-year-old company is <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.nytimes.com/2002/01/23/business/swiss-knife-sales-slide-at-airports.html" data-emb-iscopy="true">looking to adapt</a> to stay relevant.</p>
      </div>
    </div>
        
        <div style="font-size: 12px;font-style: normal;font-weight: normal;line-height: 19px;" align="center">
          <img style="border: 0;display: block;height: auto;width: 100%;max-width: 900px;" alt="" width="600" src="http://i10.cmail20.com/ei/y/09/937/DAF/144047/csfinal/CopyofCopyofCopyofCopyofUntitled1280360px-6-6a898317be3e5d68.png">
        </div>
      
            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;"><span style="text-decoration: inherit;color: #006afe;"><strong>CRYPTO</strong></span></p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><strong>BTC: $61,523<span style="text-decoration: inherit;color: #1fba2a;"> (+0.57%)</span></strong></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><strong>ETH: $2,996<span style="text-decoration: inherit;color: #1fba2a;"> (+0.77%)</span></strong></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;"><strong>SOL: $143.95<span style="text-decoration: inherit;color: #1ecc2a;"> </span><span style="text-decoration: inherit;color: #ff0000;">(-2.19%)</span></strong></li>
</ul>
<p class="size-11" style="Margin-top: 20px;Margin-bottom: 20px;font-size: 
11px;line-height: 19px;text-align: center;" lang="x-size-11">*Crypto numbers as of 5:00 pm EST on May 8th</p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>Payback (With Interest)</strong></h2>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">Former crypto exchange FTX says it has the money - <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.cnbc.com/2024/05/08/ftx-bankruptcy-most-customers-of-crypto-firm-will-get-all-money-back.html" data-emb-iscopy="true">all $11.2 billion</a> - to pay back its creditors 18 months after declaring bankruptcy.</p>
<p style="Margin-top: 20px;Margin-bottom: 0;"><strong>Where did they get the money?</strong> FTX didn’t cash out its holdings when it went bust, but instead froze operations hoping the value of their crypto assets would rise over time. </p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;"><li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><p style="Margin-top: 0;Margin-bottom: 20px;">Value has increased since then, with Bitcoin up 
270% and Solana up nearly 1000% since the bankruptcy. </p></li></ul>
<p style="Margin-top: 20px;Margin-bottom: 20px;">FTX said that most of its customers will get all their money back. The reorganization plan is awaiting approval from the bankruptcy court.</p>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div class="divider" style="display: block;font-size: 2px;line-height: 2px;Margin-left: auto;Margin-right: auto;width: 40px;background-color: #ccc;Margin-bottom: 20px;"> </div>
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            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>It’s Not That Simple, Though</strong></h2>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">FTX <em>plans</em> on paying all the money it owes, but that doesn’t mean clients are necessarily getting back the <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.bloomberg.com/tosv2.html" data-emb-iscopy="true">full value</a> on their holdings. </p>
<p style="Margin-top: 20px;Margin-bottom: 0;">That’s because FTX isn’t paying back customers based on the value of their assets today, but based on what their assets were worth in November 2022.</p>
<ul style="Margin-top: 20px;Margin-bottom: 20px;Margin-left: 24px;padding: 0;list-style-type: disc;"><li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><p style="Margin-top: 0;Margin-bottom: 20px;">A customer who held one Bitcoin in their FTX account at 
the time of the crash can expect a payout around $19,000, more than $40,000 less than the price of one Bitcoin today.</p></li></ul>
      </div>
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            <div style="Margin-left: 20px;Margin-right: 20px;Margin-top: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;"><span style="text-decoration: inherit;color: #006afe;"><strong>REAL ESTATE</strong></span></p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;">
<li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><strong>15-year: 6.66%</strong></li>
<li style="Margin-top: 0;Margin-bottom: 0;Margin-left: 0;">
<strong>30-year: 7.20</strong><strong>%</strong>
</li>
</ul>
<p class="size-11" style="Margin-top: 20px;Margin-bottom: 20px;font-size: 11px;line-height: 19px;text-align: center;" lang="x-size-11"><strong></strong>*Mortgage rates <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" data-emb-iscopy="true" href="https://www.mortgagenewsdaily.com/mortgage-rates">via</a> Mortgage News 
Daily</p>
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            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <h2 style="Margin-top: 0;Margin-bottom: 16px;font-style: normal;font-weight: normal;color: #3d3b3d;font-size: 18px;line-height: 26px;"><strong>Refinancing is On the Rise</strong></h2>
      </div>
    </div>
        
            <div style="Margin-left: 20px;Margin-right: 20px;">
      <div style="mso-line-height-rule: exactly;mso-text-raise: 11px;vertical-align: middle;">
        <p style="Margin-top: 0;Margin-bottom: 0;">Weekly mortgage refinancing demand increased by 5% after a <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.investopedia.com/mortgage-rates-holding-at-lowest-level-since-early-april-8645286" data-emb-iscopy="true">small drop</a> in mortgage rates last week.</p>
<ul style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 24px;padding: 0;list-style-type: disc;"><li style="Margin-top: 20px;Margin-bottom: 0;Margin-left: 0;"><p style="Margin-top: 0;Margin-bottom: 20px;">Mortgage applications increased by 2% for the week but were still 17% lower than last year.</p></li></ul>
<p style="Margin-top: 20px;Margin-bottom: 20px;"><strong>Bottom line:</strong> Mortgage rates are much higher than this time last year, but they dropped a bit last week after rising for several weeks. The decrease led 
to increased demand, especially <a style="text-decoration: underline;transition: opacity 0.1s ease-in;color: #006afe;" href="https://www.cnbc.com/2024/05/08/weekly-mortgage-refinance-demand-rose-5percent-after-dip-in-mortgage-rates.html" data-emb-iscopy="true">for refinancing</a>.</p>
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        <p style="Margin-top: 0;Margin-bottom: 20px;"><span style="text-decoration: inherit;color: #006afe;"><strong>REFERRAL</strong></span></p>
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<strong>“There is no joy in possession without sharing.”</strong><br>
<em>— Erasmus</em>
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Published on: May 9th, 2024

Read less news with our sponsor: Policygenius [http://policygenius.go2cloud.org/aff_c?offer_id=612&aff_id=2060].

Good morning! Stocks traded in mixed territory yesterday, but the Dow extended its winning streak to six days. That's the index's longest winning streak this year!

The session was capped off with an eventful earnings report from Airbnb.

What else is in today's newsletter?

Bankruptcies and buybacks.Chips and dip.And Korea's golden ticket.

ECONOMY

US10YEAR: 4.50% (+0.03%)US2YEAR: 4.84% (+0.01%)GOLD: $2,316 (-0.35%)

*Economy numbers as of May 8th

Bankruptcies are Spiking

In April, we saw the most corporate bankruptcies in a year [https://www.businessinsider.com/us-economy-corporate-bankruptcies-fed-interest-rate-cuts-inflation-yields-2024-5].

According to S&P Global, there was an 88% increase in official corporate bankruptcies in April compared to January.

What's going on? Distressed businesses were expecting interest rate cuts from the Fed in early 2024. Since that hasn't happened, many of them are throwing in the towel as high rates keep the pressure on [https://www.investopedia.com/how-high-interest-rates-are-affecting-every-corner-of-business-what-ceos-are-saying-8387336].

A Full Plate of Expenses

Americans are still feeling inflation's annoying pinch.

Update: Inflation peaked at 9.1% [https://www.politico.com/news/2022/07/13/us-inflation-new-40-year-high-june-00045541#:~:text=Consumer%20prices%20in%20June%202022,largest%20annual%20increase%20since%201981.&text=The%20ongoing%20price%20increases%20underscore,much%20faster%20than%20average%20incomes.] in June 2022 and has since slowed down. However, the current rate (3.5%) still isn't comfortable.

According to a CNBC survey [https://www.cnbc.com/2024/04/03/learning-about-money-can-help-you-feel-financially-secure-cnbc-survey.html], 54% of younger Americans say that rising food costs have hit their wallets the hardest.

When asked how inflation affected their budget the most, respondents selected the following:

Food: 54%.Rent: 22%.Discretionary spending: 10%.Health care: 6%.Utilities: 5%.

Where have you felt inflation the most? Chime in on our Discord [https://discord.gg/75vm4X2UZK].

STOCKS

DOW: 39,056 (+0.44%)S&P: 5,187 (-0.00%)NASDAQ: 16,302 (-0.18%)

*Stock numbers as of market close on May 8th

A Complex Renter

Peak travel season is coming up, and Airbnb is getting ready.

Airbnb (ABNB -1.20%) reported earnings after the market closed.

Despite beating expectations on the top and bottom lines, shares fell 8% [https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=&cad=rja&uact=8&ved=2ahUKEwjQl8r--_6FAxVaODQIHeA0CowQxfQBKAB6BAgZEAE&url=https%3A%2F%2Ffinance.yahoo.com%2Fvideo%2Fairbnb-stock-falls-weak-q2-205726664.html&usg=AOvVaw2_DmbRe-sImjKmeXhG49WC&opi=89978449] in extended trading after it offered weak guidance for the rest of the year.

Its revenue increased 18% to $2.14 billion from $1.82 billion a year earlier.

🔑 Key points:

The company said that it is already experiencing "robust demand for travel" ahead of the peak summer season [https://www.marketwatch.com/story/airbnb-expects-a-stronger-summer-quarter-spurred-by-olympics-but-shares-fall-a3cea628].

Events like the solar eclipse in North America boosted platform engagement in the first quarter.

The S&P's Top Performer

The cloud computing company Arista Networks (ANET +6.45%) recorded the best performance in the S&P 500 yesterday after it beat earnings expectations [https://www.investopedia.com/arista-networks-stock-rises-after-strong-ai-cloud-demand-powers-earnings-outlook-8645094].

It wasn't just the biggest increase in the broad index, it also marked its best day since late October when shares rose by 14%.

Notably, Arista's biggest customers are Microsoft, Meta, Oracle, and Google.

Arista also announced a $1.2 billion stock buyback [https://www.investopedia.com/terms/b/buyback.asp], a common trend lately.

In fact, companies have announced buying back shares worth over $383 billion in the last 13 weeks. That's a 30% increase [https://www.bloomberg.com/news/articles/2024-05-07/goldman-says-corporate-america-is-set-to-save-stock-market-rally] from the same period last year and the highest amount since June 2018.

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Bankruptcies are Spiking

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Coffee, Magazines and…Gold?

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