Markets
Macro
Markets ended lower this week as rising Treasury yields pressured equity valuations. All major indices fell this week, with tech showing some resiliency. Elevated yields continue to weigh on rate-sensitive sectors as investors reassess risk and uncertainty around Fed policy.
Market Intel
Dicks Acquisition
Dicks and Foot Locker announced they have come under an acquisition agreement for $2.4 billion. This move will expand Dick’s global presence and strengthen their network, increasing Nike's exposure alone from 24% to 38%. Despite this, there are worries about Foot Locker’s current operating revenue margins, compounded with staggering debt on its balance sheet. Dick’s stock reflected this, falling roughly 15%.
April Housing Data
Housing starts ticked up in April, but permits dipped. A breakdown of the latest Commerce Department report shows what it signals for housing supply, consumer confidence, and the summer market outlook.
Empire Wind
The Empire Wind project is back online after a costly regulatory halt. While construction resumes, the episode underlines how vulnerable clean energy investments remain to political swings.
“4 Interest-Free Payments”
Major Buy-Now Pay-Later companies are creating bad spending habits in a generation with low financial literacy. Psychological tricks pressure consumers to purchase items far more frequently and out of their budget. This debt creation is also causing trouble for the companies issuing it. Klarna reported over $136 million in consumer credit losses, up 17% from the previous year.
Political
Biden Cancer Diagnosis
Former President Joe Biden has been diagnosed with an aggressive form of prostate cancer that has metastasized to his bones. While his medical team reports the cancer is hormone-sensitive and manageable, the diagnosis has prompted discussions about health, leadership, and the 2024 race.
Executive Order 14160
President Trump’s executive order targeting birthright citizenship is now under Supreme Court review. The outcome could redefine the limits of executive power and reshape the interpretation of the 14th Amendment.
News
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