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Due to the S&P 500's recent 2% decline, following a streak of 23 out of 30 weeks of gains, some investors fear it may signal an impending recession, drawing comparisons to the 1929 Depression. Dell's unexpected resurgence in the tech sector, fueled by advancements in AI technology, has propelled the company ahead of Nvidia and earned it anticipation for inclusion in the S&P 500. The standout performer in the market has been Abercrombie and Fitch, boasting its best quarterly sales ever with a 22% increase and $1.02 billion in revenue. Exxon Mobil saw 95% of shareholders vote to reelect all 12 directors, dealing a blow to climate activists. The company persists in lawsuits against activist investor groups despite the withdrawal of their proposals. In other fossil fuel news, crude oil prices have surged nearly 10%, while ConocoPhillips is set to acquire Marathon for $17 billion, underscoring the industry's growth despite ongoing emissions concerns. 

Bulletin Brief:

Trends in S&P 500 indicate possible recession (MB)

Dell makes strides with AI technology (MB, Barrons)

Nvidia CEO complements Dell (indiatimes)

Abercrombie reports huge sale and revenue increase (MB, CNBC)

95% of shareholders side with Exxon amid climate change controversy (MB)

Crude oil prices rise and ConocoPhillips acquires Marathon (MB, Bloomberg) 

North Korea launched hundreds of balloons filled with waste across the border into South Korea, sparking outrage. South Korea issued an emergency alert and deployed response teams to identify the contents. No immediate damage was reported, but over 260 balloons were detected. North Korea admitted to the act, citing 'freedom of expression' and a response to anti-Pyongyang leaflets sent by South Korean activists. Tensions escalate as North Korea's offensive tactics coincide with military buildup and fears of possible military action.

North Korea sends balloons filled with waste into the South 

North Korea sends balloons carrying excrement to the south as a 'gift' 

Latest North Korean Offensive: Dumping Trash on South Korea From the Sky 

North Korea flies hundreds of balloons full of trash over South Korea - CBS News

Supreme Court Justice Alito rejects calls to step aside from cases involving Trump and January 6 defendants despite controversy over flags flown at his residences. Flags, including an upside-down American flag and one associated with Trump supporters, raised concerns about impartiality. Alito asserts that his actions do not warrant recusal and claims his wife was responsible for the flags, denying knowledge of their meanings. The Supreme Court is reviewing cases related to Trump's immunity and charges against January 6 rioters. Justices have the discretion to decide on recusal, with impeachment being the only potential consequence for refusal, a historic rarity in American politics.

Alito rejects calls to quit Supreme Court cases on Trump and Jan. 6 because of flag controversies (AP)

Justice Alito declines to step aside from Trump-related cases over flag spat (NBC)

Alito tells congressional Democrats he won’t recuse over flags (CBS)

Boeing expects negative cash flow in 2024 due to manufacturing issues. T-Mobile to purchase U.S Cellular's assets for $4.4 billion, gaining over 4 million customers. U.S house price growth slowed in March due to rising mortgage rates. Wall Street hits records amid expectations of U.S central bank interest-rate cuts. Nasdaq hits 17,000 for the first time, boosted by Nvidia. Stocks lose ground as U.S Treasury yields climb. GameStop rises 25%, DraftKing falls over 10%, Apple remains steady. Insmed stocks surge 119% on positive Phase 3 study results.

Bulletin Brief:

Boeing expects a 2024 cash burn and slow recovery of airplane deliveries amid crisis (CNBC)

T-Mobile plans to buy almost all of U.S Cellular in $4.4 billion deal (AP)

U.S house price inflation slows in March (Reuters)

Nasdaq closes above 17,000; S&P closes up, Dow down (Reuters)

What stocks moved the most today? (Barron’s)

Federal Judge Aileen Cannon rejected special counsel Jack Smith’s request for a gag order against former President Donald Trump in his confidential documents trial. Trump faces trials for allegedly holding onto classified documents, with gag orders in two other criminal proceedings. Judge Cannon criticized prosecutors for not following court rules and suggested they could refile the request after discussing with Trump’s defense team. The rejection was procedural, leaving underlying issues unaddressed, and it follows Cannon’s encouragement for more open dialogue between prosecutors and Trump’s defense. The request stemmed from Trump's claims that FBI agents were authorized to kill him during a raid, which prosecutors fear could endanger agents. Critics note the FBI's standard policy aims to limit force, and Trump's lawyers view the request as an attempt to silence him amid his presidential campaign.

Judge Cannon rejects request for gag order against Trump in classified docs case (CNN)

Judge Cannon rebukes Trump prosecutors over gag order request (Politico)

Judge denies limited gag order request in Trump documents case (NYT)

The Nasdaq approached an all-time high but ended in the red with other indexes. Ten-year treasuries rose by 0.04%, while oil continued to drop. Nvidia shares increased by 9.32%, lifting the AI sector, though some analysts warn of a bubble. Senate and House support for banks offering cryptocurrency custody services faces a veto threat from President Biden. The SEC approved a spot ethereum ETF, following the recent Bitcoin ETF approval.

Bulletin brief:

Senate passes pro-crypto bill (Bitcoin Magazine)

Yahoo Finance (Yahoo)

Is Nvidia a bubble? (Businessinsider)

Ethereum Stock (Yahoo)

Asian chips hit three-year high (Bloomberg)

Ethereum ETF (CNBC)

SEC Filing on Ethereum ETF (SEC)

A tornado struck Greenfield, Iowa, causing widespread destruction to homes, infrastructure, and the local hospital. Four fatalities and over 35 injuries were reported, with search and rescue operations ongoing. Governor Kim Reynolds emphasized the severity of the situation, declaring emergencies in 15 counties. The tornado outbreak affected six states, with continued severe weather warnings across the Midwest and southern regions, prompting alerts from the National Weather Service for potential future storms.

Midwest storms: Search and rescue continues after deadly Iowa tornado | AP News 

Death Toll Unclear as Iowa Reels From Tornado 

26 tornadoes in 6 states wreak havoc, kill multiple people in Iowa - ABC News

At least 4 killed, dozens injured by Iowa tornado as powerful storms slam Midwest - CBS News 

This week, we delve into Donald Trump's potential picks for running mates. Contenders include Tim Scott, Marco Rubio, Mike Pompeo, and Elise Stefanik. Trump plans to announce his choice before the Republican National Convention in June. Kristi Noem and Nikki Haley are potentially out of contention. Biden's probable VP pick Kamala Harris open to debating Trump's running mate.

Bulletin Brief:

Who might Donald Trump pick for vice president? (NYT)

Trump is in no hurry as he leans into the pageantry of vice presidential tryouts (AP)

Trump VP contender Kristi Noem releases new book (The Guardian)

Donald Trump shuts down rumors about considering Nikki Haley for VP (CNBC)

Harris agrees to debate future Trump vice presidential pick (CNN)

Nikki Haley confirms she will vote for Trump following disputes in the primaries (AP)

Major indexes closed higher yesterday after Fed Governor Christopher Waller suggested no interest rate hike. The Nasdaq and S&P 500 hit new records ahead of Nvidia’s earnings. Oil dropped nearly 1% as the Biden administration plans to release 1 million barrels of gasoline. McDonald’s franchise owners raised concerns over the upcoming $5 value meal. FDIC head Martin Gruenberg will step down following an investigation into misconduct. Red Lobster filed for bankruptcy with plans to sell parts of the business. Ethereum's price jumped 22% as Bloomberg raised the approval odds for ethereum ETFs.

Bulletin brief:

Stocks end slightly higher after comments from the Fed (Reuters)

Christopher Waller’s CNBC appearance (CNBC)

Biden set to release 1 billion barrels of oil (CNBC)

McDonald’s advocacy group advises against $5 value meal (CNBC)

FDIC chair set to resign following independent investigation (CNN)

Red Lobster's bad shrimp business (Reuters) (CNN)

Ethereum ETF odds boost (theblock) (etf)

The United Nations halted food distribution in Rafah due to the unstable security situation from Israel's military operations, expressing concern over the near collapse of humanitarian aid across Gaza. The UN also reported that no aid trucks have entered Rafah in two days via a US floating pier, warning that the project might fail without better conditions from the Israeli government. President Biden opposed a full-scale ground invasion of Rafah due to the civilian population, with hundreds of thousands having fled the city, although many remain amidst ongoing military offensives. The UN's World Food Program is running out of food for central Gaza, warning of potential famine-like conditions if aid does not resume. This suspension coincides with backlash over the International Criminal Court's request for arrest warrants for leaders from both Israel and Hamas, supported by three European countries including France.

U.N. halts all food distribution in Rafah after running out of supplies in Gaza city | AP News

UN suspends Rafah aid distribution and warns US pier may fail | Israel-Gaza war | The Guardian

UN halts all food distribution in Rafah after running out of supplies in the southern Gaza city
UN halts food shipments to Rafah as supplies run out | The Hill