TLDR

MARKET RECAP → Stocks closed lower Monday as the rally cooled off. Big tech names, including NVIDIA (NVDA), Super Micro Computer (SMCI), and Meta (META), all fell as investors questioned the recent AI hype.

REDDIT'S IPO PLAY → 📈 Reddit gears up for a $748 million IPO splash, eyeing a $6.5 billion valuation, with a unique twist of offering shares to its community amidst a backdrop of robust sales growth and high-profile backers.

INFLATION EXPECTATIONS UP →📊 A New York Fed survey signals growing consumer unease, with long-term inflation expectations rising beyond the Fed's 2% target. This suggests a prolonged period of tight monetary policy amidst a mixed economic outlook.

MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

REDDIT'S IPO PLAY

🚀 Big Ambitions: Reddit is set to raise up to $748 million in its much-anticipated IPO, targeting a valuation of around $6.5 billion by offering 22 million shares priced between $31 to $34, signaling strong investor confidence and a significant step for the social media platform.

👥 Community Involvement: In an innovative move, Reddit has reserved about 1.76 million shares for its users and moderators, allowing them direct participation in the IPO without the usual lock-up period constraints, potentially increasing market volatility but also democratizing investment opportunities.

💼 Financial Snapshot: With annual sales hitting $804 million in 2023, marking a 20% increase from the previous year, and a narrowed net loss from 2022, Reddit's financial health appears robust. Notable shareholders include Tencent and OpenAI CEO Sam Altman, underscoring the platform's significant backing and growth prospects.

TODAY’S TOP NEWS

INFLATION EXPECTATIONS UP

📈 Rising Doubts: A New York Federal Reserve survey revealed growing consumer skepticism about the Federal Reserve's ability to meet its inflation targets, with long-term inflation expectations climbing—up 0.3 percentage points to 2.7% for the three-year outlook and 0.4 percentage points to 2.9% for the five-year forecast, overshooting the Fed's 2% goal.

🔍 Fed's Tightrope Walk: These heightened expectations suggest the Fed might need to maintain a tighter monetary policy for an extended period. Despite progress in reducing inflation to 2.4% in January, the journey back to the 2% target is anticipated to be challenging, with market predictions leaning towards rate holds and potential cuts later in the year.

🏠 Mixed Signals on Costs: While the survey offered some optimism with a decrease in expected rent costs, the lowest since December 2020, concerns over job security intensified, and expectations for other expenses like gas and medical care showed varied trends, painting a complex picture of the inflation landscape and consumer sentiment.

KEEP READING

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BULL VS. BEAR

NOTABLE POSTS

WHAT WE’RE WATCHING

OUR FAVORITE TOOLS & RESOURCES

• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — crypto market data

• Finviz — financial visualizations

• Trading Economics — Economic calendar

• CME FedWatch Tool — Market-implied probabilities of future levels of interest rates 

• Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

• ChatGPT — Large language model-based chatbot powered by generative AI

• Vimcal — Lightning-fast calendar and AI scheduling assistant

• Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more.

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