Markets React to China Talks and Crypto Changes

0:00 Speaker 1 Well Sunday morning, the markets well up, a lot, down, a lot. Wait the heck Boby John, Terry Gibster, the pulse of the situation.

0:10 Speaker 2 John, Good morning. This has been one of the busiest weeks for a very very long time, and on Friday, Ruyter has been out reporting that SpaceX has chosen the Nasdaq in Times Square for its massive IPA. The story would be more about the week, but looking back to last week, I guess it has to be present Trump

0:27 and present she in Beijing. Lots of nice words exchange, but few deliverables. Now deliverables our diplomatics speak for, show me the evidence. Where’s the contract where there seemed to be too many of those. Yes, Boeing’s getting two hundred planes, that’s good. Yes, the Chinese have promised to buy more soybeans.

0:44 That’s good. But nothing really beyond that. Now President Trump said, look, we made some fantastic deals over there. Present she said, yes, and the detailed sets well, just to wait and see. I guess the important thing is that the relationship between Washington and Beijing has improved somewhat in course of the last handful of days. Last week’s CPIPPI coming in way

1:03 hotter than expected. CPI up three point eight percent in April. PPI at six percent. That’s dangerous because we’re going to have to pay those prices when that stuff actually comes to the stores and we buy it. On the other hand, retail sales were up zero point five percent in April.

1:17 That’s the third concent in monthly terms, and it shows the consumer is still resilient, although there is some worry that they may be dipping into their savings to pay for stuff. There was a huge IPO last week Sarah Brass from California Cerebras. They are a maker of AI chips and data centers and they want to be the

1:37 next in video. They’ve got a long way to go, of course, but they might be one day. And they got off to a good start on Thursday they were up ninety nine oh percent and then they closed up sixty eight percent on their first day, not bad for an out. Well. On Friday they were just around five percent.

1:52 The big crypton Clarrency story of the week. Senate Banking is finally marked up the Clarity Acts and now they merge it with the Agricultural Committee version and hopefully there’ll be a vote on this in June or July. This is a framework for all cryptocurrency trading in America. It’s very, very important. And of course the Dow, the NAZAC, and

2:08 the SMB, as you hinted, we’re all flirting with records last week, but not on Friday because yields were up and so stocks were down, and that was worry about inflation. As for the week ahead, well, the big one will be Wednesday in Video, the last of the big tech names to give us their earnings. That’s next Wednesday, the twentieth.

2:24 The first thing Jensen Hwang has to worry about when he comes back from Beijing and goes to work again on Monday will be preparation of those figures. And of course Kevin Walsh is now the chairman of the Central Bank, the Federal Reserve. He’s off and running, and he faces the highest inflation in three years, something I Betty would

2:41 rather not face.

2:42 Speaker 1 John Well, John Terrek, thank you for the update, except the inflation is temporarily hopefully the world be over and thanks so get better. Thank you for calling in and we’ll talk to you again yoursel.

2:54 Speaker 2 Thank you John so much, as always, seen you next Sunday. Thank you