Hey Insiders, This will be the last week Inside.com will publish this Market Outlook every morning. Since January 11, 2021, I've had the honor of helping you prepare for the day ahead by sharing vital market information. The friendships I've created with subscribers have been incredible, and I appreciate you for trusting me to summarize the day's news in an unbiased, fair, and informative manner.
I look forward to writing these newsletters for one last week, as I have for around 600 weekdays. Onwards and Upwards! |
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Dow Jones: The Dow gained 2.5% in April, its best month since January. The index is up 2.9% this year but is 7.7% below its all-time high. S&P 500: The S&P has gained 8.6% this year after rising 1.5% in April. The index is 13.5% below its all-time high. Nasdaq: The Nasdaq was the best-performing major index in the first four months of 2023, up 16.8%. Most of these gains came earlier in the year, as the index rose just 0.04% in April. Despite the gains, the Nasdaq is 24.6% below its record high.
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US Markets JPMorgan Chase & Co. agreed to buy most of First Republic Bank's assets on Monday. - JPMorgan, which is already the largest bank in the U.S., agreed to pay the U.S. Federal Deposit Insurance Corp $10.4B for the assets.
- JPMorgan agreed to take on $173B of First Republic's loans, $30B of its securities, and $92B in deposits, but it did not take First Republic Bank's corporate debt or preferred stock.
- The bank was one of several potential buyers to submit final bids on Sunday in an auction run by U.S. regulators.
- JPMorgan stock gained 4% in premarket trading following the news.
- The current 10 Year U.S. Treasury yield is set at 3.42200%
| Dow Jones | 34,098.16 | 0.80% | | S&P 500 | 4,169.48 | 0.83% | | Nasdaq | 12,226.58 | 0.69% | | Russell 2000 | 1,768.99 | 1.01% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Official data shows that Canada's economy experienced modest growth in February despite high-interest rates. - Revised economic figures showed that the economy grew by 0.1% in February from the previous month.
- Economists are concerned that the high-interest environment will lead to job losses.
- Consumer spending has been resilient in the first three months of 2023 despite high household debt but significant job losses could create economic turmoil.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks rose on Friday as investors reacted to new economic data and corporate earnings. - The Stoxx 600 finished the day up 0.6%, recovering from losses earlier in the day.
- Bank stocks lost 1.4% after the sector rose on Thursday following strong earnings from major European banks.
- Oil and gas stocks led gains after rising 1.9% on the day.
- Preliminary data showed that GDP in the Eurozone rose 0.1% in Q1 2023.
| Euro STOXX 50 | 4,359.31 | 0.03% | | UK (FTSE 100) | 7,870.57 | 0.50% | | Germany (DAX) | 15,922.38 | 0.77% | | France (CAC 40) | 7,491.50 | 0.10% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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 A message from TRUERA LLM Testing and Monitoring – Join the Hands-On Workshop How can you ensure that your large language model is honest, harmless, and helpful? Join TruEra on May 11th and 18th as their President and Chief Scientist, Anupam Datta, provides a hands-on overview of how to analyze and improve the performance of your LLMs. During the two 60-minute online sessions, he will cover the following: - Quick introduction to LLMs - what are they and their history?
- Risks and challenges of LLMs: is your LLM honest, harmless, and helpful?
- Defining feedback functions to model LLM quality and performance
- How should you test and monitor LLMs?
- Live walk-throughs of how to identify, diagnose, and debug model issues in development and production
- Q&A with Professor Datta
Dates: 2-session series on May 11th and 18th Where: Virtual Event - Join from Anywhere Who should attend: Data scientists, machine learning engineers, MLOps managers, data analysts, statisticians, data and analytics managers Register for Free
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Commodities Oil prices rose on Friday as investors reacted to positive earnings from energy companies. - Brent crude finished April down, its fourth consecutive month of losses.
- U.S. West Texas Intermediate crude finished down on the week but gained 2.7% on Friday.
- U.S. crude production in February was at 12.5 million barrels per day, while demand was 20 million barrels per day.
| Oil (NYSEARCA:OIL) | 29.34 | 2.66% | | Gold (NYSEARCA:GLD) | 184.80 | 0.03% | | Silver (NYSEARCA:SLV) | 23.00 | 0.48% | | Corn (NYSEARCA:CORN) | 23.38 | -0.30% | | Lumber (NASDAQ:WOOD) | 70.92 | 2.03% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar rose slightly on Friday and remained stable over the weekend ahead of central bank meetings this week. - The U.S. Dollar Index gained 0.2% on Friday and starts the week at 101.65.
- The Japanese Yen continues to struggle, hitting its lowest value against the Euro since the Great Recession.
- The U.S. consumer sentiment report rose to 63.5 after hitting a three-month low of 62 in March.
| UK(GBP) | £0.80 | 0.09% | | Europe (EURO) | €0.91 | 1.04% | | Canada (Canadian Dollar) | $1.36 | -0.71% | | Japan (Yen) | ¥136.30 | -0.01% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Crypto prices were stable over the weekend, with Bitcoin remaining just under the $30,000 psychological threshold. - Muneeb Ali, the CEO of Trust Machines, says that use cases of Bitcoin have increased recently after a decline in the crypto markets last year.
- Salsa, a Web3 messaging platform, has raised $2M for its pre-seed round.
- Mastercard is using the technology it acquired from CipherTrace to offer cryptocurrency credential services on cross-border transactions.
| Bitcoin | $29,307.50 | -0.11% | | Ethereum | $1,881.41 | -1.44% | | Litecoin | $88.58 | -2.80% | | Bitcoin Cash | $117.55 | -0.45% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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Join us on May 11th and 18th for a hands-on overview of how to analyze and improve the performance of your LLMs. | |
