This time around, Marcello’s diving into the some of the most important topics of the week. We’re talking about record-breaking stock markets, wild predictions for Bitcoin hitting $250,000, and Tesla’s sneaky move to bump up the price of the Model Y by $1,000.
NVIDIA made waves as they unveiled their next-generation chips, propelling shares up by 1.07% to $893.98 on Tuesday. The company also announced plans to introduce their first iteration of AI graphics processors, dubbed Blackwell, later this year. This move marks a significant step forward in the realm of artificial intelligence and graphics technology, showcasing NVIDIA’s ongoing commitment to innovation.U.S. Fed released new economic projections, w/officials expecting the economy to grow +2.1% in 2024, above what’s considered the U.S. economy’s long-run potential & an upgrade from +1.4% growth seen in Dec. Unemployment rate only expected to hit +4% by the end of 2024, barely changed from current +3.9% level, while a key measure of inflation is projected to keep falling, but at a slower pace, to end the year at +2.6%. Updated economic projections have the personal consumption expenditures price index excluding food & energy rising at +2.6% rate by the end of 2024, vs +2.4% seen in the projections issued in Dec.The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, while sales of previously owned homes increased by the most in a year in February, signs the economy remained on solid footing in the first quarter. Initial claims for state unemployment benefits dropped 2K to a seasonally adjusted 210K for the week ended March 16, Analysts had forecast 215K claims in the latest week. Existing home sales rose +9.5% last month, to a seasonally adjusted annual rate of 4.38M units, the highest level since February 2023. The monthly increase in sales, was also the largest since February 2023.Gold prices surged to a new record above $2,200 an ounce, after the U.S. Fed maintained its outlook for 3 rate cuts this year Wednesday, indicating it doesn’t seem to be alarmed by a recent uptick in inflation. Bullion rose as much as +1.6% to $2,220.89 an ounce in early trading, before paring some gains. The price has spiked around +11% since mid-February, underpinned by long-standing support including heightened geopolitical risks & increased buying by central banks, led by China. The rapid ascent has surprised many seasoned market observers & traders.Darden, the parent company of Olive Garden and LongHorn Steakhouse, has issued a warning, noting a trend of lower-income customers reducing their visits to its brands. Conversely, the company reports an uptick in visits from higher-income diners. This shift in consumer behavior underscores the economic disparities impacting the restaurant industry, highlighting the challenges faced by businesses catering to diverse income demographics.ISIS has claimed responsibility for the tragic attack at a concert hall in Moscow last Friday. The assault resulted in the loss of at least 40 lives, with over 100 civilians sustaining injuries.
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