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Good Morning!
Happy Monday! Here’s what’s moving the markets today:
👉 SBF’s prison sentence revealed
👉 Gold hits record high
👉 Good data out of China
STOCK MARKET MADNESS IS ON 📈
Click HERE to view our bracket! 🏀 Let’s recap ROUND TWO! 🥊
We are moving into the Elite 8 with the Stock Madness challenge. The story to watch is currently Hertz and AMC as they are the two cinderalas currently.
SBF: 25 Years In Prison
Sam Bankman-Fried, the founder of FTX, was sentenced to 25 years in prison for fraud and conspiracy related to his cryptocurrency exchange and Alameda Research. The sentence was less than the 40 to 50 years prosecutors wanted but more than the 5 to 6.5 years his lawyers suggested. The judge criticized Bankman-Fried's trial testimony, suggesting he was lying or evasive. He was convicted of seven charges for losing $10 billion of customer money.
Source: Fox
Bankman-Fried argued the losses were due to mismanagement, not fraud, and claimed customers could still get their money back. However, prosecutors said he stole billions for personal use, political donations, and to cover loans. Before sentencing, Bankman-Fried's lawyer mentioned his psychological struggles, including a lifelong sadness and inability to feel happiness or pleasure.
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GOLD: Record High
Gold hit a record high, driven by the chances of a Federal Reserve interest rate cut, geopolitical tensions, and strong demand in China, peaking at $2,265.73 per ounce. Recent data hints at lower inflation has fueled these expectations despite the Fed's caution. The price of gold has risen about 14% since mid-February.
Source: CNBC
However, Fed Chair Jerome Powell has recently indicated there is no rush to cut rates despite these trends. With job growth data ahead, markets now see a 61% chance of a rate cut by June, which could further boost gold prices.
CHINA: Good News
China's factory activity surpassed expectations in March, fostering optimism for hitting its 5% growth target. Key indexes like the Caixin manufacturing index indicated sustained industrial expansion, contributing to a brighter economic outlook.
Source: NDTV
This positive momentum suggests a strengthening recovery, buoyed by a boost in exports and government initiatives to stimulate domestic consumption. However, concerns remain about the sustainability of this recovery amid challenges such as profit pressures and a struggling job market.
Headlines You Need To Know: 🎙
Chart of the Day
📊 DOJ vs. Apple
Source: Statista
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Source: @wallstbets
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