Daily Newsletter | February 9, 2024

February 9, 2024

TLDR

MARKET RECAP → Stocks closed higher Friday on the heels of upbeat news that the December inflation reading was lower than initially reported. Accordingly, the S&P 500 (finally) closed above that pesky 5000 level and Bitcoin (BTC) rallied solidly, passing the $48k level at one point during the session.

GEMINI AI DEBUTS→ ? Google’s Gemini AI leaps into the future with a subscription app, promising to turbocharge our digital lives with smarter, personalized AI magic—get ready to meet your new AI sidekick!

JAPAN’S MARKET RALLY→ ? Japan’s stocks are flying high, but the lurking shadow of “zombie firms” could turn the rally into a graveyard if not kept in check.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

Today’s S&P 500 Heatmap

Source

Today’s Top News

GEMINI AI DEBUTS

? Google Unveiled Gemini AI: In a bold move to redefine user interaction, Google launched Gemini AI, integrated within a new app subscription service. This innovative AI promises to enhance personal and professional productivity through advanced machine learning capabilities.

? Subscription Model Introduced: Users gained access to Gemini AI through a novel subscription model, marking a strategic shift in Google’s approach to monetizing its cutting-edge technology. The service aims to offer personalized experiences at scale, catering to a diverse range of consumer and business needs.

? Revolutionizing User Experience: Gemini AI’s launch was met with enthusiasm, as it showcased potential applications ranging from simplifying daily tasks to providing complex analytical insights. Google’s commitment to AI innovation was evident, setting new standards for what’s possible in the realm of digital assistants.

Source: shutterstock

JAPAN’S MARKET RALLY

? Stock Surge: Japan’s stock markets have experienced a significant rally, with investors showing renewed confidence in the country’s economic prospects. The surge is attributed to a combination of government stimulus measures and corporate reforms aimed at boosting growth.

? Zombie Firm Concerns: Despite the bullish trend, there’s growing concern about the potential drag from “zombie firms” – companies that are unprofitable and reliant on continuous borrowing. These entities could pose a risk to the market’s sustainability and overall economic health.

? Market Outlook: Analysts are cautiously optimistic about Japan’s market trajectory but emphasize the need for vigilance regarding zombie firms. The government and regulatory bodies are urged to implement stricter oversight and encourage restructuring to prevent these companies from undermining the rally.

Source: shutterstock

Keep Reading

Inflation in December was even lower than first reported, the government says (CNBC)

Bitcoin hits $47,000 for first time since January, rising more than 10% in a week: CNBC Crypto World (CNBC)

Biden says ‘my memory is fine,’ disputes special counsel’s report in national address (CNBC)

Putin, in rare U.S. interview, says Russia has no interest in attacking Poland or Latvia (CNBC)

Wall Street is overreacting to new sports joint venture, says EW Scripps CEO (CNBC)

Cocoa prices surge to all-time highs as bad weather hurts West Africa crop yield (CNBC)

CEOs are feeling more confident about economy — and concerned about the election (CNN)

Start a ‘Friends with Benefits’ relationship with your money (ML)

EY announces alliance with MoneyLion to help banks accelerate their digital transformation and extend financial services (ML)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)

Our Favorite Tools & Resources

Coinmarketcap.com – Crypto market data
Finviz – Financial visualizations
Trading Economics – Economic calendar
ChatGPT – Large language model-based chatbot
CME FedWatch Tool – Market-implied interest rates
Dataroma – Track stock picks and portfolios of legendary value investors such as Warren Buffett
Vimcal – Lightning-fast calendar and AI scheduling assistant

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