HAPPY FRIDAY TO THE STREET
Protein is having a moment. The nutrient is now in everything from Pop-Tarts to frozen pizza.
RFK Jr. has declared an end to the "war on protein”. Nutrition experts say the conflict was entirely made up.
But for us, at least, it’s triggered at least one genuine (existential) crisis: what on God’s green earth is a “butter coffee protein smoothie”?
🟥 | US stocks slid sharply again today, pushing the DJIA and Nasdaq near correction territory, as Iran-related energy concerns mounted.
— Brooks & Cas
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
PREDICTION MARKET SNAPSHOT
Bitcoin hasn't seen six figures in a while, and it just keeps getting further away.
The Fed held rates steady this week and signaled fewer cuts ahead, while Brent crude spiked more than 7% on Middle East conflict fears, dragging crypto down alongside risk assets broadly.
The market is now pricing in just how long the wait back to $100k will be. According to traders, it’s shaping up to be a Westeros-length crypto winter.
Market Movers
CONSTELLATION, SM ENERGY, VISTRA
📉 | Constellation Energy (CEG) slumped on news it will offload $5B worth of power plants to LS Power.
📉 | Vistra Corporation (VST) sold off after insiders unloaded shares.
📈 | FedEx (FDX) beat fiscal Q3 earnings and revenue estimates and raised full-year guidance.
Tomorrow's Trade Idea, Today
BREATHING ROOM FOR APD
Stock Spotlight
Inflation's Unlikely Winner
The Rating: Analyst Jeffrey Zekauskas upgraded Air Products and Chemicals to Overweight, citing the company's stable earnings as a relative advantage in a slowing-growth, rising-inflation environment.
The Thesis: Higher oil prices are expected to drive up utilization rates in North American chemicals and refinery markets, accelerating APD's volumes.
The Follow-On: Middle East conflict is pushing helium prices higher, and with 20% of Air Products' long-term helium contracts renewing annually, the earnings headwind is expected to narrow in fiscal 2026.
OVERHEARD ON THE STREET
🪖 | President Trump said the US will continue military operations in Iran until the country can "never rebuild" its military, and said he does not “want to do a ceasefire”.
Kalshi Odds: “US-Iran nuclear deal?”
Before May: 9%
Before August: 23%
Before 2027: 40%
🛢️ | The US Treasury blocked Cuba from taking delivery of two incoming Russian oil tankers.
🎓 | The Education Department announced plans to transfer the $1.7T federal student-loan portfolio to Treasury.
⚡ | Tesla (TSLA) plans to begin shipping Semi trucks from its Nevada Gigafactory this summer, targeting up to 15,000 deliveries in 2026.
📺 | CBS News, owned by Paramount (PARA), announced layoffs affecting roughly 6% of its staff and said it will shut down CBS News Radio on May 22, ending a broadcast service that dates to 1927.
THURSDAY’S POLL RESULTS
Are you bullish or bearish on Carnival Corporation (CCL) over the next 12 months?
▇▇▇▇▇▇ 🐂 Bullish
▇▇▇▇▇▇ 🐻 Bearish
And, in response, you said:
🐂 Bullish — “Even split.”
🐻 Bearish — “Expensive cruise, and they need to hire people to keep the food safe.”
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