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U.S. GDP in first quarter ratcheted up to 1.3% from 1.1% (2 min read)

US GDP in Q1 was revised higher to 1.3% from the 1.1% previously reported. The upgrade was driven by stronger-than-expected consumer spending which increased by 3.8%. Dragging the economy down were business investments, particularly in housing and goods-producing sectors which fell due to higher interest rates and a shift in spending toward services like recreation or travel. Although the revised GDP still grew at a slow pace and many predict a recession within the next year, the overall economy is still growing with no imminent signs of recession.

Credit rating agency warns it may downgrade US debt rating, driving up costs (2 min read)
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Fitch, a credit rating agency, has placed the US credit on “rating watch negative” due to uncertainty surrounding the debt ceiling debate and the possibility of a first-ever default. Treasury Secretary Janet Yellen has repeatedly emphasized the need for Congress to quickly pass an agreement to prevent default. Many experts have reiterated that a US default could have disastrous effects on the global economy and cause a recession. Although it usually gets resolved at the last minute, investors are becoming less hopeful as the deadline approaches.

Nvidia close to becoming first trillion-dollar chip firm after stellar forecast (2 min read)
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Nvidia's stock soared over 25%, pushing its market value close to $1 trillion, as its strong forecast highlighted the untapped potential of AI spending. The company reported a stellar Q1 and projected Q2 revenue nearly 50% higher than analysts' estimates due to surging demand for AI chips. The stock has more than doubled this year, with analysts raising their price targets and emphasizing Nvidia's key role in AI technology. The company's positive earnings also sparked a rally in the chip sector and AI-focused firms, leading to stock market gains globally.

Carl Icahn's IEP slumps after old rival Ackman reignites feud (2 min read)
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Carl Icahn’s Icahn Enterprises (IEP) plunged further to a two-decade low after rival prominent investor Bill Ackman criticized its high valuation. The stock dropped by another 24.7%, compounding previous losses of over 60% following a short-seller report from Hindenburg Research earlier this month. Ackman added to the fuel on Wednesday by agreeing with the report that IEP is relying on a "Ponzi-like structure" to pay dividends. Carl Icahn or the company did not respond to Ackman’s comments.

Investors Plowing Money Into Short Nasdaq ETF (2 min read)
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Investors are bracing for the rally in tech stocks to end, piling into a short tech fund, the ProShares Ultra Pro Short QQQ (SQQQ), which has seen inflows of $4.6 billion this year. SQQQ inflows suggest expectations of a Nasdaq pullback, but the bet hasn’t paid off; SQQQ has lost around half of its value this year. It’s interesting to see these massive flows into and out of these highly speculative ETFs because they are not always as straightforward as they seem.

ETF Liquidity: What Is It and How Does It Benefit Investors? (2 min read)

One of the biggest advantages of ETFs compared to other investment vehicles is their liquidity. ETF liquidity refers to the ease of buying and selling the fund, which can be done through brokers at any time during stock market hours. This makes ETFs attractive to short-term investors or traders because intraday trading is possible with this structure. However, factors like volume or market makers contribute to the overall ETF liquidity so investors must consider it when facilitating trades.

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Thanks,
Thomas

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