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US inflation rate eases to 4.9% in April, less than expectations (4 min read)

The annual increase in the Consumer Price Index (CPI) was 4.9% in April, slightly below the forecast of 5% and the lowest since April 2021. On a monthly basis, it rose 0.4%, matching the estimate. The core CPI, eliminating food and energy, rose 0.4% monthly and 5.5% annually, which was also in line with expectations. The inflation data for April shows it continues to ease and markets reacted positively, with stocks and gold gaining while the Treasury declined.

The Case For International Diversification (3 min read)
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Although US equities have outperformed internationals in recent years, historical data shows that international equities have had periods of higher returns. The case to invest internationally is still worthwhile in the long run, as performance in the equity market is cyclical, and there is no guarantee that the US will always outperform. The purpose of global diversification is about accepting good enough returns to avoid the potential for terrible returns at an inopportune time. More on their past returns and correlations are available in the article.

Carl Icahn’s company stock falls as much as 20% after prosecutors seek financial information (2 min read)

Carl Icahn’s Icahn Enterprises (IEP) stock slipped another 20% after a disclosure showed regulators are seeking information regarding its corporate governance. The request came after short-seller Hindenburg Research criticized the company's “inflated” asset valuations and its dividend payout is achieved through a Ponzi-like structure. Icahn said the inquiry is not expected to have a significant impact on the business but shares are down over 35% this year.

Airbnb drops 10% after earnings report offers cautious outlook for Q2 (2 min read)
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Airbnb reported its first-ever profitable Q1, with $117 million in net income for the quarter, up from a net loss of $19 million a year earlier. Despite the solid start for the year, shares of Airbnb fell 10% due to weaker guidance and a cautious outlook for Q2. Airbnb warned that comparable for this summer would be tough given pent-up demand last year coming out of the Covid pandemic. For that reason, Airbnb expects revenue in the second quarter to be at the lower end of what analysts are estimating.

Is JEPI a Compelling ETF as Investors Turn Risk Averse? (2 min read)
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Investors are turning risk-averse and have been allocating their assets to less risky investments on the expectation of a potential recession. As investors look for safer alternatives, this article highlights the JPMorgan Equity Premium Income ETF (JEPI) to be a compelling choice. JEPI is a dividend-focused ETF that aims to deliver monthly income with reduced volatility. It’s the largest active ETF in the US, with an attractive yield of 11%, and a low beta of 0.62 which implies less fluctuation compared to the market. More on JEPI is available in the article.

Tech, Bond ETFs Rally After CPI Report (2 min read)
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Tech stocks rallied and bond yields fell after the latest CPI data showed inflation eased slightly more than expected, reaffirming the market that the Fed’s rate hike may be over. The probability of the Fed holding rates steady in June increased to 87% based on futures pricing, which led to lower Treasury yields and pushed the price of Treasury bond ETFs higher. The anticipation of lower interest rates also had a positive impact on tech stocks, with most tech ETFs ticking up on Wednesday.

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Thanks,
Thomas

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