On the day the U.S. reports its 1Q24 gdp and PCE, two other important events are taking center stage: (1) the Japanese Yen has weakened beyond 155 for the first time, despite the announcement from the BoJ they will abandon Yield Curve Control policies. Similar to 1998, weakening Asian currencies and big debt to gdp ratios are worrisome and can create shockwaves that can affect global markets (2) Meta published results yesterday and they were in line with expectations but they provided poor guidance, and the stock plummeted 13% after hours. This is very important because it’s part of the selected (and diminishing) group of stocks a that are pulling from indices, but are priced to perfection. First it was Tesla, then Apple, now, perhaps Meta. Google reports today as well.
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