The news that Ukraine struck targets inside Russia using U.S. weapons and that Russia would consider responding to an attack considered to be backed by a nuclear power by using nuclear weapons did little to dissuade equity investors on the day. In equities Walmart earnings provide some indications that the U.S. consumer is doing well and poised for a healthy holiday season.
In data, housing starts fell by more than forecast largely due to the impact of weather in the south. Buidling permits fell by more than expected as well but the deline seemed to be driven by a decline in multi-family permit component which tends to be volatile.
Away from data, Trump cabinet nominees remain a hot topic. Kevin Warsh is the increasing betting favorite for Treasury Secretary. In Fedspeak, KC's Schmid expressed confidence in lowering rates, and a belief the Fed can offset fiscal deficits through higher interest rates.
The dollar, gold and Bitcoin all traded well, while the Euro is a currency that has steadily declined post Trump election.
The word of the day is DePINs, you may already be familiar with this term, but it was new to me. DePIN is the acronym for Decentralized Phyiscal Infrastructure Networks that are based on blockchain. Somewhere in that acroynm is the idea of using tokens to fund physical infrastructure somehow. I'm not 100% sure what problem it solves, but figured I'd share in case one day it leads you to lead a massive DePIN project.
On the day ahead, all eyes are on NVDA earnings, but there is UK inflation data out in the morning if you're into that.
XTOD: My journey from energy to crypto comes full circle with DePIN. Scaling decentralized infra demands novel financing models rooted in credit, cash flows, and decentralized coordination
XTOD: French farmers continue protests as union threatens food supply disruption http://reut.rs/3OepXun
XTOD: Didn’t expect Ben Affleck to have the most articulate and realistic explanation where video models and Hollywood is going https://x.com/i/status/1858211286066073922
XTOD: Special Forces Vet. Evan Hafer & Joe Rogan on Trump Declaring War on the Cartels: 'It Is Going to Get Wild Come January 20th' "If we declare war on the cartel, these dudes are not gonna understand what the f*ck is going on. They are in for a world of ultra-violence they've never actually felt before ... They have f*cking no clue if we organize these Tier 1 units against them ... What I would be doing if I was down there ... I would be getting ready to retire right now because if Delta Force is hunting me, bro I would be so terrified."
XTOD: “Companies that focus on their stock price will eventually lose their customers. Companies that focus on their customers will eventually boost their stock price. This is simple, but forgotten by countless managers.” — Morgan Housel
https://x.com/itsanhonour_/status/1858993071763189939
https://x.com/Reuters/status/1858992424850276445
https://x.com/lugaricano/status/1858913212944490973
https://x.com/TheChiefNerd/status/1858851449725153571
https://x.com/InvestingCanons/status/1858874017622474989
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