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Good Morning!

US stocks surged yesterday to cap off the strongest February performance for both the S&P 500 and the NASDAQ in nearly ten years! And that’s not all, Bitcoin is also close to all time highs. And remember, this is all before interest rates are cut.

With Bitcoin ETF inflows continuing to catch the market off guard, we want to hear from our readers. 👇️ 

Markets

S&P 500, Nasdaq hit fresh records to cap best February in nearly a decade (2 minute read)
US stocks surged to cap off the strongest February performance for the S&P 500 and Nasdaq Composite in nearly ten years, with investors analyzing a pivotal inflation report. The Nasdaq Composite concluded Thursday's session with a 0.9% gain, reaching a record high close at 16,091.92, its first since November 2021.

The S&P 500 also climbed 0.5%, ending at 5,095.88, marking a fresh record peak. In contrast, the Dow Jones Industrial Average rose 0.1% for the day. Both the Nasdaq and S&P 500 notched their most impressive February performances since 2015.

Bitcoin Nearly Retakes $64K After Coinbase Glitch Stripped $100B Off BTC Value (2 minute read)
Coinbase's display of zero balances rattled cryptocurrency buyers, triggering a significant retreat that saw Bitcoin's price plummet by 8% in just 15 minutes. Wednesday witnessed a frenzied rush for Bitcoin across financial markets, leading to the crash of the largest US exchange and a flurry of errors. Bitcoin surged by 13% to reach $64,000 amid the scramble for profit by traders and investors, reminiscent of the FOMO frenzy of 2021.

However, these tumultuous events seemed to fade into the past by Thursday, with Bitcoin resuming its ascent towards the $64,000 milestone. During trading yesterday, BTC reached an intraday high of $63,700 per coin.

If you’d like to read more in depth Crypto coverage. Check out our Crypto newsletter.

Vanguard CEO Tim Buckley to retire at year’s end (2 minute read)
Vanguard announced on Thursday that Chief Executive Officer Tim Buckley will retire by the year's end, initiating a thorough selection process to assess potential candidates, both internally and externally.

Buckley, who assumed the CEO role in 2018, has dedicated 33 years to Vanguard, initially joining as a research assistant to the company's founder, John Bogle.

During his tenure, Vanguard significantly expanded its client base to over 50 million globally and boosted assets under management by more than 80%, reaching $9 trillion.

Investing

Apple to disclose AI plans later this year, CEO Tim Cook says (3 minute read)
During Apple's annual shareholder meeting on Wednesday, Chief Executive Officer Tim Cook announced plans to provide further details about the company's utilization of generative artificial intelligence later this year.

Cook emphasized Apple's substantial investment in this area, citing its "incredible breakthrough potential" for enhancing productivity, problem-solving, and more for users. Despite competitors like Microsoft and Google integrating generative AI into products more swiftly, Apple has been deliberate in its approach.

Cook highlighted that while AI already plays a role in Apple's products behind the scenes, explicit AI features will be forthcoming, with Bloomberg previously reporting Apple's intentions to leverage AI for enhancing data search capabilities on Apple devices.

Reddit should go public at $5B, according to secondary data (3 minute read)
Reddit recently filed its S-1 and is poised to become the first venture-backed public listing of 2024, potentially setting the stage for other late-stage startups eyeing public offerings. However, the success of Reddit's IPO hinges on one crucial factor: its valuation. Striking the right balance is paramount, as pricing too high could dampen buyer interest and lead to a post-IPO valuation decline. Despite raising $410 million at a $10 billion valuation in its 2021 primary round, market dynamics suggest that aiming for a $5 billion valuation might be more prudent. Investors seek a valuation that offers upside potential without appearing overvalued, crucial for Reddit to gain momentum following its IPO.

Money

It's been more than 30 years since food ate up this much of Americans' income (1 minute read)
According to federal data cited by the Wall Street Journal, Americans are currently allocating over 11% of their disposable income towards food, reaching the highest level in over three decades, matching figures from 1991.

Both grocery store purchases and dining out have become more expensive, contributing to this trend. This spending pattern sheds light on why many Americans express concerns about the economy, despite positive indicators at the national level. Notably, food prices continued to rise in January despite a general easing of inflation. Factors such as increased production costs for food items and persistent labor market tightness, leading to elevated labor costs, are driving these price hikes.

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