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- Stocks bounced higher on Friday to close a chaotic week in the financial = markets, helped in the end by Federal Reserve Chairman Jerome Powell's reas= surance that rate hikes on the order of 75 basis points were off the table = for now. The day was spiced up by Elon Musk's announcement that his planned= acquisition of Twitter was "temporarily on hold" because of concerns about= fake accounts, which sent the stock reeling 9.7%. Robinhood shares soared = 25% after Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, re= vealed a 7.6% stake in the company. But Friday's gains were not enough to e= rase sharp losses for the full week, as investors worried about the Fed's a= bility to turn back raging inflation without knocking the U.S. economy into= a recession. The Dow Jones index ended with its seventh weekly loss in a r= ow, marking its longest losing streak since 2001, while the S&P 500 sli= d 2.4% for its longest weekly losing streak since 2011, and the Nasdaq Comp= osite fell 2.8%
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Top News
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Stocks bounced higher on Friday to close a chaotic week in the financial ma= rkets, helped in the end by Federal Reserve Chairman Jerome Powell's reassu= rance that rate hikes on the order of 75 basis points were off the table fo= r now. The day was spiced up by Elon Musk's announcement that his planned a= cquisition of Twitter was "temporarily on hold" because of concerns about f= ake accounts, which sent the stock reeling 9.7%. Robinhood shares soared 25= % after Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, reve= aled a 7.6% stake in the company. But Friday's gains were not enough to era= se sharp losses for the full week, as investors worried about the Fed's abi= lity to turn back raging inflation without knocking the U.S. economy into a= recession. The Dow Jones index ended with its seventh weekly loss in a row= , marking its longest losing streak since 2001, while the S&P 500 slid = 2.4% for its longest weekly losing streak since 2011, and the Nasdaq Compos= ite fell 2.8%
     
Outlook
Role re= versal
It happened once during the intraday session o= n Monday, but Saudi Aramco (ARMCO) officially topped Apple (NASDAQ:AAPL) as the world's most valuable comp= any on Wednesday. The state-owned energy giant closed the session with a ma= rket capitalization of $2.43T, while the iPhone maker ended the day valued = at $2.37T. In fact, it's a trend that has accelerated this year, with the e= nergy sector buoyed by a surge in oil prices following an inflation surge t= hat has curbed demand for high-flying tech stocks (Aramco shares are up 30% YTD, while Apple's stock has slid 20% since the start of the year).

Commentary: "While Apple's stock has held up better than m= ost peers, it is still subject to the great tech multiple compression, whic= h has been witnessed as a result of central bank tightening and ramping inf= lation," explained Neil Campling of Mirabaud Securities. "Investors will no= w worry if consumers' belt tightening will lead to lower appetite to buy th= e ultimate consumer accessory, the iPhone."

Some say the correla= tion is not exactly identical since Aramco's float is less than 2%, compare= d to the 84% of Apple shares that are held by the public. Others point out = that Aramco only trades on the Saudi Stock Exchange, known as Tadawul, maki= ng the connection somewhat of an apples (no pun intended) to oranges compar= ison. Saudi Aramco is also the only non-American company in the top 10 mark= et cap rankings, and if U.S. investors want to scoop up shares they face li= mited choices, such as buying into the iShares MSCI Saudi Arabia ETF (NYSEA= RCA:K= SA) that has Aramco as 5% of its holdings.

Go deeper= : For the past two years, investors have been laser-focused on "pa= ndemic winners" in the technology sector. However, a historic collapse in e= nergy investment during the coronavirus crisis has led to shortages of oil,= gas, coal and refining capacity, leading some to believe the energy sector= could be the next "pandemic winner." In addition, the Saudis, who are one = of the world's top crude exporters, have been under pressure to raise outpu= t following Russia's invasion of Ukraine and subsequent sanctions against Vladimir Putin's re= gime. (21 comments)
     
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Economy
No guarantee=
The Senate finally confirmed Fed Chair Jerome Powell fo= r a second four-year term following delays surrounding other nominees the B= iden administration had pitched for the central bank. In his first term, Po= well has had to battle two major crises, including the COVID pandemic and 4= 0-year high in inflation, recently turning to tighter monetary policy to co= mbat the price pressures. "Chairman Powell presided as Fed chair during som= e of the most challenging moments in modern American history," Senate Major= ity Leader Chuck Schumer said after the bipartisan 80-19 vote, which also s= aw the confirmations of Fed Vice Chair Lael Brainard and governors Lisa Coo= k and Philip Jefferson.

Snapshot: A tricky economic environment has been in pl= ace since the onset of the coronavirus pandemic. When consumer price inflat= ion started to climb shortly after the deflationary shock in March 2020, th= e Fed had assured America that inflation was "transitory" as extraordinary = accommodative monetary policy took hold. Since then, "transitory" quickly b= ecame unpopular as inflation surged to levels not seen since the 1980s, cau= sing the central bank to swiftly shift gear to more hawkish actions. At the= previous FOMC meeting in the beginning of May, the Fed's policymaking arm = even increased the benchmark target range by the most in 22 years, while the CPI report this week came in = at a flaming 8.3% for April.

"Inflation is just way too high here in the Unit= ed States," Powell said later in an= interview on American Public Radio's Marketplace program. The central bank= 's tools for taming that inflation are only focused on demand, and "supply = is a big part of the story here." There are additional factors such as the = war in Ukraine and new lockdowns in China to limit the spread of COVID-19, = so there is no guarantee "whether we can execute a soft landing or not... i= t may actually depend on factors that we don't control."

Outlook: If the economy per= forms as the Fed expects, the central bank will raise the interest rate an = additional 50 basis points at each of the next two meetings. "If things com= e in better than we expect, then we're prepared to do less. If they come in= worse than we expect, then we're prepared to do more," Powell continued. "= I will also say that the process of getting inflation down to 2% will also = include some pain, but ultimately the most painful thing would be if we wer= e to fail to deal with it and inflation were to get entrenched in the econo= my at high levels, and we know what that's like." (17 c= omments)
     
Earnings
House of Mo= use
Shares of Disney (DIS) initially moved higher after the bell on Wednesday, but= then extended a selloff seen in the prior session by falling 2.6% to $102.40 in AH trading. The new 52-week lo= w saw investors focus on the company's top and = bottom line misses, as well as widening losses at its direct-to-consume= r segment. Operating losses for Disney's streaming business, which also inc= ludes ESPN+ and Hulu, tripled to $877M from a year ago, driven by higher pr= ogramming and production expenses.

On the bright side: The House of Mouse repo= rted 7.9M new Disney+ subs to reach 137.7M subscribers, avoiding a slowdown= that has recently plagued streaming rival Netflix (NFLX). CEO Bob Chapek also affirmed the "very achievable" targets of signing up between 230M-260M subscribers= to Disney+ by September 2024, and having the streaming video-on-demand bus= iness achieve profitability before then. A slate of big-budget productions = will additionally be released in the coming months, like Black Panther and = Avatar sequels, Toy Story prequel Lightyear, and a new Star Wars franchise = series called Obi-Wan Kenobi.

"To get their streaming business = to scale, at least the way they've built it, they need to expand the apertu= re of the service beyond Disney-branded content," wrote Morgan Stanley anal= yst Ben Swinburne. "They're spending significantly less than Netflix is. Th= ere=E2=80=99s an opportunity for them to spend more efficiently on content,= and lean on this strong library of familiar IP that they have, but they ju= st have to go out and prove it."

More magic: A strong rebound was seen at Disney's p= arks, experiences and products segment, with revenue more than doubling to = $6.7B during the quarter. Operating profit of nearly $1.8B, which was close= to pre-pandemic levels, beat analyst estimates by 18% and compared to a ye= ar-ago loss of $406M. With regards to the legal tussle down in Fl= orida... Disney leadership wasn't asked any questions on the conference cal= l after the state's legislature repealed special tax privileges related to = the district that houses the Walt Disney World theme park. (121 comments)
     
Consumer
For= mula shortage
The White House announced a raft of measures on Thursda= y to alleviate the ongoing baby formula shortage, which has worsened in rec= ent weeks because of a major product recall and supply chain problems. In f= act, during the first week of May, 43% of baby formula supplies were out of= stock across the country, compared to 31% two weeks prior, according to re= tail pricing data website Datasembly. Many stores have also implemented quo= tas on how much formula one person can buy at a time, while pediatricians a= re recommending not to dilute formula (which could be harmful to the kidney= s) or switching to other brands.

Flashback: Abbott Nutrition (ABT), the nation's largest baby formula man= ufacturer, shuttered its production facility in Sturgis, Michigan, in Febru= ary following reports of contaminated formula that was linked to the deaths= of at least two infants. A voluntary recall was issued for Similac, Alimen= tum, EleCare and other products as the company implements "corrective actio= ns and enhancements" to resume operations. Following FDA approval, Abbott c= an resume production at the facility within two weeks and make the product = available in about six to eight weeks.

In response to public out= cry, President Biden spoke with the CEOs of Walmart (WMT), Target (TGT), Reckitt (OTCPK:RB= GLY) and Gerber (OTCPK:NSRGY) t= o explore ways to tackle the worsening crisis. Among the solutions discusse= d were cutting red tape to get more formula to store shelves faster and urg= ing states to provide consumers flexibility on the types of formula they ca= n buy with WIC dollars. Biden also called on the FTC and state attorneys ge= neral to crack down on price gouging, as well as upping supply via increase= d exports (about 98% of U.S. supply is produced domestically).

= Defense Production Act? "There are a range of - there are a range of options, including that, un= der consideration, but I would note the issue here is that a manufacturer w= as taken offline because they did not produce a safe baby formula," Press S= ecretary Jen Psaki said at a White House briefing. "So what we're doing her= e at this point in time is working with other manufacturers who can produce= safe baby formula. We've had success in increasing our productivity - thei= r productivity over the last four weeks, and we're going to continue to wor= k on that." (113 comments)It's been quite an interesting week in cryptoland, with= stablecoin TerraUSD (UST-USD) losing= its dollar peg (it's now worth 10 cents) and sister token Luna (LUNA-USD) crashing to $0. Bitcoin (<= a href=3D'https://email-st.seekingalpha.com/click/27716180.804725/aHR0cHM6L= y9zZWVraW5nYWxwaGEuY29tL3N5bWJvbC9CVEMtVVNEP21haWxpbmdpZD0yNzcxNjE4MCZzZXJp= YWw9Mjc3MTYxODAuODA0NzI1JnVzZXJpZD0zNTM4NDUxNSZzb3VyY2U9ZW1haWxfd3NiJm1lc3N= hZ2VpZD13YWxsX3N0cmVldF9icmVha2Zhc3QmdXRtX3NvdXJjZT1zZWVraW5nX2FscGhhJnV0bV= 9tZWRpdW09ZW1haWwmbGN0Zz02MGMxZTVjNGRiYTgzZTU5MTQ5ZmYzNDc/60c1e5c4dba83e591= 49ff347B1d042d67' title=3D'Bitcoin USD'>BTC-USD) also plunged to as low= as $26,292, losing 32% of its value= since the beginning of the month, before r= ebounding as much as 12% on Friday to $30,947. The crypto sector has= been swept up in broad selling of risk assets like tech stocks, as well as= worries over the industry as a whole and fears of more liquidations.
=
The skeptics: While crashes have hit Bit= coin before, some say enthusiasm among dip buyers - that used to help price= s quickly rebound - is fizzling. One of the biggest advantages of crypto wa= s that it was supposed to provide a hedge against inflation, though that th= eory has gone up in smoke with Bitcoin getting even more devalued than real= -world currencies in a time of red-hot inflation. Another long-term incenti= ve was that crypto could provide = a store of value via anonymous transactions and wallets, but not only have = governments gotten better at tracking the assets, they are on the verge of = re= gulating them big time.

The believers: Bitcoin and = cryptocurrencies are widely known for their violent price swings, and have = been selling off along with traditional markets due to macroeconomic uncert= ainty. "Crypto is going through the lull that the internet went through," <= a href=3D"https://email-st.seekingalpha.com/click/27716180.804725/aHR0cHM6L= y9zZWVraW5nYWxwaGEuY29tL25ld3MvMzgzNTI0OC1iaXRjb2luLWZhbGxzLXRvd2FyZHMtMzBr= LWFzLWdsb2JhbC1jcnlwdG8tbWFya2V0LWNhcC1ub3NlZGl2ZXMtdG8tMTQxdD9zb3VyY2U9Y29= udGVudF90eXBlOnJlYWN0JTdDc2VjdGlvbjptYWluX2NvbnRlbnQlN0NidXR0b246Ym9keV9saW= 5rJTdDZmlyc3RfbGV2ZWxfdXJsOm5ld3MmbWFpbGluZ2lkPTI3NzE2MTgwJnNlcmlhbD0yNzcxN= jE4MC44MDQ3MjUmdXNlcmlkPTM1Mzg0NTE1Jm1lc3NhZ2VpZD13YWxsX3N0cmVldF9icmVha2Zh= c3QmdXRtX3NvdXJjZT1zZWVraW5nX2FscGhhJnV0bV9tZWRpdW09ZW1haWwmbGN0Zz02MGMxZTV= jNGRiYTgzZTU5MTQ5ZmYzNDc/60c1e5c4dba83e59149ff347B379a7f5d" target=3D"_blan= k">added billionaire entrepreneur Mark Cuban. "The use of Smart Contrac= ts to improve business and profitability" will be the next driver, though "= the chains that copy what everyone else has, will fail." Meanwhile, El Salv= ador, the first-ever country to adopt Bitcoin as legal tender, bought the dip again, sc= ooping up 500 more Bitcoins for $15.4M to mark its largest purchase of the = crypto on record.

Stronger together:<= /strong> All of the industry worries are prompting some big players to look= at combining their resources. Sam Bankman-Fried, the billionaire founder o= f crypto exchange FTX, disclosed a 7.6% stake in Robinhood (HOOD), sending the beaten-down share= s of the popular retail brokerage up 20% in premarket trading on Friday. While Bankman-Fried has no "intention = of taking any action toward changing or influencing the control of [Robinho= od]," he might call for the company to consider "strategic alternatives or = operational or management initiatives." Robinhood recently jumped heavily i= nto crypto space with many currencies, wallets and an international presenc= e, while FTX opened a waitlist for a new stock trading platform in February= . (7 comments)
     

U.S. Indices
Dow -2.1% to 32,197. S&P 500 <= span class=3D"red" style=3D"color: #ff0000;">-2.4% to 4,024. Nasdaq = -2.8% to 11,805. Russe= ll 2000 -2.6% to 1,793= . CBOE Volatility Index -4.4%= to 28.87.

S&P 500 Sectors
Con= sumer Staples +0.3%.= Utilities -1.3%. Fina= ncials -4.9%. Telecom = -0.2%. Healthcare -2.%. Industrials -2.6%. Information Technology = -3.5%. Materials -2.5%. Energy -2.9%. Consumer Discretionary -3.4%.

World Indices
London +0.4% to 7,418. France +1.7% to 6,363. Germany +2.6% to 14,028. Japan -2.1% to 26,428. China +2.8% to 3,084. Hong Kong -0.5% to 19,899. India -3.7% to 52,794.

Commo= dities and Bonds
Crude Oil WTI +0.4% to $110.16/bbl. Gold -3.9% to $1,810.3/oz. Natural Gas -5.2% to 7.622. Ten-Year Bond Yield -0.2 bps to 2.9= 28.

Forex and Cryptos
EUR/USD -1.32%. USD/JPY -1.03%. GBP/USD -0.59%. Bitcoin -17.3%. Litecoin -28.1%. Ethereum -23.%. XRP -26.= 5%.

Top S&P 500 Gainers
Viatri= s (VTRS) +11%. Electronic Arts (EA) +8%. International Flavors & Fragrances (IFF) +8%. Duke Realty (DRE) +8%. Etsy (ETSY) +7%.

Top S&P 500 Losers
Twitter (TWTR) -18%. The Boeing (BA) -15%. Signature Bank (SBNY) -14%. Ball (BLL) -14%. WestRock (WR= K) -13%.
Where will the markets be headed next week? Current trends and ideas?= Add your thoughts to the comments section.

Seeking Alpha=E2=80=99s Wall Street Breakfast Podcast
Seeking Alpha's Wall Street Breakfast podcast brings you all the news you n= eed to know for your market day. Released by 8:00 AM ET each morning, it is= a quick listen that you can put on as you get ready to start your working = day.
 
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