Newsletter Apr 26, 2024

Quick Six

US economy grows slower than expected in Q1 of 2024
The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to data released on Thursday. The world's biggest economy grew 1.6% in the first quarter, the Commerce Department said, missing expectations of a larger 2.4% rise. While th latest figure still shows expansion, economic pressures could weigh on President Joe Biden's reelection bid.
SEE HOW THE NEWS SENT THE STOCK MARKET TUMBLING

Google parent Alphabet reports strong profits in first quarter
Google parent Alphabet trounced revenue and profit expectations for the first quarter of 2024, sending shares up more than 12%. Alphabet reported profit of $23.7 billion on revenue of $80.5 billion with growth in cloud computing, YouTube, and online search ads. Alphabet CEO Sundar Pichai credited artificial intelligence with helping drive the Silicon Valley tech giant's impressive quarter.
HOW AI IS FUELING THE BOTTOM LINES OF TECH GIANTS

Micron to receive $6.1B US grant to make semiconductors
Micron is set to receive up to $6.1 billion in grants from the US government to help build its semiconductor plants in New York and Idaho. The US has been working to ensure its lead in the chip industry, especially with regards to the development of AI -- both on national security grounds and amid competition with China.
WHY MICRON IS THE LATEST COMPANY TO GET US BOOST

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Markets

DJIA	38,085.80	-0.98%
S&P 500	5,048.42	-0.46%
Nasdaq Composite	15,611.76	-0.64%
Japan: Nikkei 225	37,628.48	-2.16%
UK: FTSE 100	8,078.86	0.48%
Crude Oil Futures	83.81	0.29%
Gold Futures	2,344.50	0.09%
Yen	155.57	-0.05%
Euro	1.07	-0.01%
* As of market close

Supreme Court hears Trump immunity claim

The US Supreme Court heard arguments on Thursday on whether a former president is immune from criminal prosecution and appeared poised to issue a ruling that could further delay Donald Trump's trial on charges of conspiring to overturn the 2020 election. The historic case has far-reaching implications for executive power and Trump's multiple legal issues as he seeks a White House return. Five conservative justices on the court appeared to take issue with a lower court ruling that an ex-president does not have "absolute immunity" after his term.

SEE SUPREME COURT JUSTICES' MAIN POINTS ON THE ISSUE

Giuliani, Meadows among Arizona indictees

Donald Trump's former attorney Rudy Giuliani and White House chief of staff Mark Meadows are among 18 people who have been indicted in Arizona for allegedly attempting to unlawfully secure the state's 2020 electoral votes for the former president. The indictment also identifies Trump and seven aides as unindicted co-conspirators. The Trump aides are among those charged alongside 11 pro-Trump Arizona Republicans who purported to be the state's valid electors in 2020.

ARIZONA ONE OF 4 STATES SEEKING ANSWERS FROM TRUMP

Climate blamed for worldwide wine decline

World wine production dropped 10% last year, the biggest fall in more than six decades, because of "extreme" climate changes, the body that monitors the trade said Thursday. Australia and Italy suffered the worst, with 26% and 23% drops. Spain lost more than a fifth of its production. Harvests in Chile and South Africa were down by more than 10%. The OIV said the global grape harvest was the worst since 1961.

SEE WHY WORLD WINE CONSUMPTION DROPPED 3% IN 2023

Extra point

Besides water, name the world's most consumed beverage. How much?

Thursday's answer: Taylor Swift's album "Tortured Poet's Department" broke her own record for the most streamed album in a single day (over 300 million), surpassing her hit album "1989: Taylor's Version".

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