Hi All - Happy Saturday and welcome back to Street Tweets from The Street Sheet. 

iPhones! Get your iPhones!

Apple is airlifting iPhones out of Asia like the last chopper out of Vietnam.

The tech giant has reportedly shipped 600 tons of iPhones out of India so far — which is roughly 100 elephants’ worth of phone. (According to ChatGPT, at least, so take it with a grain of salt.)

The goal is to lock in lower prices now before President Trump’s tariffs are finalized. Once the tariffs set in, experts predict that the price of an iPhone could leap into the stratosphere.

How high, you ask? Scroll to the end to weigh in and find out.

Market Review:

Begun, the Trade Wars have.

US stocks rebounded sharply this week after President Trump delayed tariffs on virtually every nation save China. However, he upped the Asian nation’s tariffs to 125% — a move that was quickly reciprocated. Not to be outdone, Trump brought the tariffs up to 145% by week’s end.

At this point, just announce 1,000% tariffs, and save us the back-and-forth.

The S&P 500, Dow Jones Industrial Average, and tech-heavy Nasdaq Composite all reacted positively to the tariff delay, posting historic gains on Wednesday. But the sell-off resumed in subsequent days, and all three indexes still have a lot of ground to make up to get back in the green for the year.

The three finished the week up 5.7%, 5%, and 7.3%, respectively.

Market Preview:

On Monday, investors will get an update on consumer inflation expectations, as well as speeches from Fed policymakers Raphael Bostic and Thomas Barkin.

Tuesday will feature export prices, import prices, the NY Empire State Manufacturing Index, and the API Crude Oil Stock Change.

Wednesday will bring an update to the 30-year fixed mortgage rate, as well as retail sales, business inventories, and the NAHB Housing Market Index.

On Thursday, we’ll get preliminary numbers for building permits and housing starts plus the Philadelphia Fed Manufacturing Index.

The week will end on a quiet note, with no economic updates due Friday.

We’ve entered the era of “tweet-driven markets”.

Historically, political announcements were delivered at stale press conferences accompanied by lengthy legal documents.

Today, policy announcements are rattled off in tweets that cause markets to pop and drop like a carnival ride.

Not sure about you, but we’re starting to miss the boring press conferences.

Cue the SPAC resurgence?

SPACs (Special Purpose Acquisition Companies) soared in popularity in 2021 and exist solely to buy other companies.

Could a ban on Chinese public companies spark a resurgence in SPACs as a way to bypass this rule? For example, could a US-based SPAC buy TikTok and make it an “American” company?

You’d think that lawmakers would think ahead to close this loophole. Then again, Congress doesn’t exactly seem to be acting with a sense of urgency these days.

Hello inflation, our old friend…

Should we start prepping for $10 eggs again?

QUESTION

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