😮 Goldman and JP Morgan are wrong!

Good morning investors! The world is talking about Bitcoin, which is on its way to a new all time high.

Fun fact: Monaco is the hardest country to break into the 1% – you need $12.9 million to be among the top in the country. The US ranks fourth where you need $5.8 million to break to the top.

Today we cover:

• More earnings are here.

• Bitcoin crosses $63,000.

• Goldman and JP Morgan are wrong!

Follow us on Twitter for more.

📊 Economy and News 

The fourth-quarter growth estimate for the U.S. economy dipped slightly to a 3.20% annual pace, even though consumer spending was revised upward to 3%.

Additionally, the personal-consumption expenditure (PEC) indicator increased to 1.80%, leading to concerns about potential inflationary pressures in the near future.

Global hits:

• IQiyi, the Netflix of China, posts its first year of profits and says it’s ‘excited’ about Sora.

• Google CEO tells employees Gemini AI blunder ‘unacceptable’.

• Wall Street takes bets on which major central bank will blink first.

📈 Stocks

S&P 500 5.069,76 (-0.17%)
DJIA 38.949,02 (-0.060%)
NASDAQ 17.874,50 (-0.54%)
BRENT CRUDE 83.22 (-0.87%)
* Prices as of Feb 29th, 12:20 AM UTC

More earnings are in

Shares of Novavax (NVAX, -26.74%) fell after the vaccine maker reported fourth-quarter revenue and earnings that missed Wall Street’s estimates.

The company also said it expects full-year 2024 sales to come in flat or lower compared to last year.

Still, Novavax narrowed its losses in the quarter from the same period a year ago, even as demand for Covid products continues to plummet worldwide. 

Paramount Global (PARA, -1.69%) missed revenue expectations for the fourth quarter but posted a surprise quarterly profit and posted strong results from its streaming platform Paramount+.

Paramount+ reached 67.5 million subscribers during the period, a net increase of 4.1 million, and recorded 69% revenue growth year over year.

Paramount has been exploring sale options for all or parts of its business in recent months

TJX Companies (TJX, +0.58%) reported a 13% jump in sales during its holiday quarter.

The off-price giant, which runs TJ Maxx, Home Goods, Sierra and Marshall’s, has been riding high over the last year as it won over deal hungry shoppers amid persistent inflation.

Time for Boeing to win again: The Federal Aviation Administration has given Boeing 90 days to come up with a plan to improve quality control.

The FAA last month launched an audit into Boeing’s 737 Max production line.

The agency has also said it will bar Boeing from expanding its production of 737 Max jets until it is satisfied with its quality controls.

🔐 Crypto

Bitcoin $62.305 (-0.33%)
Ethereum $3,452 (-0.01%)
Total market cap $2.32 (-0.02%)
* Prices as of Feb 29th, 12:20 AM UTC

Bitcoin hits a new high then falls after Coinbase glitches

Coinbase suffered a glitch yesterday that left many users seeing no or zero balance in their accounts.

This caused Bitcoin to drop by about $2,800 in a matter of minutes. The reports of outage came moments after BTC shot above $63,000 for the first time since November 2021.

The rise is price is being contributed to record-high trading volumes in BTC ETFs as retail investors jumped on crypto rally.

BTC is still going strong and is very close to the $63K mark.

Also check: Bitcoin bull Michael Saylor nets $700 million in gains on 3-day pop in crypto and MicroStrategy.

💵 Personal Finance

Goldman and JP Morgan are wrong!

Guess who got it wrong this year? Everyone!

Bigwigs like Goldman Sach's, Citigroup, and Bank of America had predicted the market to grow 5-7% this year with some like Wells Fargo and JP Morgan predicting it would fall.

The result? The market is already up 7% and we're only in the first quarter of the year.

Not everyone was negative though. Bank of America, for example, was optimistic and expected the market to grow but they hadn’t expected such an incredible journey.

Such a bull run hasn’t been seen before and the opinions are mixed.

This proves that listening to experts is not always the best option because the market might come with a surprise.

We think this bull run will extend for a while as interest rate is expected to go down and the labor report is strong.

Also, the US isn’t the only market that’s breaking barriers. India is now among the top 5 and the Japanese market is going strong (on its best ever run) despite the economy being in a recession.

Citi got it wrong last year too when it picked European stocks over US companies.

Check this video to know more about why this is happening to the market and what should be your next move:

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.

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