🚀 Ethereum up 25% this week!

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Good morning investors! The crypto market is on the edge of their degen seats today as everyone waits to find out if the Ethereum ETF (Exchange Traded Fund) will be approved today. Since the Bitcoin ETF was approved 92 days ago, it is up 56%!

Today we cover:

• Home sales fell again

• Target CEO says people aren’t spending

• Nvidia sales increase 262% because A.I. is taking over the world

• Crypto holds its breath for possible Ethereum ETF today

📊 Economy and News 

Home sales fell last month

Sales of previously owned homes fell 1.9% in April from March to 4.14 million units, on a seasonally adjusted annualized basis. The forecast had been for a slight gain.

Sales were also down from April 2023, off 1.9% from last year. Surprisingly, sales of homes priced below $100,000 fell 7.1% year over year, while sales of those priced over $1 million jumped 40%.

The median price of an existing home sold in April was $407,600, an increase of 5.7% year over year.

Regionally, sales in the Northeast fell 4% from March and 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% year over year.

In the Midwest, sales dropped 1% month to month and were also down 1% year over year. The median price in the Midwest was $303,600, up 6% from April 2023.

Sales in the South dropped 1.6% from March and 3.1% from the year before. The median price in the South was $366,200, up 3.7% from last year.

And in the West, sales were down 2.6% for the month and rose 1.3% from one year before. The median price in the West was $629,600, up 9.3% from April 2023.

Inventory in April rose 9% month to month and was up 16% from the year before, but there is still just a 3.5-month supply at the current sales pace.

First-time buyers made a slight comeback, making up 33% of April sales, up from 29% the year before.

Global hits:

• CFPB says buy now, pay later firms must comply with U.S. credit card laws.

• China’s Honor will have Google AI features, including Gemini, on its upcoming smartphones.

• House Democrats investigate whether Big Oil colluded with OPEC to inflate gas prices

📈 Stocks

S&P 500 5,307 (-0.27%)
DJIA 39,671 (-0.51%)
NASDAQ 16,801 (-0.18%)
BRENT CRUDE 81.71 (-1.41%)
* Prices as of May 22nd, 10:35 PM UTC

Nvidia Pops up Earnings

Nvidia's stock surged 4% after the company reported better-than-expected earnings results for the quarter ($6.12 EPS vs. $5.65 on $26 billion in revenue), announced a 10-for-1 stock split pending shareholder approval, and raised its quarterly cash dividend by 20%.

Target misses target 🎯: Target’s fiscal first-quarter earnings fell short of estimates, with sales declining about 3% year over year.

The retailer experienced a drop in consumer purchases of everyday items such as groceries and paper towels, as well as discretionary goods like apparel and home decor.

CEO Brian Cornell said the results show “continued soft trends in discretionary categories.” In other words, people aren’t spending as much money as we know because the average credit card balance has hit an all time high. People are maxed out!

The news sent the stock down -10%. Yikes!

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🔐 Crypto

Bitcoin $69,491 (-0.3%)
Ethereum $3,742 (0.0%)
Total market cap $2.72 T (+0.4%)
* Prices as of May 22nd, 10:35 PM UTC

Crypto in Play

The White House and SEC Chair Gary Gensler oppose the crypto legislation known as the Financial Innovation and Technology for the 21st Century (FIT21) Act, stating it lacks adequate consumer protections and could create regulatory gaps that undermine financial stability. Their opposition signals a potential veto from President Biden if the bill passes as is.

However, word on the street is that Biden won’t veto since Trump signaled last week that he’s pro-crypto and Biden can’t afford to lose those voters.

🧠Fun fact: 40% of Americans now own crypto. Up from 30% last year. That’s a lot of voters.

Ethereum ETF

Amid speculation that the SEC may approve a spot Ether ETF on May 23, global investment manager VanEck's spot Ether ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker "ETHV", a crucial step before final SEC approval.

However, VanEck's ETF is currently designated inactive on the DTCC website, meaning it cannot be processed until receiving necessary regulatory approvals.

ETH makes a 2 month high

Don’t know what these numbers mean or how people made 25% holding Ethereum in the past week?

Join tonight’s webinar “Investing in Crypto” here.

📫 What do you think of crypto? Reply to this email and let me know. I read all comments.

💵 Personal Finance

Geopolitical tension may be an opportunity

As seen in the image above, geopolitical tensions can cause stocks to crash, which can be a good opportunity to invest. Some investors may seize such opportunities and some may prefer to wait for more stability.

Your individual circumstances and investment goals should ultimately drive your decision on whether to invest in stocks during times of war or conflict in other countries.

Consider seeking professional advice and conducting thorough research to make informed choices that align with your financial objectives and risk tolerance.

Some stocks indeed can be very beneficial in these times, especially defense stocks.

Check this video for more on how wars benefit some companies:

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

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