Be in the know. 20 key reads for Thursday…

  1. Watch the “Deadpool” (hedgefundtips)
  2. Billionaire investor Bill Ackman warns more banks will fail unless the FDIC insures all deposits (businessinsider)
  3. Consumer spending by China Alipay, WeChat Pay users surges over holiday (scmp)
  4. Retail investors have ‘rage sold’ out of the stock market after driving the pandemic-era trading boom just 2 years ago (businessinsider)
  5. Powell Says Banking System ‘Sound and Resilient.’ Try Telling That to PacWest Investors. (barrons)
  6. Here’s when history says the post-Fed pause rally should start — and the two unlikely sectors to benefit (marketwatch)
  7. ‘We are running out of time to fix this problem’: Bill Ackman’s latest warning on regional banks (marketwatch)
  8. ‘Deposits are going to keep drifting out,’ says DoubleLine’s Gundlach, warning of echoes of S&L crisis at banks (marketwatch)
  9. Fed pause baked in after “dovish” hike (streetinsider)
  10. PacWest Drops Further. Other Regionals Follow. (barrons)
  11. One Sign Inflation Will Wane: It’s Getting Easier to Find Truck Drivers (barrons)
  12. Apple is about to rain billions more on investors as cash position shrinks (marketwatch)
  13. Moderna Posts Earnings Beat. (barrrons)
  14. Biotech ImmunoGen Stock Jumps 140% After Positive Drug Trial Data (barrons)
  15. ‘Generous but expensive’: The costs of helping banks alleviate deposit stress don’t come cheap (marketwatch)
  16. Workers Have High Hopes for Pay Raises, Companies Not So Much (wsj)
  17. China’s Tightening Grip on Foreign Firms Risks Hitting Investment (wsj)
  18. Pushback Against Powell’s Prognosis Comes Almost Immediately (bloomberg)
  19. PacWest Tries to Calm Jittery Markets After 60% Stock Plunge (bloomberg)
  20. Mohamed El-Erian slams Powell’s suggestion that the bank turmoil is over – says it could be added to a list of Fed communications that eroded its credibility. (businessinsider)
  21. First Horizon Shares Crash After TD Bank Deal “Terminated” (zerohedge)
  22. Alipay and WeChat Pay data shows China consumer spending over May holidays exceeded pre-Covid levels (scmp)