Yesterday's hotter-than-expected inflation reading throttled markets, with the Dow sinking faster than my mood when the office coffee runs out.
But shaky indexes and sky-high inflation have done little to stifle optimism at SALT — a New York conference hosting some of the world's top financial leaders for wide-ranging talks on money and markets.
To get a temperature-check on the convention, I caught up with Insider's Laila Maidan, our boots-on-the-ground correspondent this week.
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1. "Overall it's a pretty good event with a lot of fund managers," Maidan told me, speaking from the event at New York City's Javits Center. She added that crypto-related topics made up about half, if not more, of this year's event content, which is usually focused on traditional finance.
Surely the presence of billionaire Sam Bankman-Fried could make any conference tilt toward digital assets.
In a Monday panel, the FTX founder pointed to Fed policy and a strong dollar as reason for downbeat digital token markets, but he still voiced optimism about cryptocurrencies more broadly.
But at least some attendees are still cautious on digital assets.
"I did accidentally overhear one guest say something along the lines of the bets made on the sector are a loss and people just aren't ready to admit it," my colleague noted.
Maidan also let me in on a conversation she had with fund boss Anthony Scaramucci, who just made a deal with Bankman-Fried for FTX Ventures to acquire a 30% stake in SkyBridge Capital.
"It was Scaramucci's idea to tap Sam about it," Maidan said. "Scaramucci felt it was a good merge between his expertise in traditional markets and the nine bear markets he survived, and Sam's expertise in the digital asset space."
Meanwhile, Bridgewater's co-chief investor Greg Jensen also spoke at SALT, but he gave a far bleaker outlook, warning that asset prices could tumble as much as 25%.
"The biggest mistake right now is the belief we're going to return to essentially prices similar to the pre-COVID [period]," Jensen said in a panel on Monday.
Rubbing shoulders with finance heavyweights and so-called thought leaders is one thing, but finding an adequate work station seems to be another.
For reporters, working remotely from SALT's press room can mean sitting on the floor to charge your laptop or phone.
"There's no outlets by the tables," she said.
What topics out of SALT are you on the lookout for this year? Email prosen@insider.com or tweet @philrosenn.
In other news:
2. US stock futures recovered some of their losses early Wednesday, following a sharp fall triggered by yesterday's inflation data. Meanwhile, oil prices are also recouping earlier losses, as the IEA said growth in the global oil demand would slow to a halt in the last quarter. Here are the latest market moves.
3. On the docket: Logitech S.A., Growthpoint Properties Ltd, and more all reporting.
4. The manager of a market-crushing $3 billion equity income fund broke down how he zeroes in on winning stocks. Matthew Page has a strategy to bolster his portfolio while skipping out on the thousands of potential bad names. Here are his top five picks right now.
5. Oil prices could find a floor near $80 per barrel with the Biden Administration weighing a refill of the Strategic Petroleum Reserve. The potential move is seen as protecting US oil-production growth by preventing crude prices from plunging further. Here's what you want to know.
6. Germany is reportedly working on a new trade policy to reduce dependence on China. German Economy Minister Robert Habeck told Reuters: "We cannot allow ourselves to be blackmailed." Get the details here.
7. Investors have begun pricing in odds of a 100 basis point rate hike at this month's Fed meeting. The hot inflation data has led traders to ramp up bets on another outsized interest rate move — but this time it could be even bigger than the previous 75 basis point hike.
8. The head of investment strategy at BlackRock's $2.2 trillion iShares said we're not heading toward a 2008-style housing collapse. But Gargi Pal Chaudhuri still thinks there's a growing disconnect in the market as activity cools and prices rise: "Something's gotta give."
9. This batch of stocks is well-positioned to weather an earnings slowdown and a shifting economy, according to an investing veteran who's been in the business for 24 years. Tavis McCourt of Raymond James shared 15 stocks that are positioned in four underappreciated market themes — see the full list here.
10. The Dow just saw the worst session since June 2020. On Tuesday, the major index dropped 1,276 points. However, Dow futures recovered some of that loss early Wednesday. Check out the rundown from yesterday's downbeat trading day.
Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn).
Edited by Max Adams (@maxradams) in New York and Hallam Bullock (@hallam_bullock) in London.