A daily market update from Fundstrat — what you need to know ahead of opening bell

"We must build dikes of courage to hold back the flood of fear." ~ Martin Luther King, Jr.

Overnight

Pension funds are pulling $325 billion from stocks, some turn to bonds or private markets after major indexes’ run to records (WSJ)

BBC analysis concludes that Russia’s military death toll from its invasion of Ukraine has surpassed the 50,000 mark. (BBC)

Vietnam has reportedly launched a $24 billion bailout of Saigon Commercial Bank, endangered by embezzlement by disgraced property tycoon Truong My Lan. (RT

Norway’s sovereign wealth fund, world’s largest, posts $110 billion in first-quarter profit as tech stocks surge (CNBC)

Mike Johnson Defies GOP Critics, Setting Up Ukraine-Israel Aid Showdown (WSJ)

Senate rejects impeachment articles against Mayorkas (AP)

Tesla asks shareholders to approve Texas move and restore Elon Musk’s $56B pay (Ars Technica)

US Dept. of Transportation watchdog is auditing the FAA’s oversight of Boeing (Semafor)

Shares of ASML sank after disappointing net bookings, but the company forecasts a 2H rebound (FT)

Climate change may cost $38 trillion a year by 2049, study says (Axios)

Jane Street made $4.4B in tr...

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