Did you know that TikTok's parent company, ByteDance, was valued at over $100 billion in private market trading in 2020, making it one of the most valuable startups globally?

Currently, TikTok might be facing more challenges than just getting started.

This edition of our newsletter brings you cutting-edge insights into the financial world, including:

• This Bull Is Still Running: First, the resilience of the bull market, with the S&P 500 reaching new heights amidst strong economic fundamentals and technological advancements 📈

• Trump’s Former Advisor Seeks To Buy TikTok: Next, we’ll examine former Treasury Secretary Steven Mnuchin's unexpected but not surprising move towards purchasing TikTok 📱

• Oil Back On The Rise: Finally, we’ll look at the resurgence of oil, with demands climbing and supply tightening, propelling oil prices and stocks to notable peaks 🛢️

Stay tuned for these expert analyses, guiding you through today's financial market with ease.

This Bull Is Still Running 📈

The benchmark S&P 500 index is up more than 25% in the last five months, a phenomenon that has occurred just 10 times since the 1930s, according to Bank of America Global Research.

The S&P has already hit 16 record highs this year, the most in any first quarter since 1945 🚀

The bulls say those gains stem from solid fundamentals, rather than the type of rampant speculation that has accompanied past bubbles.

Reasons include a strong economy, expectations that the Federal Reserve will soon begin an interest rate cutting cycle, and excitement over the potential of artificial intelligence for business.

Yet some investors believe the market's nearly uninterrupted ascent means that a pullback is coming 👀

The last time the S&P 500 slid more than 5% was in October of 2023, though Bank of America data shows such selloffs historically occur three times per year on average.

We seem to be long overdue for a pullback.

But that won’t mean the end of the bull market 🐂

Trump’s Former Advisor Seeks To Buy TikTok 📱

Steven Mnuchin was President Trump’s Treasury Secretary back in 2020 when Oracle struck a cloud deal to host TikTok’s U.S. operations to stave off a potential ban of the popular app.

Now, China based TikTok is again facing pressures about its future in the United States and Mnuchin wants to be its American savior 💪

The House of Representatives voted to force TikTok’s owner, China’s ByteDance, to sell the app or face a U.S. ban, citing worries about national security risks.

The next day, Mnuchin raised his hand as a potential buyer.

Mnuchin now heads the private-equity firm Liberty Strategic Capital 📝

Regardless of what happens to TikTok, you might be wondering why Mnuchin is interested in the first place.

Though it might seem odd for a former Secretary of the Treasury to make such big moves in his post-government life, it actually isn’t.

After all, many of his predecessors made a name for themselves on Wall Street and Corporate America’s boardrooms both before and after taking on their government roles 🏛️

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Oil Back On The Rise 🛢️

Oil demand is rising and supply is constrained, lifting prices for the commodity to their highest levels in months and shares of oil companies are hitching a ride.

West Texas Intermediate crude, the U.S. benchmark, was up 2%, to $81.29 a barrel on Thursday, on track to settle at its highest level of 2024 🚀

Brent crude, the international benchmark, was up 1.7%, to $85.42.

After languishing for months, oil stocks have benefited from the revival in the commodity price.

Oil’s catalyst is on the back of a report from the International Energy Agency predicting that demand will rise more than the agency had expected last month 📈

Inner Circle Macro Update 🔍

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