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Top stories today:
- ByteDance execs believe China will not allow TikTok sale
- SpaceXās Startship rocket completes most of 3rd test flight
- PPI accelerates to 0.6% MoM / 1.6% YoY, above expected
- Bitcoin retreats to $67K, from record high of $73K
- Adobeās revenue +11% to $5.18B in quarter, stock -12%
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. ByteDance execs believe China will not allow TikTok sale
ByteDance is in theory a Cayman company, but most of its executives and revenue (from Douyin) are in China:
Reports coming after Beijing protested that the U.S. should āstop unreasonably suppressingā TikTok.
Last year, Beijing said a sale would have to be approved by the government since it would involve exporting technology.
Meanwhile, China bans most of the U.S. Big Tech platforms: Google, Meta, etc.
2. SpaceXās Startship rocket completes most of 3rd test flight, but explodes during descent
SpaceX chose to skip an attempt to re-ignite one of Starshipās Raptor engines, seen as a key milestone for Starshipās future success.
Elon continues to promote the idea that Starship will make humanity multi-planetary
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4. PPI accelerates to 0.6% MoM / 1.6% YoY, above expected, pressuring Fed not to cut
Read more: Bloomberg.
