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• Tesla’s earnings were as bad as everyone predicted
  Tesla’s pivotal earnings call yesterday had the vibes of an undergrad...
  Tesla’s pivotal earnings call yesterday had the vibes of an undergrad at office hours begging for extra credit after failing every assignment all semester. The automaker whiffed on revenue targets, even after tempering expectations.
  
  Yikes…for the first time since 2020, the EV-maker’s quarterly revenue dropped, falling to $21.3 billion, compared with $23.3 billion from the same period a year ago (analysts were expecting about $22b). Tesla’s profits sunk to a six-year low. The company said earlier this month that it only delivered 386,810 cars in the first quarter, down 8.5% from the same time in 2023.
  
  In late 2021, Tesla hit a $1 trillion valuation and CEO Elon Musk was the toast of Wall Street. But with its stock now lingering near a 52-week low and after its market cap shed roughly $350 billion during the quarter, the carmaker has become investors’ trendy but emotionally draining friend. Some of its most hyped projects have about as much steam as a hotel iron.
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• ☕️What Else is Brewing Wednesday Morning
  X is pivoting to video. The artist formerly known as...
  X is pivoting to video. The artist formerly known as Twitter launched a video app that is compatible with most smart TVs, the company revealed yesterday. The app will not include ads at launch but could introduce them in the future, X reportedly told its corporate partners in a note. It includes a YouTube-esque trending algorithm and the ability for users to upload their own videos. The move is part of owner Elon Musk’s push to turn X into an “everything app” as advertisers flee the platform.
  
  FIFA and Apple are nearing a deal to stream a World Cup-style tournament on Apple TV+ next year, the New York Times reported.
  
  The Supreme Court appears likely to side with Starbucks over the National Labor Relations Board in the case about fired union activists.
  
  Kim Kardashian’s private equity firm is struggling to raise funds, per Axios.
  
  The FAA is investigating a near-miss involving a Swiss Air jet on a runway at JFK Airport in New York.
  
  Voyager 1, the most distant human-made object from Earth, is sending readable data to NASA again after months of relaying space gibberish.
  
  The mythical San Francisco public toilet has finally opened, and it cost a mere $200k to construct—not the $1.7 million that citizens were outraged about.
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• Oil Inventories unexpectedly fall by 3.2M barrels last week: API
  U.S. crude stockpiles unexpectedly fell last week, the...

  U.S. crude stockpiles unexpectedly fell last week, the API reported Tuesday, adding to expectations that demand is on the rise ahead of the summer driving season.  

  
  

  U.S. crude inventories fell by about 3.2 million barrels for the week ended Apr. 19, compared with an increase of 4.09M barrels reported by the API for the previous week. Economists were expecting an increase of 1.8M barrels. 

  
  

  The API data also showed that gasoline stockpiles fell by 595,000 barrels, while distillate inventories rose by 724,000 barrels.

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• Closing Oil & Gas Prices
  Benchmark U.S. crude oil for June delivery ...
  Benchmark U.S. crude oil for June delivery rose $1.46 to $83.36 per barrel Tuesday. Brent crude for June delivery rose $1.42 to $88.42 per barrel.
  
  Wholesale gasoline for May delivery rose 4 cents to $2.73 a gallon. May heating oil rose by 2 cents to $2.58 a gallon. May natural gas rose 2 cents to $1.81 per 1,000 cubic feet.
  
  
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• S&P 500 posts best day in 2 months, Nasdaq jumps with Big Tech earnings on deck
  U.S. stocks finished higher on Tuesday, with the tech-heavy Nasdaq Composite...
  U.S. stocks finished higher on Tuesday, with the tech-heavy Nasdaq Composite leading the way up, while the large-cap S&P 500 index notched its best day since February as earnings season ramps up.
  
  The Nasdaq Composite advanced 245.33 points, or 1.6%, to finish at 15,696.64. It was the index's largest one-day point and percentage gain since April 11, according to Dow Jones Market Data.
  
  The S&P 500 was up 59.95 points, or 1.2%, to end at 5,070.55. The large-cap benchmark index booked its best daily gain in over two months.
  
  The Dow Jones Industrial Average rose 263.71 points, or 0.7%, ending at 38,503.69. The blue-chip index was up for four consecutive trading days, its longest winning streak since March 21.
  
  With the first-quarter earnings season in full swing, the market's move upward Tuesday came as stocks attempted to bounce back from a poor stretch last week that saw the S&P 500 suffer its worst weekly performance since March 2023.
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