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HMG Strategy Market Update and Tech News Digest
Global market update and executive summary of tech industry news headlines, brought to you Hunter Muller and the editorial team at HMG Strategy.
Cramer: Strong Retail Earnings Undercut Fears of โStagflationโ
A leading financial commentator says he isnโt worried about โstagflation,โ a term used to describe a combination of high inflation and slow economic growth.

CNBCโs Jim Cramer said Thursday he believes fears that the U.S. economy is headed for a period of stagflation should be put to rest after a series of impressive retail earnings reports,โ writes Kevin Stankiewicz of CNBC. โRecent quarterly results from a handful of retailers from department store chain Dillardโs to watch maker Fossil, however, shed light into the strength of the U.S. consumer and suggest economic activity remains robust, Cramer said.โ
Financial markets seem largely unfazed by the understandably negative talk around inflation. โThe stock market appears to have withstood the hottest inflation report in 30 years on Wednesday. The major indexes are on track to close the week lower, but are still within striking distance of their recent records,โ write Hannah Miao and Jesse Pound of CNBC.
Musk Sells $5B in Tesla Shares After Polling Twitter Followersย

Just when it seemed like the markets could no longer surprise us, the worldโs wealthiest human being has found a new way to generate headlines.
โElon Musk has kicked off a cascading sale of his personal Tesla holdings after recently asking his Twitter followers if he should sell 10 percent of his stake in the company to pay taxes. According to 10 new filings with the Securities and Exchange Commission published Wednesday, the billionaire CEO has sold at least $5 billion worth of Tesla stock so far this week,โ write Richard Lawler and Sean OโKane in The Verge. โThe filings are likely to keep coming, too, as the few million shares sold are far short of 10 percent of the more than 240 million Musk owns in his company.โ
Tim Cook Indicates Apple Wonโt Be Accepting Crypto in the Near Term
Apple probably will not be accepting Bitcoin anytime soon, according the published reports. Although CEO Tim Cook apparently holds cryptocurrency, he doesnโt see a role for it at Apple โ at least not at the present moment.

โCook said he has no plans in the immediate future to accept crypto as a means of payment forย Appleย products. He added that he also doesn’t plan to invest any of Apple’s cash in cryptocurrency. Some other companies, most notably Tesla andย Jack Dorsey’s payments company Square, haveย invested in crypto directlyย and,ย for a short time, Tesla accepted bitcoin as payment,โ writes Clare Duffy of CNN Business.
U.S. Joins International Cybersecurity Pact
The U.S. has joined a global partnership to create a more unified approach to cybersecurity.

โThe U.S. is now part of an international agreement on cybersecurity,โ writes Rebecca Falconer of Axios. โ80 countries, along withย hundreds of tech companiesย โ including Microsoft and Google โ nonprofits and universities have signed theย Paris Call for Trust and Security in Cyberspace, established in 2018 to create international norms and laws for cybersecurity and warfare.โ