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Was Elon Triggered by Swift’s Endorsement?

Taylor Swift, arguably the most influential musician in the world, has thrown her support behind Kamala Harris in the 2024 presidential race, potentially influencing millions of young voters.

The endorsement, posted on Instagram shortly after a Harris-Trump debate, praised Harris as a “steady-handed, gifted leader” and expressed approval for her running mate Tim Walz’s stance on social issues.

Swift’s announcement — which was notably shared on Instagram and not X — prompted X owner and vocal Donald Trump supporter Elon Musk to make a rather disturbing attempt to inject himself into the conversation.

You can read more on the matter here.

What’s going on?

• Elon Musk Couldn’t Help But Be Weird About Taylor Swift, Says He’ll Give Her A Child (theDeepDive)

• US Treasury reports $380 billion August budget deficit (Reuters)

• Are Canadian Mining Rules Too Tough? With Sean Roosen of Osisko Development Corp (theDeepDive)

• Singh signals NDP plan to oppose carbon tax, says it puts burden on ‘backs of working people’ (Globe)

• Unseen Migration Boom: Indian Migrants Flood Northern U.S. Border (theDeepDive)

• US Jobless Claims Pick Up For the First Time in Three Weeks (Bloomberg)

• Abitibi’s American Cousin: Wyoming’s Gold Awakening with Rob Bergmann of Relevant Gold (theDeepDive)

• SpaceX Astronauts Conduct Spacewalk, Putting New Spacesuits to Test (WSJ)

What’s the latest?

• Wholesale Prices: The Producer Price Index rose 0.2% in August, matching estimates, while core PPI increased by 0.3%, above the 0.2% forecast. Initial unemployment claims were 230,000, slightly higher than expected. Despite the data, the Federal Reserve is expected to lower interest rates by a quarter point at its next meeting.

• Rate Cuts: The European Central Bank cut its key deposit rate by 25 basis points to 3.5% due to slowing inflation and economic concerns. Growth forecasts for 2024-2026 were slightly lowered, with GDP expected to grow 0.8% in 2024. While inflation is easing, the ECB remains cautious about further rate cuts, emphasizing data-driven decisions. Analysts expect continued rate reductions, but economic uncertainty could impact future moves.

• Jobs: US unemployment claims rose by 2,000 to 230,000 for the week ending Sept. 7, slightly above the forecast of 226,000. Continuing claims also increased to 1.85 million. The four-week moving average of claims rose to 230,750, the first increase in five weeks, indicating a gradual slowdown in hiring. Despite this, claims remain low, and the Federal Reserve is expected to consider a 25 basis point rate cut in response to moderating labor demand and rising inflation.

• Air Canada: Air Canada is urging Prime Minister Justin Trudeau’s government to intervene in stalled contract negotiations with its pilots to prevent a potential shutdown next week. With talks over wages unresolved after 15 months, the airline seeks government-requested arbitration if no deal is reached by Saturday. Air Canada is already reducing cargo orders and preparing for passenger cancellations. A two-week strike could cost the Canadian economy up to C$1.4 billion, highlighting the significant impact on the airline and the broader economy.

• Amazon: Amazon’s Project Kuiper, aimed at launching 3,232 satellites for global broadband, is now estimated to cost $16.5 to $20 billion, up from the original $10 billion estimate. Despite lagging behind SpaceX’s Starlink, which has over 6,000 satellites, Project Kuiper could generate $36 billion in annual revenue if it reaches 100 million subscribers. Rising costs and reliance on new launch vehicles are major challenges, and Amazon may need an FCC waiver to meet its 2026 deployment deadline.

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The stock market and stuff

• Nokia seeks to replace CEO in bid to revive falling sales (FT)

• Plurilock Enters Partnership With TD SYNNEX For Critical Services (theDeepDive)

• Warner Bros. Discovery Signs New Distribution Deal With Charter (WSJ)

• ECB cuts interest rates to 3.5% (FT)

In the juniors

• Hertz Energy Kicks Off Exploration at Québec’s Harriman Antimony Property (theDeepDive)

• Gatekeeper Systems’ Revenue Soars 57% in Q4, Hits $37.6M for 2024 (theDeepDive)

• Silver Strike: 10,000 g/t & $10M in the Bank! —with Rory Quinn of Yukon Metals Corp. (theDeepDive)

• Gold Exploration Next to a 12.7M Oz Discovery with Michael Spreadborough of Novo Resources (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.