Bloomberg - Evening Briefing - Boom or bubble?

Are US stocks forming a bubble? It depends on who you ask. JPMorgan’s chief market strategist, Marko Kolanovic, contends the dramatic rally in equities and Bitcoin’s surge above $60,000 signal yes. He sees those advances as indicative of froth in the market—conditions that typically precede a bubble. Meanwhile, David Kostin at Goldman Sachs is among those who think the risk-taking mood is warranted, arguing Big Tech’s lofty valuations are supported by fundamentals. As the S&P 500 Index keeps hitting new highs—driven chiefly by big gains in American technology giants—it’s drawn the ire of critics who think the bullish run can’t last, and excitement from optimists who think there’s room for more gains. So who is right? —Natasha Solo-Lyons

Private loans are a safer bet than risky, publicly-traded bonds if the US economy stumbles, a majority of respondents in the latest Bloomberg Markets Live Pulse survey said. Private credit generally involves lending directly to companies at higher rates than publicly-syndicated bond and loan markets offer. Those making such loans say they can glean more information about a borrower by going direct, and secure better claims on assets if it struggles to pay them back. 

The US Supreme Court said in a unanimous ruling that Donald Trump can appear on presidential ballots this year, putting an end to efforts nationwide to ban him under a rarely used constitutional provision barring insurrectionists from holding office. The high court, which last week placed a criminal prosecution of Trump tied to the Jan. 6 insurrection on hold, acted a day before Super Tuesday, when Colorado and 14 other states and one territory hold presidential primaries.

JetBlue formally abandoned its pursuit of Spirit Airlines more than a month after a federal judge blocked the $3.8 billion acquisition on antitrust grounds. The carriers reached an agreement to walk away after determining that required legal and regulatory approvals “were unlikely to be met” by dates specified in the deal, JetBlue said. The company—which is also facing pressure from activist investor Carl Icahn—will pay Spirit $69 million.

Photographer: Eva Marie Uzcategui/Bloomberg

Where do you work from? Almost four years after pandemic-induced office shutdowns, the fight over working remotely or showing up in person has become a cultural flashpoint, as bosses increasingly summon employees back to the office and workers resist the loss of a popular perk. Two thirds of the country thinks the subject has become unnecessarily politicized, according to a nationally representative survey conducted for Bloomberg News by the Harris Poll. 

Tesla shipments from its factory in Shanghai slumped to the lowest in more than a year amid a Lunar New Year holiday sales lull and renewed price competition in the world’s biggest electric-vehicle market. The US automaker shipped 60,365 vehicles from its China factory in February, the lowest since December 2022 and down almost 16% month-on-month. Year-on-year, it was a wider 19% decrease.

Apple was hit Monday with a $2 billion penalty from the European Union over an investigation into allegations it shut out music-streaming rivals on its platforms. The European Commission also ordered the Cupertino, California-based firm to stop preventing music-streaming apps from informing users of cheaper deals that aren’t on Apple’s App Store. The larger-than-expected fine is the first to be handed out to Apple by the EU.

Haiti declared a state of emergency and is imposing a nighttime curfew after heavily armed gangs raided the country’s two biggest prisons over the weekend and violence gripped the capital. The prime minister’s office said “increasingly violent criminal acts” in Port-au-Prince, including kidnappings, murder and the ransacking of public property required a curfew from 6 p.m. to 5 a.m. that will run through Wednesday.

Tires on fire near the main prison of Port-au-Prince on March 3. Photographer: Luckenson Jean/AFP

• How a small German lender helped fuel a giant property bubble.
• Bloomberg Opinion: America blew almost $2 trillion. Make it stop.
• What to remember if the stock market takes a dive.
• Hong Kong law firms cut office space in blow to business hub.
• Is it safe to travel to Egypt? The data—and travelers—say yes.
• Dune 2 rakes in $81.5 million, scores biggest opening of 2024.
• What the top woman in Swiss watches has planned for Audemars Piguet.

Employees at an Amazon warehouse near Seattle recently got a glimpse of the future of work: a 5-foot-9-inch robot that resembles a human, walks like a bird and has glowing white eyes. Called Digit, the machine is configured for one basic task: plucking empty yellow bins off a shelf and ferrying them several feet to a conveyor. Then doing it again. It’s a major technological leap forward, and positions its maker, Agility Robotics, at the vanguard of an effort to build machines that can toil alongside humans.

Digit at a GXO Logistics warehouse in Flowery Branch, Georgia. Source: GXO

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Bloomberg Power Players Jeddah: Set against the backdrop of the Formula One Saudi Arabian Grand Prix, Bloomberg Power Players Jeddah on March 7 will bring together some of the most influential voices in sports, entertainment and technology as we identify the next potential wave of disruption for the multibillion dollar world of sports, media and investment. Join powerbrokers, senior executives, leading investors and world-class athletes who are transforming the business of sports. Learn more.