1/ Luxury bets continue to perform. Ferrari (NYSE:RACE) jumped 5% to new highs after blowing past earnings estimates — with profits jumping 24%.

• More cars: Ferarri’s waiting list has extended into 2025 with excitement building around its first SUV Purosangue — deliveries start in Q2 (Europe) and Q3 (US).
• More profits: Ferrari is pushing customers towards “personalizations” that add hundreds of thousands of dollars to a car’s price.

Read: Ferrari’s Purosangue has run above their “most promising expectations.”

2/ Oil prices are sinking (again). That didn’t last long. In April, OPEC+ made a surprise production cut, leading to a brief spike in oil prices.

• At $80+ a barrel, analysts were debating whether oil would go to $100 or crash.
• Looks like we have an answer. Since April 12, Crude oil prices have fallen nearly 17%.

With banks collapsing, markets are more concerned about a recession impacting demand — backed by a report this week showing US gasoline demand falling.