Top stories today:

1. ByteDance execs believe China will not allow TikTok sale
2. SpaceX’s Startship rocket completes most of 3rd test flight
3. PPI accelerates to 0.6% MoM / 1.6% YoY, above expected
4. Bitcoin retreats to $67K, from record high of $73K
5. Adobe’s revenue +11% to $5.18B in quarter, stock -12%

0. Data and calendar

1. ByteDance execs believe China will not allow TikTok sale

ByteDance is in theory a Cayman company, but most of its executives and revenue (from Douyin) are in China:

• Reports coming after Beijing protested that the U.S. should “stop unreasonably suppressing” TikTok.

• Last year, Beijing said a sale would have to be approved by the government since it would involve exporting technology.

• Meanwhile, China bans most of the U.S. Big Tech platforms: Google, Meta, etc.

2. SpaceX’s Startship rocket completes most of 3rd test flight, but explodes during descent

• SpaceX chose to skip an attempt to re-ignite one of Starship’s Raptor engines, seen as a key milestone for Starship’s future success.

Elon continues to promote the idea that Starship will make humanity multi-planetary

4. PPI accelerates to 0.6% MoM / 1.6% YoY, above expected, pressuring Fed not to cut

Read more: Bloomberg.