"Revenge spending"... US retail sales soared 10% in March from February, the largest jump since May. As $1.4K stimulus checks hit bank accounts and vaccines hit arms, Americans splurged on (non-stretchy) clothes, restaurants, and travel. A whopping ~1M jobs were added last month. Now, consumer spending is expected to propel economic growth to +6.4% this year, the best rate in decades.
Shell's environmental vote... Just in time for Earth Day (on Thursday): Shell asked shareholders to endorse its clean energy transition strategy, with a vote set for May 18. Shell is the first oil giant to seek investor approval on a pivot away from oil (it's leaning into electricity). If investors ship Shell's strategy, it could push others to do the same.