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Volkswagen invests $5 billion in Rivian to form joint venture, the Biden-Trump rematch effect on the stock market, Americans felt shakier about the economy this month, Cruise names former Amazon, Xbox exec as new CEO, and Tesla issues a recall for every cybertruckā¦
Smart Owl
June 26, 2024
Good morning.
The Fast Five ā Volkswagen invests $5 billion in Rivian to form joint venture, the Biden-Trump rematch effect on the stock market, Americans felt shakier about the economy this month, Cruise names former Amazon, Xbox exec as new CEO, and Tesla issues a recall for every cybertruckā¦
Calendar: (all times ET)
Today: New home sales, 10:00a
THU 6/27: Initial jobless claims, 8:30a
Durable-goods orders, 8:30a
FRI 6/28: PCE index, 8:30a
Consumer sentiment, 10:00a
Your 5-minute briefing for Wednesday, June 26:
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BEFORE THE OPEN
As of market close 6/25/2024.
PRE-MARKET
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MARKETS
US stocks closed mixed, with chip stocks recovering as investors bought the dip
US rates options markets are betting on 300 bps of rate cuts by Q1 2025
The 2Y-10Y yield curve inversion deepened to over 50 bps for the first time YTD
EARNINGS
NEWS BRIEFING
Volkswagen would be able to use Rivianās technology in its EVs. EV makerās stock surges in late trading after announcement.
US investors contending with inflation, interest rates and geopolitics are already bracing for volatility that could accompany the presidential campaign and November election.
Americans felt shakier about the economy in June (link)
US business equipment borrowings up 11% in May (link)
Bond traders boldly bet on 300 basis points of Fed cuts by March (link)
SEC still weighing next steps in court over new hedge fund rules (link)
Tesla issues a recall for every Cybertruck (link)
GM's Cruise names former Amazon, Xbox exec as new CEO (link)
FedEx shares jump after hours as massive cost-cutting measures kick in (link)
TD SYNNEX (SNX) Misses Q2 Earnings and Revenue Estimates (link)
Carnival beats Q2 forecasts, raises full-year guidance, rosy on 2025 (link)
Progress Software posts Q2 earnings beat, guides below Q3 estimates (link)
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CRYPTO
DAILY SHARES
āTell me about a deal youāve worked onā
āI havenāt even started trainingā
āOkay. Tell me about what you imagine a M&A process is likeā
ā š æļø (@the_P_God)
4:15 PM ā¢ Jun 25, 2024
Keep the curation going! Buy the team a coffee āļø