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- 📈 Election-strewn June
📈 Election-strewn June
E*Trade considers kicking meme-stock leader off platform, Wall St tests market fallout of a Trump-Biden rematch, Microsoft confirms layoffs in cloud, mixed reality groups, Paramount and Skydance agree to terms of merger deal, and Berkshire stock drops 99.9% due to NYSE technical glitch…
Smart Owl
June 04, 2024
Good morning.
The Fast Five → E*Trade considers kicking meme-stock leader off platform, Wall St tests market fallout of a Trump-Biden rematch, Microsoft confirms layoffs in cloud, mixed reality groups, Paramount and Skydance agree to terms of merger deal, and Berkshire stock drops 99.9% due to NYSE technical glitch…
Calendar: (all times ET)
Today: Job openings, 10:00a
WED, 6/5: US trade deficit, 8:30a
THU, 6/6: Initial jobless claims, 8:30a
FRI, 6/7: Unemployment rate, 8:30a
Your 5-minute briefing for Tuesday, June 4:
BEFORE THE OPEN
As of market close 6/3/2024.
PRE-MARKET
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MARKETS
US stocks closed mixed after US manufacturing data raised concerns about the economy's strength
India’s Nifty 50 hit an ATH on an apparent Modi reelection before falling ~5% to lead Asia markets lower on manufacturing data (and further election volatility)
US yields fell to a two-week low
US dollar sunk to a three-week low
Investors are looking to BoC and ECB for crucial rate decisions due this week
EARNINGS
What we're watching this week:
Today: CrowdStrike
Wednesday: Victoria's Secret, lululemon, Dollar Tree
Thursday: DocuSign, Nio
Full calendar here
NEWS BRIEFING
Gauging impact of tariffs, tax cuts on inflation and growth. With five months to go, little is yet priced in to markets.
Equities record best session this year as Asian stocks jump. Mexico’s peso pulled lower after landslide Morena victory.
Morgan Stanley warns US elections threaten popular macro trades (link)
US manufacturing sector shows signs of contraction (link)
Meta AI chief takes Elon Musk beef to LinkedIn (link)
Logistics operators are looking to break sector’s IPO logjam (link)
Berkshire stock appears to drop 99.9% after NYSE technical glitch (link)
Microsoft confirms layoffs in cloud, mixed reality groups (link)
GameStop surged up to 75% as 'Roaring Kitty' reveals mega position (link)
Nvidia led global large caps in May with 25% MoM gain (link)
Spotify increased US prices again as demand proves inelastic (link)
New hot spot for Russia trade starts to emerge in Middle East (link)
Paramount and Skydance agree to terms of a merger deal (link)
TikTok-parent ByteDance hire new general counsel amid US legal battles (link)
JPMorgan payments chief Georgakopoulos will depart (link)
HF Dymon Asia Capital expands in Hong Kong to bucking trend (link)
Epoch Times CFO charged in $67M global money laundering scheme (link)
CRYPTO
BULLISH BITES
🗞 Relevance: Why politicians want to buy the news.
🏢 New Life: How billionaires bought 70% of Detroit’s offices and transformed the city.
🍎 Upcoming: What to expect from Apple’s AI-powered iOS 18 at WWDC.
🏸 Rich In Style: First we had 'quiet luxury,' then 'mob wife' glamour - now tenniscore is taking over.
DAILY SHARES
There has to be a better way to go about this
— barbarism critic 🇵🇸 (@SxarletRed)
6:48 PM • May 31, 2024
Keep the curation going! Buy the team a coffee ☕️