šŸ“ˆ Nvidia passes Apple

Nvidia passes Apple becoming second-most valuable public US company, S&P 500 hits 25th record this year, unwinding of popular currency trade rocks markets, SEC hedge fund fee disclosure rule struck down, and Boeing CEO to testify in Senate hearingā€¦

Author

Smart Owl
June 06, 2024

Good morning.

The Fast Five ā†’ Nvidia passes Apple becoming second-most valuable public US company, S&P 500 hits 25th record this year, unwinding of popular currency trade rocks markets, SEC hedge fund fee disclosure rule struck down, and Boeing CEO to testify in Senate hearingā€¦

Calendar: (all times ET)

  • Today: Initial jobless claims, 8:30a

  • FRI, 6/7: Unemployment rate, 8:30a

Your 5-minute briefing for Thursday, June 6:

BEFORE THE OPEN

As of market close 6/5/2024.

PRE-MARKET

MARKETS

  • US stocks rallied yesterday on growing hopes for a Fed rate cut

  • The S&P and Nasdaq closed at ATHs

  • Traders priced in a 69% chance of a September rate cut, up from 50% last week

  • MSCI Asia-Pacific index rose 1.1% and is on course to snap a two-week losing streak

  • US 10Y yields fell to the lowest since April 1

  • Yen dropped 1% to its lowest in a month versus the dollar

  • Bitcoin posted its longest win streak since March

EARNINGS

  • Lululemon rose ~13% after beating Q1 earnings and revenue estimates but posted weak Q2 guidance as it revealed more work to do in America (link)

  • Dollar Tree fell ~5% despite beating Q1 earnings estimates after announcing a potential sale of its grocery-focused Family Dollar brand (link)

  • What we're watching this week:

    • Today: DocuSign, Nio

  • Full calendar here

NEWS BRIEFING

A sharp drop in Mexico's currency after a landslide election result has shaken foreign exchange markets this week, leaving investors asking whether the unwinding of hugely popular "carry trades" will continue.

  • S&P 500 hits 25th record this year as tech soars (link)

  • US hiring has slowed to the weakest pace since start of year (link)

  • Rate-cut bets supercharge longest bond winning streak this year (link)

  • Boeing CEO to testify in Senate hearing June 18 (link)

  • SEC hedge fund fee disclosure rule struck down by court (link)

  • US appeals court strikes down SEC PE, hedge fund oversight rule (link)

  • Nvidia CEO Huang sparks 'Jensanity' in Taiwan (link)

  • China exchanges weigh withholding 'certain' data from quant funds (link)

  • TD money-laundering fines may reach $4B (link)

  • KKR, GIP and Indo-Pacific group form $25B regional infrastructure tie-up (link)

  • Traders desperate for copper deals as miners cash in (link)

  • US bond buyback program expected to improve liquidity (link)

  • SEC chair welcomes competition on multiple clearing houses for Treasuries (link)

  • Alphabet named Lilly exec Anat Ashkenazi as CFO (link)

  • Chemours hired a new CFO after accounting scandal (link)

  • Walmart offers bonus program to ~700k US wage workers (link)

  • US private payroll growth slowed to a four-month low (link)

  • Muskā€™s xAI plans to build supercomputer in Memphis (link)

  • Americans have more investment income than ever before (link)

CRYPTO

  • Crypto miner Riot targeted by short seller on ā€˜flawedā€™ business model (link)

  • Trump's crypto portfolio surpassed $20M after $8.5M memecoin gift (link)

  • US crypto advocacy group tops 1M members after Biden veto (link)

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DAILY SHARES

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