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📈 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 hearing…
Smart Owl
June 06, 2024
Good morning.
The Fast Five → 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 hearing…
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)
Musk’s xAI plans to build supercomputer in Memphis (link)
Americans have more investment income than ever before (link)
CRYPTO
DAILY SHARES
Phebe’s happy hour
— Gordon Gekko (@GordonGekko420)
2:32 PM • Jun 4, 2024
Keep the curation going! Buy the team a coffee ☕️