📈 Security threat?

Apple debuts AI tools, including ChatGPT partnership, Musk threatens iPhone ban over Apple-OpenAI deal, Nvidia stock rises after stock split, FOMC meeting starts today, and the UAW president is under investigation…

Author

Smart Owl
June 11, 2024

Good morning.

The Fast Five → Apple debuts AI tools, including ChatGPT partnership, Musk threatens iPhone ban over Apple-OpenAI deal, Nvidia stock rises after stock split, FOMC meeting starts today, and the UAW president is under investigation…

Calendar: (all times ET)

  • WED, 6/12: Consumer Price Index (CPI), 8:30a

    • Fed Chair Powell press conference, 2:30p

  • THU, 6:13: Initial jobless claims, 8:30a

    • Producer Price Index (PPI), 8:30a

  • FRI, 6:14: Consumer sentiment, 10:00a

Your 5-minute briefing for Tuesday, June 11:

BEFORE THE OPEN

As of market close 6/10/2024.

PRE-MARKET

MARKETS

  • US indexes clinched their first winning day in three ahead of the Fed’s rate decision and CPI data due Wednesday

  • The S&P and Nasdaq closed at fresh ATHs

  • Wine, olive oil, coffee and cocoa are trading at record highs as climate woes impair supply

EARNINGS

  • What we're watching this week:

    • Today: Oracle

    • Wednesday: Broadcom

    • Thursday: Adobe

  • Full calendar here

NEWS BRIEFING

Ensuring that customer data is secure was a major theme of the presentation.

He said visitors to his companies would have to check their devices at the door.

  • OpenAI hires new CFO and product chief, announces Apple deal to integrate ChatGPT (link)

  • Stocks settle higher ahead of FOMC meeting (link)

  • UAW president Shawn Fain is under investigation for abuse of power and retaliation (link)

  • Uber loses challenge to California gig work law in US appeals court (link)

  • Agency Gives Out Grants Worth Millions In Effort To Diversify Hawaii Economy (link)

  • FDA advisors recommend Eli Lilly’s Alzheimer’s drug donanemab, paving way for approval (link)

  • Nvidia stock rises after 10-for-1 stock split (link)

  • Stanley Black & Decker closing another facility in Charlotte area with over 220 layoffs (link)

  • Consumer expectations for stocks hit three-year high in May (link)

  • US Economy News Today: Imports Expected to Hit Two-Year High This Summer (link)

  • UAW president under investigation by federal monitor (link)

  • Americans are feeling rosier about their finances, the stock market and inflation’s decline (link)

  • Flooding set to cost U.S. hundreds of billions as risks mount (link)

CRYPTO

  • Over half of the top 25 US hedge funds now own Bitcoin ETFs, with 534 institutions having over $1 billion in assets allocated in Q1 (link)

  • DeFi Technologies adopted Bitcoin as the primary treasury reserve asset (link)

  • Uniswap Labs acquired the crypto reality show game "Crypto: The Game." Season 2 sold out in 13 minutes (link)

  • Since 2011, Bitcoin has delivered a 104% CAGR, dwarfing the 10% CAGR and lower volatility of Warren Buffett's portfolio over 30 years (link)

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