📈 Selloff

Nvidia’s three-day selloff has traders scouring charts for support, ocean shipping prices are near pandemic-era highs, David Rubenstein says Fed rate cuts not likely before election, Trump Media stock (DJT) soars 30%, and Julian Assange is ‘free’…

Author

Smart Owl
June 25, 2024

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Good morning.

The Fast Five → Nvidia’s three-day selloff has traders scouring charts for support, ocean shipping prices are near pandemic-era highs, David Rubenstein says Fed rate cuts not likely before election, Trump Media stock (DJT) soars 30%, and Julian Assange is ‘free’…

Calendar: (all times ET)

  • Today: Consumer confidence, 10:00a

  • WED 6/26: 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

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BEFORE THE OPEN

As of market close 6/24/2024.

PRE-MARKET

MARKETS

  • US stocks closed mixed as investors sold tech in favor of banks and energy

  • Nasdaq notched its biggest one-day drop in two months

  • Dow rallied to a one-month high

  • Canada's TSX index rallied 1.4% after previously posting a five-week decline

  • Pakistan's KSE 100 is Asia's best performing stock market YTD

  • US dollar dipped after seven-straight days of gains

EARNINGS

  • What we're watching this week:

    • Today: FedEx

    • Wednesday: Micron, Jefferies, General Mills

    • Thursday: Nike

  • Full calendar here

NEWS BRIEFING

Disruptions from the diversions around the Red Sea violence are backing up vessels with the peak shipping season still looming.

  • David Rubenstein says Fed not likely to cut rates before the election (link)

  • Fed floats weaker version of planned bank-capital overhaul (link)

  • US approves Freddie Mac pilot program to buy second mortgages (link)

  • Julian Assange is ‘free,’ will plead guilty to leaking national security secrets (link)

  • Paramount+ to increase prices for its streaming plans (link)

  • Target taps Shopify to add sellers to its third-party marketplace (link)

  • Samara, a startup from Airbnb, introduced tiny-home mortgages to address California's significant housing crisis (link)

  • Trump Media stock (DJT) soars 30%, breaking weekslong decline (link)

  • CytoSorbents announced Taiwan's regulatory approval of CytoSorb for removing toxins during cardiothoracic surgery (link)

  • Rockwell plans close to 900 layoffs (link)

  • Apple is first company charged with violating EU's DMA rules (link)

  • Pfizer testing new non-GLP-1 mechanism for weight-loss drug, CEO reveals (link)

  • Nvidia enters correction territory as slump erases $400B (link)

CRYPTO

  • BlockDAG: Leading Layer 1 blockchain with 30,000x potential (link)

  • Hut 8 receives $150 million boost for AI data center expansion (link)

  • Mt. Gox to Begin Repayments in July; BTC Slides Under $61K (link)

You Can Sponsor this Newsletter details here.​

DAILY SHARES

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