📈 Smashing records

S&P 500 hits 30th record of 2024, Apple shutting down Pay Later loans, GameStop sinks after annual shareholder meeting fails to deliver, US sues Adobe for hiding fees, and IRS to raise $50 billion by closing loophole exploited by wealthy…

Author

Smart Owl
June 18, 2024

Good morning.

The Fast Five → S&P 500 hits 30th record of 2024, Apple shutting down Pay Later loans, GameStop sinks after annual shareholder meeting fails to deliver, US sues Adobe for hiding fees, and IRS to raise $50 billion by closing loophole exploited by wealthy…

Calendar: (all times ET)

  • Today: US retail sales, 8:30a

  • WED, 6/19: MARKET CLOSED (Juneteenth)

  • THU, 6/20: Initial jobless claims, 8:30a

  • FRI, 6/21: Existing home sales, 10:00a

Your 5-minute briefing for Tuesday, June 18:

BEFORE THE OPEN

As of market close 6/17/2024.

PRE-MARKET

MARKETS

  • US stocks continued their upward rally on a positive for rates and AI

    • The S&P and Nasdaq closed at fresh ATHs

    • The Dow snapped a four-day losing streak

  • Corn futures fell to near three-year lows after hitting a four-month high last month

EARNINGS

  • Lennar beat Q2 earnings and revenue estimates on a jump in new orders amid sales incentives directly aimed at buyers, but fell short on Q3 forecasts (link)

  • What we're watching this week:

    • Thursday: Accenture, Kroger

    • Friday: CarMax

  • Full calendar here

NEWS BRIEFING

Home Depot’s jumbo bond sale leads slew of US debt issuers. Traders gearing up for Tuesday’s retail sales and Fed speakers.

Company announced third-party offerings are coming to iOS 18. Apple will no longer offer new loans via Pay Later service.

  • Fed Chair Powell scheduled for July 9 Senate Banking testimony (link)

  • IRS to raise $50B by closing loophole exploited by the wealthy (link)

  • US sues Adobe for hiding fees, making it difficult to cancel (link)

  • GameStop drops to session lows after annual meeting fails to offer details on firm’s strategy (link)

  • Boeing CEO to tell US Congress planemaker's culture is 'far from perfect' (link)

  • US crude oil rallies more than 2% to top $80 per barrel, adding to last week’s gains (link)

  • Microsoft's Xbox marketing chief to depart for Roblox (link)

  • McDonald’s just fired its drive-thru AI and is turning to humans instead (link)

  • Kansas accuses Pfizer of misleading public about COVID vaccine in lawsuit (link)

  • US SEC sues over alleged bogus bailout of Richard Branson's Virgin Orbit (link)

  • Judge orders railway to pay Washington tribe nearly $400 million for trespassing with oil trains (link)

CRYPTO

  • SEC's Head of Crypto Asset and Cyber Unit departs after nearly nine years (link)

  • JPMorgan: US-listed bitcoin miners hit $22.8 billion market cap amid rising hashrate share, AI opportunities (link)

  • Cryptocurrency Market News: Bitcoin Creeps Up But Still Under $70K (link)

  • Binance founder CZ's net worth doubled to $61 billion while serving a 4-month prison sentence (link)

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DAILY SHARES

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