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📈 Stress tests
Amazon reaches $2 trillion market cap - also launching new discount section with direct shipping from China, top banks sail through Fed's 'stress tests', Japan issues warning against sharp falling yen, and consumers are revolting against high prices…
Smart Owl
June 27, 2024
Good morning.
The Fast Five → Amazon reaches $2 trillion market cap - also launching new discount section with direct shipping from China, top banks sail through Fed's 'stress tests', Japan issues warning against sharp falling yen, and consumers are revolting against high prices…
Calendar: (all times ET)
Today: Initial jobless claims, 8:30a
Durable-goods orders, 8:30a
FRI 6/28: PCE index, 8:30a
Consumer sentiment, 10:00a
Your 5-minute briefing for Thursday, June 27:
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BEFORE THE OPEN
As of market close 6/26/2024.
PRE-MARKET
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MARKETS
US stocks inched slightly higher as investors looked to fresh inflation data due Friday
Markets trimmed bets of a July BOC rate cut to 45% from 70%
EM currencies dropped to their lowest in two months, led by LatAm declines
Japanese yen fell to its lowest against the dollar since 1986
EARNINGS
Micron beat Q3 EPS and revenue estimates on strength in its AI business, but shares fell ~8% as revenue forecasts failed to top estimates (link)
Jefferies reported a 12x jump in Q2 profit and a 59% YoY revenue increase on a surging rebound in dealmaking and underwriting (link)
General Mills fell ~5% after reporting a larger-than-expected drop in Q4 sales and forecasting below-estimate FY profit as consumer demand falters (link)
What we're watching this week:
Today: Nike
Full calendar here
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NEWS BRIEFING
Amazon joins other tech heavyweights such as Nvidia, Apple, Alphabet and Microsoft, all of which have crossed a $2 trillion market capitalization.
Big US banks survived a hypothetical 40% drop in commercial real estate values as a part of the Fed's annual health test.
Biden awards up to $75M in CHIPS Act grant to Entegris (link)
New home sales slump; supply at more than 16-year high (link)
Consumers are revolting against high prices (link)
High-end earners are worried about making ends meet (link)
Oil falls after jump in US inventories raises demand concerns (link)
Japan issues fresh warning against sharp yen falls (link)
Amazon to launch discount section with direct shipping from China (link)
Acrisure Arena injected $168.5M into local economy during 2023 (link)
Boeing resuming widebody airplane deliveries to China, source says (link)
US FDA approves Verona Pharma's inhaled COPD therapy (link)
Ginkgo Bioworks layoffs expand to 400 job cuts (link)
CRYPTO
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DAILY SHARES
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— Trung Phan (@TrungTPhan)
3:10 AM • Jun 22, 2024
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