📈 TXSE takes on NYSE

Citadel and BlackRock back starting National Stock Exchange in Texas, India's stock markets erase $371 billion in a single day, Amazon’s first US labor union affiliates with Teamsters, Tesla plans to spend $3-$4 billion on Nvidia hardware this year, and E*Trade spurs backlash for threatening to oust 'Roaring Kitty' off platform…

Author

Smart Owl
June 05, 2024

Good morning.

The Fast Five → Citadel and BlackRock back starting National Stock Exchange in Texas, India's stock markets erase $371 billion in a single day, Amazon’s first US labor union affiliates with Teamsters, Tesla plans to spend $3-$4 billion on Nvidia hardware this year, and E*Trade spurs backlash for threatening to oust 'Roaring Kitty' off platform…

Calendar: (all times ET)

  • Today: US trade deficit, 8:30a

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

  • FRI, 6/7: Unemployment rate, 8:30a

Your 5-minute briefing for Wednesday, June 5:

BEFORE THE OPEN

As of market close 6/4/2024.

PRE-MARKET

MARKETS

  • US stocks ticked slightly as softer-than-expected labor market data reaffirmed expectations of a Fed rate cut

  • Mexican stocks and peso tumbled on a landslide Sheinbaum election victory

EARNINGS

  • CrowdStrike rose ~7% after beating Q1 earnings and revenue estimates despite headwinds in the cybersecurity industry (link)

  • HPE jumped ~17% after beating Q2 earnings estimates and forecasting better-than-expected Q3 revenue thanks to upbeat demand for its AI servers (link)

  • What we're watching this week:

    • Today: Victoria's Secret, lululemon, Dollar Tree

    • Thursday: DocuSign, Nio

  • Full calendar here

NEWS BRIEFING

The All India Market Capitalization index, tracked on the Bombay Stock index, dropped over $371 billion on June 4 alone.

TXSE Chairman and CEO James Lee said the Dallas-headquartered group has raised $120 million with the support of more than two dozen investors.

  • Short sellers in danger of extinction after crushing stock gains (link)

  • US job openings fell to a three-year low (link)

  • Chinese move billions to Hong Kong banks seeking higher yields (link)

  • Viswas Raghavan began as Citigroup's new head of IB (link)

  • Citi boosts US parental leave to compete with Wall Street rivals (link)

  • Larry Summer sees higher US long-term rates over time (link)

  • Amazon’s first labor union moves to affiliate with Teamsters (link)

  • E*Trade possibly ousting GameStop bull 'Roaring Kitty' spurs online backlash (link)

  • Tesla likely to spend $3-$4 billion on Nvidia hardware this year (link)

  • NYCB named CEO Joseph Otting as executive chairman (link)

  • Power-hungry data centers spur US talks with Big Tech (link)

  • Musk redirected Nvidia chip orders meant for Tesla to X (link)

  • Major TikTok accounts were hit by a cyberattack (link)

  • Instagram is testing 'unskippable' ads (link)

  • Google's privacy chief will depart (link)

  • Claudia Sheinbaum becomes Mexico's first female president (link)

CRYPTO

  • BlackRock's Bitcoin ETFs crossed $20B AUM (link)

  • FTX is seeking to stop outside litigation against insiders and VCs (link)

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