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📈 Upbeat forecast
Goldman, Evercore up S&P target to 6,000, people warming to idea of AI money management, retail stocks search for direction, executive pay rises at fastest rate in 14 years, and Gates is ready to put billions into nuclear power…
Smart Owl
June 17, 2024
Good morning.
The Fast Five → Goldman, Evercore up S&P target to 6,000, people warming to idea of AI money management, retail stocks search for direction, executive pay rises at fastest rate in 14 years, and Gates is ready to put billions into nuclear power…
Calendar: (all times ET)
TUE, 6/18: US retail sales, 8:30a
THU, 6/20: Initial jobless claims, 8:30a
FRI, 6/21: Existing home sales, 10:00a
Your 5-minute briefing for Monday, June 17:
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BEFORE THE OPEN
As of market close 6/14/2024. Bitcoin as of 6/16/2024.
PRE-MARKET
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MARKETS
Major US indexes closed relatively flat on Friday with investors taking gains from the recent rally
Nasdaq closed at a fifth-straight ATH for its largest weekly gain since late-April
VIX dropped to a near five-year low
EARNINGS
What we're watching this week:
Today: Lennar
Thursday: Accenture, Kroger
Friday: CarMax
Full calendar here
NEWS BRIEFING
Emanuel’s previous target was among the lowest on Wall Street. Strategist sees cooling inflation, AI hopes pushing S&P higher.
A clear majority of younger Americans are embracing artificial intelligence as a way to help them achieve their financial goals, according to data released this week by Northwestern Mutual.
Retail stocks search for direction as rates stay high (link)
Goldman boosts S&P 500 target on profit outlook (link)
Adidas launched an inquiry into senior staff bribery allegations in China (link)
Apple and Meta are set to face EU charges for failing to comply with landmark tech rules (link)
Wells Fargo fired dozens of employees for faking productivity with "mouse movers” (link)
Onsemi announced plans to cut 1,000 jobs globally (link)
Pfizer to announce hundreds of layoffs in Sanford, NC after a failed clinical trial (link)
US executive pay rises at fastest rate in 14 years (link)
Bill Gates says he’s ready to put billions into nuclear power (link)
A three-day hybrid workweek was found to match or exceed in-office performance (link)
The US added 272,000 jobs in May, unemployment rose to 4%, wages up 4.1% (link)
Luxury brands in China have begun offering unprecedented discounts of up to 50% due to an economic slowdown (link)
89% of Indians see AI as vital for economic inclusion, above the 76% global average (link)
RV shipments are projected to reach 344,000 units in 2024, showing a moderate increase from last year's 313,000 units (link)
US home sales hit near-decade lows in May due to high mortgage rates and prices (link)
CRYPTO
Do Kwon and Terraform Labs settled with the SEC for $4.5 billion over TerraUSD's $40 billion collapse in 2022 (link)
Central banks saw a "sharp uptick" in CBDC experiments in 2023 (link)
MicroStrategy increased its convertible note offering by 40% (link)
Bitcoin's active addresses hit a 5-year low as BTC ranged below $67,000 (link)
DAILY SHARES
Good news for Moelis MDs
— litquidity (@litcapital)
4:01 PM • Jun 15, 2024
Keep the curation going! Buy the team a coffee ☕️