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Fed views upbeat CPI data as ‘progress’, the inflation breakdown in one chart, S&P and Nasdaq close at record highs, Apple overtakes Microsoft most valuable company, and GME hodl’rs are anticipating today’s shareholder meeting…
Smart Owl
June 13, 2024
Good morning.
The Fast Five → Fed views upbeat CPI data as ‘progress’, the inflation breakdown in one chart, S&P and Nasdaq close at record highs, Apple overtakes Microsoft most valuable company, and GME hodl’rs anticipate today’s annual shareholder meeting…
Calendar: (all times ET)
Today: Initial jobless claims, 8:30a
Producer Price Index (PPI), 8:30a
FRI, 6:14: Consumer sentiment, 10:00a
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BEFORE THE OPEN
As of market close 6/12/2024.
PRE-MARKET
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MARKETS
US stocks rallied yesterday in response to a cooling CPI and a Fed projection of one 2024 rate cut
The S&P and Nasdaq closed at ATHs for a third-straight day
Swaps markets continue to price in two rate cuts for 2024
Mexico called in $894M of dollar notes due 2025 to calm a market sell-off
EARNINGS
Broadcom rose 15% on a Q2 beat-and-raise as it continues to benefit from the AI boom (link)
What we're watching this week:
Today: Adobe
Full calendar here
NEWS BRIEFING
Fed dials back rate forecasts, signals just one cut in 2024. Inflation still elevated, with progress merely ‘modest’ - says labor market is back to pre-pandemic conditions.
Major US stock indexes hit record closing highs on Tuesday.
Inflation slows in May, with consumer prices +3.3% from a year ago (link)
Here’s the inflation breakdown for May 2024 — in one chart (link)
FDA Issues Draft Guidance on Its New Platform Technology Designation Program (link)
Fired SpaceX workers sue Elon Musk for sexual harassment and retaliation (link)
Jabra's parent company GN left the consumer earbud market, deeming future investments "unjustified" (link)
The Windows on Arm chip race heats up with a challenger to Qualcomm (link)
Apple overtakes Microsoft as world's most valuable company (link)
Ford Layoffs 2024: What to Know About the Latest Ford Job Cuts (link)
FedEx Layoffs 2024: What to Know About the Latest FDX Job Cuts (link)
US railroad Amtrak on track to break passenger records in 2024 (link)
How U.S. cities are using federal American Rescue Plan Act funds to tackle housing affordability (link)
IEA sees ‘major’ oil supply surplus emerging by 2030 (link)
GME hodl’rs are anticipating today’s shareholder meeting (link)
A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived (link)
The surprisingly not so doomed effort to force US drivers to stop speeding (link)
CRYPTO
DAILY SHARES
The Federal Reserve after destroying everyone’s puts and calls today
— Not Jerome Powell (@alifarhat79)
9:32 PM • Jun 12, 2024
Keep the curation going! Buy the team a coffee ☕️