📈 Wall of money

Good morning.

The Fast Five → Goldman sees ‘Wall of Money’ fueling summer rally, GameStop drops surprise earnings as ‘Roaring Kitty’ backs Cohen in livestream, US household wealth hit another record, Tesla will not launch new Model Y this year, and Apple hosts WWDC event today @ 1:00p ET (watch here)…

Calendar: (all times ET)

• WED, 6/12: Consumer Price Index (CPI), 8:30a

  • Fed Chair Powell press conference, 2:30p

• THU, 6:13: Initial jobless claims, 8:30a

  • Producer Price Index (PPI), 8:30a

• FRI, 6:14: Consumer sentiment, 10:00a

Your 5-minute briefing for Monday, June 10:

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BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks slipped on Friday after a stronger-than-expected jobs report dimmed hopes of a Fed rate cut

• All three major US indexes notched a winning week

• Traders slashed odds of a September Fed rate cut from 70% to 56%

• US yields rose ~15 bps for their biggest one-day jump in two months

• Oil steadied after a weekly drop

EARNINGS

• What we're watching this week:

  • Tuesday: Oracle

  • Wednesday: Broadcom

  • Thursday: Adobe

• Full calendar here

NEWS BRIEFING

Goldman Sees ‘Wall of Money’ Fueling Stock Market’s Summer Party

GameStop Drops Surprise Earnings as ‘Roaring Kitty’ Backs Cohen in Livestream

• Unemployment ticked up to 4% but remains low, while average hourly earnings jumped 4.1% (link)

• Gold prices tumbled following a solid US nonfarm payroll report and China slowing down its gold purchases (link)

• Credit card delinquencies hit a 14-year high, with people 35 and under struggling the most (link)

• Walmart opposed a New York law requiring retailers to install panic buttons in stores (link)

• US household wealth hit another record in first quarter (link)

• Tesla won’t launch refreshed Model Y this year, Musk says (link)

• Apple brands AI as ‘Apple Intelligence’ - watch WWDC 2024 @ 1:00P ET

• San Francisco opened a taxpayer-funded $5.5 million "free" food market for qualifying residents (link)

• Microsoft unveiled new all-digital Xbox consoles and a new "Doom" game at its annual Xbox Games Showcase (link)

• Virgin Galactic completed its last spaceflight before heading into a two-year pause on commercial operations to upgrade its fleet (link)

• Credit Suisse bondholders filed a lawsuit against the Swiss government over the failed bank's AT1 debt (link)

• Oregon Health & Science University announced plans to lay off over 500 workers (link)

CRYPTO

• The percentage of crypto-margined futures open interest plummeted from 70% in early 2021 to under 20% by mid-2024 (link)

• BlackRock's spot Bitcoin ETF surpassed 300,000 BTC in assets under management just five months after launching (link)

• Former President Donald Trump said he would be the "crypto president" if elected (link)

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DAILY SHARES

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