Bear trap set?

Powell sets a bear trap, BlackRock files for Bitcoin ETF using Coinbase custody, China cuts rates to prop up recovery, Cava stock soars in market debut, Toyota stock having its best week in 14 years, Ticketmaster et al agree to show ‘junk fees’ under pressure, and the Reddit blackout rolls on with more than 5000 subreddits dark…

Market Briefing
June 16, 2023

Good Morning.

Powell sets a bear trap, BlackRock files for Bitcoin ETF using Coinbase custody, China cuts rates to prop up recovery, Cava stock soars in market debut, Toyota stock having its best week in 14 years, Ticketmaster et al agree to show ‘junk fees’ under pressure, and the Reddit blackout rolls on with more than 5000 subreddits dark…

Here’s your 5-min market briefing for today:

BEFORE THE OPEN

As of market close 6/15/2023.

Markets:

Stock futures slightly dropped Thursday night as investors' attention pivoted from the Fed meeting to the upcoming Friday economic data.
Dow futures shed 48 points (0.1%), while S&P 500 and Nasdaq-100 futures both dipped about 0.2%.
Thursday marked a 1% rise in all three major indexes, extending the S&P 500 and Nasdaq's winning streak to six days - the longest for S&P 500 since November 2021.
Pending Friday's performance, all three indexes look set for weekly gains, with S&P 500 eyeing its best week since March (up nearly 3%) and Nasdaq aiming for its eighth consecutive winning week.

EARNINGS

What we’re watching next week:

Tuesday: FedEx (FDX), La-Z-Boy (LZB)
Wednesday: Winnebago (WGO), KB Home (KBH)
Thursday: Accenture (ACN)
Friday: CarMax (KMX)
Full calendar here

NEWS BRIEFING

Ticketmaster, Live Nation, others agree to show ‘junk fees’ after Biden pressure

Powell sets a bear trap with a hawkish pause (more)
China cuts rates to prop up flagging recovery (more)
European central bank diverges from Fed, raising rates to 22 year high (more)
Intel announces newest silicon-based quantum chip (more)
Retail spending rose 0.3% in May (more)
Walmart's new bet on fashion brands, home decor threatens specialty chains (more)
Google launches a new AI-powered tool that allows shoppers to see how clothes look on different models (more)
Alibaba Expands into Europe with Tmall; Supporting Local Brands, Customers (more)
Mercedes-Benz and Microsoft to test ChatGPT in vehicles (more)
Toyota’s stock having best week since 2009 after annual meeting, new EV goals (more)
Google warns employees about chatbots—including its own Bard—out of privacy concerns (more)
Reddit blackout rolls on for more than 5,000 subreddits past planned end date—some will stay dark indefinitely (more)
Small funds eyeing big gains pile on Venezuela debt (more)
Ultra-long-haul flights are coming back. Qantas wants to break the record (more
Mediterranean restaurant chain Cava stock soars as much as 117% in market debut (more)