Bulls are back

The bulls are loose, GM to use Tesla charging network, Argentina may ditch Peso for Dollar, Google cracks down on remote workers, and jobless claims way higher than expected…

Author

Market Briefing
June 09, 2023

Good Morning.

The bulls are loose, GM to use Tesla charging network, Argentina may ditch Peso for Dollar, Google cracks down on remote workers, and jobless claims way higher than expected…

Here is your market briefing for today:

BEFORE THE OPEN

As of market close 6/8/2023.

Markets: 

  • The Dow got an energy boost, adding 168.59 points (0.5%) to close at 33,833.61. Meanwhile, the S&P 500 climbed 0.62% to end at a 2023 high of 4,293.93. The Nasdaq joined the party, up 1.02% at 13,238.52.

  • Tech shares got a leg up from Amazon, as a favorable analyst commentary prompted a 2.5% leap in the e-commerce titan's shares, nudging the Technology Select Sector SPDR Fund (XLK) up by over 1%.

  • The S&P 500, despite a recent slip, is eyeing the 4,300 level. It has rallied 2.7% this month and is 11.8% up for the year, hitting its best since August.

  • Small-cap stocks are flexing, with the Russell 2000 up 7.5% in June and almost 7% for the year, signaling an economy that's more than just a tech show. However, the index took a 0.4% breather on Thursday.

EARNINGS

What we’re watching:

  • Today: Nio (NIO)

  • June 12: Oracle (ORCL)

  • June 15: Adobe (ADBE)

NEWS BRIEFING

  • It’s official. We’re in a bull market (more)

  • Jobless claims higher than expectations - highest since Oct ‘21 (more)

  • GM to use Tesla charging network, joining Ford in leveraging the EV leader's tech (more)

  • Tesla plans for 375000 Cybertrucks per year, starting in August (more)

  • GM CEO says Tesla charging deal will save automaker up to $400 million (more)

  • Bonds everywhere suffer as rate-hike fears swamp traders (more)

  • Bank of Canada hiked rates over alarm at household spending, stubborn inflation (more)

  • Bud Light controversy buoys Molson Coors stock to nearly 4.5-year high—analysts predict another 14% surge (more)

  • Microsoft, Google strategy to test AI search ads irks brands (more)

  • Microsoft seeks to assure customers its AI products will be lawful (more)

  • Zuckerberg shares AI products to reassure workers of strategy

    (more)

  • Google cracks down on office attendance, asks remote workers to reconsider (more)

  • Elizabeth Holmes reunited with family after 5 days in prison (more)

  • Apple making huge push to fuel U.S. soccer bet (more)

  • TikTok Aims to Increase Its E-Commerce Sales to $20 Billion, Relies on Southeast Asia (more)

  • Argentina may ditch Peso for the Dollar (more)

  • EU approves €8 billion in state subsidies for chip research (more)

  • Intern commutes by plane once a week due to sky-high NY rent (more)

CRYPTO

  • SEC seeks ‘alternative means’ to serve papers to Binance’s Zhao (more)

  • Crypto companies made 'calculated' decision to flout rules, says SEC chair (more)

  • Vitalik Buterin Dives into Ethereum’s Core Challenges at EDCON 2023 (more)

  • FTX’s US Judge Vows to Keep Control of Crypto in Blow to Bahamas (more)

SHARES

What did you think of today's Market Briefing?

Login or Subscribe to participate in polls.

 

Reply

or to participate.