Coinbase in crosshairs

Good Morning.

Investors pull out of Binance, SEC sues Coinbase, Subway is for sale, Bud Light’s permanent decline, and Sequoia splits in three…

Here is your market briefing for today:

As of market close 6/6/2023.

The S&P 500, in a moment of quiet swagger, notched its highest close since 2023. With a modest uptick of 0.24%, it capped the day at 4,283.85 - its best showing since the summer of '22.
The Nasdaq, not to be outdone, scaled up by 0.36% 3,276.42.
Meanwhile, the Dow eked out a tiny gain of 0.03% to close at 33,573.28, as losses of more than 2% in Merck and UnitedHealth weighed on the blue-chip average.

What we’re watching this week:

Dow Jones falls as crypto stock Coinbase crashes 21% on SEC lawsuit (more)
It's now the longest bear market rally in history (more)
Merck sues Biden administration over Medicare drug price negotiations (more)
Sequoia Is splitting into three VC firms (more)
Starbucks is bringing its controversial olive oil coffee to more cities (more)
Reddit’s plan to kill third-party apps sparks widespread protests (more)
Interest-only loans helped commercial property boom — now they're coming due (more)
Blackstone stock drops as Palo Alto Networks is added to S&P 500 (more)
Japan's Nikkei hits new 33-year high after U.S. jobs data brighten outlook (more)
McKinsey says ‘half’ of its employees are using generative AI (more)
Honda announces Acura ZDX will be first EV with Google built-in (more)
Anheuser-Busch faces 'permanent' 15% decline in Bud Light sales (more)
PGA Tour agrees to merge with Saudi-backed rival LIV Golf (more)
'Hi, It's Taylor Swift': How AI is using famous voices (more)
Wisconsin has quietly become a hotbed of fusion power startups (more)
Subway is for sale (more)
China's state banks told to lower cap on dollar deposit rates -sources (more)
Ford's EV charging tie-up with Tesla ripples through industry (more)
Martha Stewart says America will 'go down the drain' if remote work continues (more)

Investors pull $790 MILLION from Binance after SEC charges (more)
US SEC sues Coinbase, one day after suing Binance (more)
DEX Volumes Surge After SEC Cracks Hammer on Binance (more)
Bankers Shopping FTX's 'Hundreds of Millions of Dollars' Stake in AI Startup (more)

Market Briefing