Good Morning.
All eyes on Jerome Powell, JP Morgan settles with victims, Andreessen embraces cryto-London, USB seals Credit Suisse takeover, and the Reddit blackout begins…
Here’s your market briefing for today:
BEFORE THE OPEN
As of market close 6/12/2023.
MARKETS:
Monday ended on a high note, with stocks climbing amid hopes that the Federal Reserve may skip a rate hike at its next policy meeting.
The S&P and Nasdaq leaped by 0.93% and 1.53% respectively, reaching a 13-month peak, while the Dow added 189.55 points (0.56%).
All eyes are now on May's consumer price index report, due before Wednesday's rate decision. Economists predict easing inflation, forecasting a 0.1% rise in prices month-over-month, down from April's 0.4% increase, and a 4% year-on-year surge.
The results could solidify Wall Street's optimism about subsiding inflation, reinforcing expectations of a rate pause - a scenario already anticipated by many. CME Group's FedWatch tool indicates that 78% of traders are betting on a hold, although a hike in July isn't ruled out.
EARNINGS
What we’re watching this week:
Wednesday: Lennar (LEN)
Thursday: Adobe (ADBE), Kroger (KR)
NEWS BRIEFING
JPMorgan settles with Epstein victims after lawyers sought new Dimon testimony (more)
Fed backs away from wages focus, bolstering case for rate pause (more)
UBS completes Credit Suisse takeover to become wealth management behemoth (more)
Ex-Samsung executive indicted over plan to build a China chip factory with stolen blueprints (more)
FTC to file injunction seeking to block Microsoft's acquisition of Activision Blizzard (more)
Paul Graham says remote work ‘does work initially,’ which is why it ‘fooled’ leaders who have since ‘changed their minds’ (more)
California port problems piling up amid labor negotiations (more)
White House trying to persuade Tesla to keep the US's EV charging standard alive (more)
BofA faces lawsuit alleging it charged servicing junk fees (more)
Nasdaq deepens fintech push with $10.5 bln Adenza deal (more)
Salesforce launches AI Cloud to bring models to the enterprise (more)
OpenAI CEO says 'optimistic' on global AI coordination (more)
HSBC builds innovation division from bones of collapsed SVB UK (more)
Fox sends Tucker Carlson cease-and-desist letter (more)
Hotel owners writing off San Francisco as business nosedives (more)
‘Quiet Luxury’ trend takes over at a time when most Americans are living paycheck to paycheck (more)
Reddit blackout begins as forums protest charges for developers (more)
Messi's Miami move could help send Adidas shares up 30% (more)
CRYPTO
Andreessen Horowitz picks crypto-friendly London as international base (more)
Crypto resumes drop after SEC crackdown led to weekend selloff (more)
SOL, ADA, MATIC prices stabilize as foundations hit back on SEC lawsuit allegations (more)
Canada's largest university starts XRP validator in new partnership with ripple (more)
SHARES
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