Fed recap

Fed recap: breaking down the market’s reaction, China cuts key policy rate for the first time in nearly a year, Bud Light boycotts crown Modelo USA’s most popular beer, France wants a Tesla factory, and investors turn away from altcoins…

Market Briefing
June 15, 2023

Good Morning.

Fed recap: breaking down the market’s reaction, China cuts key policy rate for the first time in nearly a year, Bud Light boycotts crown Modelo USA’s most popular beer, France wants a Tesla factory, and investors turn away from altcoins…

Here’s your market briefing for today:

BEFORE THE OPEN

As of market close 6/14/2023.

Markets:

Fed Chair Jerome Powell indicated in yesterday’s press conference that the Committee will consider the "cumulative tightening of monetary policy" over the next six weeks. The July policy move decision is still up in the air.

Dow Jones futures nudged up by 2 points (0.01%), while S&P 500 and Nasdaq-100 futures rose 0.07% and 0.11% respectively.
Both the S&P 500 and the Nasdaq Composite hit their highest since April 2022 earlier yesterday, with the former enjoying its fifth straight win. However, the Dow fell 0.68%.

EARNINGS

What we’re watching this week:

Today: Adobe (ADBE), Kroger (KR)

NEWS BRIEFING

Bezos, Sanchez coast Italian Riviera on $500M Superyacht Following engagement

Fed Recap: Breaking down the market’s reaction to the Fed’s pause and all of Powell’s key comments (more)
China cuts a key policy rate for first time in 10 months as economic rebound cools (more)
Layoffs and AI are changing tech’s once-invincible job market (more)
AMD's superchips face a trillion-dollar hurdle (more)
BlackRock, Brookfield betting big on tiny solar farms in Chile (more)
Google charged with EU antitrust violation—may be forced to sell part of ad business (more)
Spotify takes a sharp turn with its $1 billion podcast division (more)
TikTok to invest billions of dollars in Southeast Asia (more)
Reddit CEO tells employees that subreddit blackout “will pass” (more)
Twitter is being evicted from its Boulder office over unpaid rent (more)
Radio station gets part-time AI DJ based on its midday host (more)
Bud Light passed by Modelo Especial as America’s most popular beer after boycotts (more)
EU lawmakers vote to restrict AI use, ban public face-scanning (more)
France asks Musk to build a Tesla factory in the country (more)
Nvidia buyback freeze follows perfectly timed binge (more)
Covid vaccine maker Novavax sees a pathway to survival – but it won’t be easy (more)

CRYPTO

US agency has flagged 19 tokens as unregistered securities (more)
Investors turning away from altcoins (more)
SEC, Binance have until Thursday to reach asset freeze compromise (more)
Binance’s BNB token pares a slump that spread angst across crypto (more)
Crypto industry ‘destined’ to be BTC-focused due to regulators (more)

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