King Cohen

Good Morning.

GameStop boots CEO, Boeing sued for IP theft, Binance claps back, Robinhood defends Coinbase, and Cathie doubles down…

Here is your market briefing for today:

As of market close 6/7/2023.

Stock futures played it cool Wednesday evening, as investors twiddled their thumbs, waiting for the next big market shake-up.
S&P 500 and Nasdaq 100 futures seemed to find their sea legs, albeit timidly, nudging up by 0.01% apiece. Meanwhile, Dow Jones futures took a tiny tumble, shedding 12 points or 0.04%.
Earlier on Wednesday, both the S&P 500 and the Nasdaq seemed to hit the pause button on their recent rally, declining by 0.38% and 1.29% respectively. In contrast, the Dow Jones, going rogue, decided to add 0.27% or 91.74 points to its tally.

What we’re watching this week:

Goldman: S&P 500 is undervalued because of the AI boom (more)
Asia stocks mixed as Wall Street inches towards bull market (more)
Tesla stock surges as all Model 3 sedans now qualify for full EV tax credit (more)
GameStop fires CEO, names Ryan Cohen executive chairman; shares plummet (more)
Netflix reveals Lego, chess, other games coming this summer (more)
Instagram connects vast pedophile network, Meta sets up taskforce (more)
Commercial real estate crash still looming over US economy (more)
Major hotelier abandoning San Francisco properties, says city's 'path to recovery remains clouded (more)
U.S. housing is a dead man walking (more)
Elizabeth Holmes spotted after entering Texas prison yard following conviction (more)
An electric cruise ship with gigantic solar sails is set to launch in 2030 (more)
Former exec at TikTok's parent company says Communist Party members had a 'god credential' that let them access Americans' data (more)
Years in the making, Taco Bell's first vegan Crunchwrap hits menus (more)
OpenAI forces shutdown of conservative ChatGPT-powered AI bot (more)
Boeing sued over alleged theft of IP, counterfeiting of tools used on NASA projects (more)

Bitcoin price shrugs after SEC moves - why cryptos aren’t sinking (more)
Why Gary Gensler's crusade against crypto could mean the end of Coinbase in the US (more)
Binance lawyers allege SEC Chair Gensler offered to serve as advisor to crypto company in 2019 (more)
Treasury Secretary Janet Yellen 'very supportive' of SEC using enforcement power against Binance and Coinbase (more)
Robinhood joins Coinbase in saying it tried to come in and register like SEC wanted (more)
Cathie Wood’s Ark adds $21 Million in Coinbase stock, bucking analysts’ dire outlook (more)

Market Briefing