Musk v Zuck

The billionaire bout for the social-media age, Titanic sub destroyed in ‘catastrophic implosion’, BOE surprises with 5% rate hikes, Ford plans new round of layoffs, and UPS workers prepare to strike…

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Market Briefing
June 23, 2023

Good Morning.

The billionaire bout for the social-media age, Titanic sub destroyed in ‘catastrophic implosion’, BOE surprises with 5% rate hikes, Ford plans new round of layoffs, and UPS workers prepare to strike…

Here’s today’s 5-min market briefing:

BEFORE THE OPEN

As of market close 6/22/2023.

Markets:

  • Stock futures barely moved in overnight trading Thursday with Wall Street poised for a down week.

  • S&P 500 futures up 0.05%, Nasdaq-100 futures gained 0.1%, Dow Jones futures rose 29 points (0.08%).

  • Technology stocks gained Thursday, pushing Nasdaq Composite up 0.95% and Apple to an all-time high.

  • S&P 500 added 0.37%, Dow Jones lost 4.81 points due to pressure from Boeing shares.

  • All major averages to break multi-week win streaks: Dow and S&P 500 down 1% and 0.6% respectively this week; Nasdaq down 0.4%, risking an eight-week win streak and its worst week since April.

  • S&P Global PMI composite data for June to be released Friday, CarMax earnings awaited.

EARNINGS

What we’re watching:

  • Today: CarMax (KMX)

  • Next week’s calendar here

NEWS BRIEFING

  • Bank of England hikes rates to 5% in surprise move (more)

  • Yellen sees lower US recession risk, says consumer slowdown needed (more)

  • Navy believed it heard Titanic sub implosion hours after it started dive, all five aboard dead (more)

  • Shares of startups are turning dirt cheap, attracting venture funds (more)

  • Short bets on US stocks hit $1 trillion, most since april 2022 (more)

  • Ford plans new round of layoffs for U.S. salaried workers (more)

  • Bed Bath & Beyond to sell IP to Overstock.com in bankruptcy, stores still set to close (more)

  • Bankrupt Vice Media plans sale to Fortress Investment-led group (more)

  • Pottery Barn Kids, Teen launch new home collaboration with stationery/lifestyle brand, Rifle Paper Co. (more)

  • Amazon Prime day approaching - what it means for Amazon stock and consumer spending (more)

  • Boycotts rarely work — but anti-LGBTQ+ backlash is forcing companies into tough choices (more)

  • UPS workers authorize strike, seen as leverage for pay talks (more)

  • Warren Buffett's charitable giving tops $51 billion (more)

  • Ford-SK venture to get $9.2B US loan for battery plants (more)

  • Robinhood to acquire X1, adding credit card to its product lineup (more)

  • Micron confirms up to $825M investment in India chip facility (more)

  • FTC to argue Microsoft's deal to buy Activision should be paused (more)

CRYPTO

  • Bitcoin options volume jumps to $3.3B as price rallies to two-month high (more)

  • Steve Cohen-Backed 24 Exchange Shuts Down Spot Crypto Product Citing Weak Demand (more)

  • Mastercard focuses its ‘engage’ program on crypto (more)

  • Startup Kaito gets $87.5M valuation in new funding to build AI search engine for crypto (more)

SHARES

Until tomorrow, friends… -mb

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