Skip-a-hike

The Fed’s poised to skip-a-hike, Robinhood delists Solana, Cardano, and Polygon, Soros hands over keys to empire, and hedge funds meet their “MeToo” moment…

Market Briefing
June 12, 2023

Good Morning.

The Fed’s poised to skip-a-hike, Robinhood delists Solana, Cardano, and Polygon, Soros hands over keys to empire, and hedge funds meet their “MeToo” moment…

Here’s your market briefing for today:

BEFORE THE OPEN

As of market close 6/9/2023. Bitcoin as of 6/11/2023.

MARKETS:

S&P 500 notches fourth straight positive week, touches highest level since August.

On Friday, the S&P 500 tiptoed up by 0.11% to close at 4,298.86, while the Nasdaq bumped up 0.16% to end at 13,259.14.
The Dow joined the party, upping 43.17 points or 0.13% to close at 33,876.78, marking its fourth straight positive day.
Week-over-week, the S&P 500, Nasdaq, and Dow advanced by 0.39%, 0.14%, and 0.34% respectively, with the former achieving a four-week winning streak and the latter enjoying a seven-week run.
The broader market rally saw participation from smaller players, with the Russell 2000 contributing with a 1.9% weekly gain, despite a minor dip on the day.

EARNINGS

What we’re watching this week:

Today: Oracle (ORCL)
Wednesday: Lennar (LEN)
Thursday: Adobe (ADBE), Kroger (KR)

NEWS BRIEFING

George Soros hands son keys to empire.

George Soros hands over $25 billion empire to his 37-year-old son Alex (more)
Fed set to pause and assess the effect of rate hikes (more)
Hedge Funds Meet Their #MeToo Moment (more)
The Chinese Tourism Tsunami Is Late (more)
Boeng leads 5 Dow Jones giants near buy points (more)
Activision intervenes in Microsoft challenge to UK regulator's block (more)
Cost of being wrong gets bigger by day in ever-diverging markets (more)
‘Decade of Emerging Markets’ may be about to regain traction (more)
Livestream shopping booms as small businesses strike gold on social media (more)
Reddit's users and moderators are revolting against its CEO (more)
Twitter to pay verified creators for ads in replies (more)
Bud Light demand has 'plummeted completely' since controversy (more)
Subway threatens to yank run-down stores from franchisees as company searches for buyer (more)

CRYPTO

A new crypto banking system arises under the shadow of a regulatory crackdown (more)
Robinhood to delist tokens for Solana, Cardano, and Polygon after SEC suits name them as securities (more)
Pantera founder thinks SEC suits against Binance and Coinbase could lead to regulations in event ‘nobody is expecting’ (more)
Coinbase suit may finally send crypto debate to US Supreme Court (more)