Good Morning.
It all goes down at 2:30pm EST (watch live), Nasdaq’s $10.5 billion acquisition, former SEC official Hinman probed for “Ether is not a security” speech, Instant Pot/Brands files for bankruptcy, and Redditors go to war…
Here’s your market briefing for today:
BEFORE THE OPEN
As of market close 6/13/2023.
MARKETS:
Investors are eager for Fed Chair Jerome Powell's insights during his media address today, giving insight into state of economy and the central bank's future plans.
Markets anticipate a 90% likelihood of the central bank will maintain the current 5%-5.25% rate target, providing a break from a 10 straight increases.
May's producer price index, a gauge for inflation trajectory, is due today, with economists forecasting a 0.1% dip. This, coupled with May's consumer price index showing the smallest annual increase in over two years, has buoyed hopes of no rate hike.
That optimism propelled the market on Tuesday. The Dow added nearly 146 points (0.4%), and both the S&P and Nasdaq rose by 0.7% and 0.8% respectively, reaching their peak since last April.
EARNINGS
What we’re watching this week:
Today: Lennar (LEN)
Tomorrow: Adobe (ADBE), Kroger (KR)
NEWS BRIEFING
Here’s the inflation breakdown for May 2023… in one chart (more)
Inflation rose at a 4% annual rate in May, the lowest in 2 years (more)
Goldman Sachs Is at war with itself (more)
Dalio Believes U.S. is on the brink of a late-cycle debt crisis (more)
Nasdaq to acquire fintech firm Adenza for $10.5 Billion (more)
Nikkei closes above 33000 for the first time in 33 years (more)
Walking away: San Francisco mall owner hands property back to bank as exodus continues (more)
How Reddit set itself up for a fall (more)
Contact Centers Being Redefined by Generative AI (more)
The 'Taxi Prince' Is Taking on Uber---and Winning (more)
Toyota Develops an EV With Simulated Stick Shift (more)
Microsoft To Pay $20 Million For Violating Children’s Privacy (more)
'They’re caving to bullies’: queer influencers in the US say brands have gone quiet (more)
Mark Cuban pushes back on Bud Light controversy (more)
Instant Pot and Pyrex Maker Instant Brands Files Bankruptcy (more)
Americans say they need $2.2M to be considered wealthy (more)
And finally…
Elizabeth Holmes says she can't pay $250 a month in restitution after she's released from prison (more)
CRYPTO
Ripple’s Alderoty calls for probe into Bill Hinman and his infamous speech (more)
Judge rebuffs SEC request for Binance US asset freeze for now (more)
SEC lawsuit sheds light on Coinbase's management (more)
Alt-Coin-Delete: Wall Street moves in (more)
Snoop Dogg drops new NFTs that evolve with his tour (more)
SBF to get Bahamian court review of latest US charges (more)
SHARES
80
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