Welcome Back,

Apple is set to unveil a new hardware product to compete with Meta.

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Market Headlines 👀 

• Apple (AAPL) has its WWDC developer conference today and announced various product enhancements.

• Apple (AAPL) announces Vision Pro its VR headset after seven years of development.

• Oil update: The Saudis have announced a million + barrel-a-day cut for the month of July.

• US May ISM Services index comes in at 50.3; est 51.8.

• US Securities Exchange Commission (SEC) announced today it is suing the crypto exchange platform Binance.

• Neuralink Elon Musk’s brain implant startup is now valued at $5b in the private markets.

• Former US VP Mike Pence has announced he will be running for president in 2024.

• JP Morgan (JPM) Dimon confirms he will not be running for US president in 2024.

Earnings 💸

• Gitlab (GTLB)

  • EPS: $-0.06 beats (exp. $-0.14)

  • Revenue: $126.9m beats (exp. $117.84m)

S&P 500 Heap Map

A Note From Unlimited Funds

Bob Elliott, a former investment committee executive from Bridgewater Associates, has moved into his newest venture - Unlimited Funds, a startup ETF issuer. The firm’s mission is to help investors access returns of sophisticated investment strategies. A prominent voice in the financial community on Twitter, Bob will provide research and insights through the month in this section daily.

The Role of Gold In A Portfolio: Gold is a unique financial asset. It is best thought of as an non-interest bearing real asset. Because of those drivers, gold is best thought of as protection against extreme tail environments rather than incrementally diversifying during normal times.

Further analysis — > Read more !

Recap Around the Street 🧠

Artificial Intelligence creates a record inflow for the month of May into tech. Largest monthly inflow since February 2021.

Market Preview 🎞️

• Tuesday, June 6th: Reserve Bank of Australia rate decision

• Tuesday earnings: StitchFix (SFIX) and Dave & Busters (PLAY)

• Wednesday, June 7th: Trade balance; MBA Mortgage applications; Bank of Canada rate decision; consumer credit

• Wednesday earnings: Gamestop (GME), HashiCorp (HCP), and Smartsheet (SMAR)

• Thursday, June 9th: US initial weekly jobless claims; Wholesale trade

• Thursday earnings: Docusign (DOCU)

• US Federal reserve in blackout period ahead of FOMC meeting next week

That’s all for today, folks! We’ll be back around the same time tomorrow with a curated list of important news, economic data and market highlights. 

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