Welcome Back,

Stanley Druckenmiller provides new insights on the market.

Together with 🤝🏽

Market Headlines 👀 

• SalesForce and Alphabet (CRM, GOOGL) announce an expanded strategic partnership between the two to unlock further AI and data capabilities.

• US Treasury Secretary Jannet Yellen believes she sees good progress in inflation slowing whiling the labor market remaining strong.

• Amazon (AMZN)is planning to introduce an ad-tier service to its Prime video streaming platform.

• Binance traders have pulled out $800m worth of crytpo from the platform after the recent SEC lawsuit.

• Indeed according to the job platform, wage growth continues to decline and could hit pre-pandemic levels by early 2024.

• Stanley Druckenmiller still believes the US sees a hard landing economically but remains bullish on AI.

• CNN network CEO Chris Licht is out of the role after a tough one year in the position.

• Bank of Canada raised its benchmark rate .25bps bringing it to 4.75%.

Earnings 💸

• Gamestop (GME)

  • EPS: $-0.14 beats (exp. $-0.17)

  • Revenue: $1.24b misses (exp. $1.34b)

• Hashicorp (HCP)

  • EPS: $-0.07 beats (exp. $-0.14)

  • Revenue: $138m beats (exp. $133.1m)

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.

A Prime Opportunity To Improve Diversification: The one silver lining about weak asset performance over the last 18 months is that it provides the best opportunity in more than a decade to improve diversification using funds raised from tax loss harvesting.

Making the most of it requires looking outside of typical stocks, bonds and credit to other assets like commodities and gold. Increasing good alpha exposures can also increase portfolio diversification and agility to navigate through this challenging market environment. There are lots of different good options and now is a uniquely good time to allocate to them.

Further analysis — > Read more !

Recap Around the Street 🧠

Nvidia is the market!

Market Preview 🎞️

• 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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