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Debt ceiling deal finally in sight…

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Market Headlines 👀 

• US Federal Reserve hints at skipping a rate hike in June, but is not ruling out future rate hikes.

• US House of Representatives pass the debt ceiling deal and it now moves to the US Senate for a vote.

• ADP monthly employment change comes in at 278k; est 170k.

• US initial jobless claims come in at 232k; est 235k.

• Facebook (META) announces its new VR headset the Quest 3.

• Amazon (AMZN) acquisition of IRobot faces a July 6 EU antitrust regulators deadline.

• Goldman Sachs (GS) sees about a 25% cut in trading revenue and expects to cut more jobs.

• Eurozone CPI comes in at 6.1% for the month of May.

• Apple (AAPL) plans to open at least 50 new retail stores in Europe and Asia through 2027.

• Silicon Valley Bank (SVIB) the fallen bank may have a buyer interested.

• SpaceX wins a deal from the Pentagon for Starlink in Ukraine.

• JP Morgan (JPM) announces they will close 21 First Republic branches by the end of the year.

Earnings 💸

• Broadcom (AVGO)

  • EPS: $10.32 beats (exp. $10.14)

  • Revenue: $8.73b beats (exp. $8.71b)

• Zscaler (ZS)

  • EPS: $0.48 beats (exp. $0.42)

  • Revenue: $418.8m beats (exp. $411.72m)

• MongoDb (MDB)

  • EPS: $0.56 beats (exp. $0.18)

  • Revenue: $368.3m beats (exp. $347.67m)

• Lulu Lemon (LULU)

  • EPS: $2.28 beats (exp. $1.98)

  • Revenue: $2b beats (exp. 1.92b)

• Asana (ASAN)

  • EPS: $-0.09 beats (exp. $-0.18)

  • Revenue: $152.4m beats (exp. $150.58m)

• Sentinel One (S)

  • EPS: $-0.15 beats (exp. $-0.17)

  • Revenue: $133.4m misses (exp. $136.62m)

• Dell (DELL)

  • EPS: $1.31 beats (exp. $0.86)

  • Revenue: $20.9b misses (exp. $20.3b)

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.

Lessons From Volcker's Inflation Fight: This inflationary cycle feels new to many investors, but it's a challenge the Fed has faced before. Lessons learned back then are a better guide than parsing Powell’s word’s today. While Volcker eventually beat inflation, it was much more difficult than most investors today understand.

Further analysis — > Read more !

Recap Around the Street 🧠

Artificial Intelligence continues to be a major theme across the board at many companies, some interesting data below.

Market Preview 🎞️

• Friday, June 2nd: Unemployment report and non-farm payrolls

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

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