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More investments into AI and various product offerings across tech!

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Market Headlines 👀 

• Snowflake (SNOW, MSFT) expands partnership with Microsoft to expand AI product offerings and increase investment in Azure.

• IBM (IBM) acquires technology spend-management platform Apptio for $4.6b to bolster cloud and automation capabilities.

• Lucid Motors (LCID) has received investment from Aston Martin in order to gain access to its high performance technology.

• Apple (AAPL) is planning a new Apple watch ultra alongside the new iPhone 15 this fall.

• Alphabet (GOOGL) is testing a new Youtube product offering called Playables for playing games online.

• Facebook (META) launches a VR subscription for $7.99 a month.

Earnings 💸

• Carnival Corp (CCL)

  • EPS: $-0.31 beats (exp. $-0.33)

  • Revenue: $4.9b beats (exp. $4.77b)

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.

Hedge Funds Cautiously Tilt to Higher for Longer: Going into March, Hedge Funds had been increasingly positioned for continued economic momentum and higher interest rates. The Silicon Valley Bank failure and subsequent deflationary credit crunch market dynamics created significant pain for many hedge funds. Following that period of rough performance, Hedge Funds first positioned for a balanced range of outcomes in April/May and now are dipping their toe back in the water positioning for higher for longer.

The positioning of these sophisticated investors suggests a low probability of an immediate recession and that there will be more tightening than priced in ahead.

Further analysis — > Read more !

Recap Around the Street 🧠

Growth momentum investing is back with a vengeance. EPS revisions much greater for tech than rest of the market. Will actual growth meet loftier expectations?(Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Tuesday, June 27th: New home sales

• Wednesday, June 28th: MBA mortgage applications; Retail inventories;

• Thursday, June 29th: US initial weekly jobless claims; GDP report; Pending home sales

• Friday, June 30th: Personal income and spending (PCE); University of Michigan sentiment and inflation expectations

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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