Welcome Back,

The FED said yesterday more rate hikes possible, but the market does not care. Rally continues.

Together with 🤝🏽

Market Headlines 👀 

• US Retail sales MoM come in at +0.3%; est; -0.2%.

• US initial weekly jobless claims come in at 262k, est; 245k.

• US Department of Justice (DOJ) says it will be investigating the US PGA tour deal set with Saudi backed LIV.

• BlackRock (BLK) is close to filing for a Bitcoin ETF application using Coinbase as its custody.

• European Central Bank raises its benchmark rate 0.25bps.

• China is looking into ways and a stimulus to help revive economy.

• Cava Group mediterranean restaurant goes public today in its NYSE IPO, shares surge.

• Goldman Sachs (GS) the SEC is probing GS over its role in the Silicon Valley Bank debacle in the final days.

Earnings 💸

• Adobe (ADBE)

  • EPS: $3.91 beats (exp. $3.79)

  • Revenue: $4.82b misses (exp. $4.43b)

• Kroger (KR)

  • EPS: $1.51 beats (exp. $1.46)

  • Revenue: $45.2b misses (exp. $45.3b)

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.

Repeating Bogle's Folly with Hedge Funds?: Low cost index funds yield better returns than a portfolio of high cost managers. What was seen 50 years ago as “Bogle’s folly” is now mainstream thought for many investors when it comes to stocks and bonds.

At Unlimited we have developed technology that can be used to create low cost, liquid replications of hedge fund returns using machine learning technology. Like all replications it’s imperfect, but it's also inexpensive which creates “fee alpha” just like Bogle’s equity or bond index funds did years ago.

Further analysis — > Read more !

Recap Around the Street 🧠

A full round trip for S&P 500. SPX is now trading at the same levels when the first rate hike happened last March. Who could’ve predicted this…

Benchmark rates and current rates around the world:

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Market Preview 🎞️

• Friday, June 16th: OPEX expirations; New York Fed services business activity; University of Michigan sentiment and inflation expectations

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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