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Market Headlines 👀 

• Apple, Meta (AAPL, META) per WSJ report there have been talks between Apple and Meta to integrate Meta’s generative AI into Apple intelligence.

• Amazon (AMZN) considers adding a subscription fee for its loss making business Alexa.

• Apple (AAPL) company won’t launch Apple intelligence in Europe in 2024 due to anti-trust concerns.

• Bitcoin (BTC) continues downtrend as it goes below the 60k mark for the first time since early May.

• US credit spreads see a two month high given the uncertainty with economic data.

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The epic run of NVIDIA (NVDA) since late April (+84% to Thursday’s high from the April low) stalled at the end of last week. Earnings were revised higher during this time, but only by 8%. The stock had become enormously overbought as investors chased the monster returns that the stock has generated YTD. A pullback to the 50 day moving average from Friday’s close would equate to a 20% correction, a similar magnitude to the MarchApril correction.(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Following last week’s Tech stall, plus the overbought condition reached earlier in the week, it would not be surprising for the S&P 500 to experience a period of higher volatility and “digestion” of the recent sharp move higher. A pull back to the 100 day would be ~6% from last week’s high, very normal and healthy for the continuation of a bull market. A deeper correction to the 200 day (~11% lower) is also perfectly normal in a bull run (similar to 2024’s late summer swoon).(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Tuesday, June 25th: Conference board consumer confidence data

• Wednesday, June 26th: MBA mortgage applications; New home sales

• Thursday, June 27th: Weekly jobless claims; Durable good orders; Q1 GDP final estimate; Pending home sales

• Friday, June 28th: Personal income and spending (PCE) data; University of Michigan consumer sentiment; End of quarter rebalancing

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

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