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Market Headlines 👀 

• US JOLTS job openings drop to the lowest since 2021, coming in at 8.06m for the month of April.

• Nvidia (NVDA) announces its next generation AI chip titled ‘Rubin’.

• Tesla (TSLA) Musk says Tesla and xAI will spend billions on chips from Nvidia this year.

• iShares MSCI India ETF (INDA) shares across India markets fall as prime minister Modi looses more seats in Parliament than expected.

• Advanced Micro Devices (AMD) announces their new AI chips at the Computex tech conference in Taipai.

• Spotify (SPOT) announces price increases across all tiers for the second time this year.

Earnings 💸

• CrowdStrike (CRWD)

  • EPS: $0.93 beats (exp. $0.89)

  • Revenue: $921m beats (exp. $904.8m)

A note from Ryse 📣

Missed out on Ring and Nest? Don’t let RYSE slip away!

Ring 一 Acquired by Amazon for $1.2B

Nest 一 Acquired by Google for $3.2B

If you missed out on these spectacular early investments in the Smart Home space, here’s your chance to grab hold of the next one.

RYSE is a tech firm poised to dominate the Smart Shades market (growing at an astonishing 55% annually), and their public offering of shares priced at just $1.50 has opened. 

They have generated over 20X growth in share price for early shareholders, with significant upside remaining as they just launched in over 100 Best Buy stores.

Retail distribution was the main driver behind the acquisitions of both Ring and Nest, and their exclusive deal with Best Buy puts them in pole position to dominate this burgeoning industry.

Secure your stake before the offer closes.

S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

It’s officially official, no cuts in 2024/higher for longer is now consensus, with Barron’s featuring the story on the cover of this week’s magazine. Futures pricing for cuts has gone from 6.5 to 1.5 this year. This raises the questions: what would surprise the market most and what are most likely, cuts or hikes? The data is conflicting in how it could push the Fed: weaker growth data (last week Chicago PMI and personal spending surprised to the downside), contrasts with inflation data remaining sticky (last week PCE showed moderation but still remained sticky above the Fed’s 2% target). (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Crowdstrike earnings snapshot (contributed by Brad Freeman @Stockmarketnerd):

Breadth faded quickly in May, with the index having only 40% of constituents trade above their 50 day moving average near the end of the month. Friday’s late day surge helped to bring breadth higher, but still only above 50% of names are above their 50 day, despite the overall index being within 1% of the all-time high.(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Wednesday, June 5th: MBA mortgage applications; ADP Employment report; S&P global US services PMI

• Thursday, June 6th: Weekly jobless claims; EIA natural gas inventories data

• Friday, June 7th: Non-farm payrolls data; Unemployment rate; Consumer credit

Enjoy reading?👇

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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