S&P 500 Hits A 52w High

Markets rally continues | May inflation data comes in cooler | AMD AI update

Author

The One Read
June 13, 2023

Welcome Back,

$SPX hits a new 52w high! Inflation continues to cool.

Together with 🤝🏽

Market Headlines 👀 

  • US Inflation came in at 4%; est was 4.1%. Previous month was 4.9%.

  • Tesla (TSLA) will not produce Cybertrucks in mass production until late 2024 according to Elon Musk.

  • Intel (INTC) Arm the chip designer backed by Softbank is in talks with Intel to anchor its upcoming IPO.

  • Toyota Motor Corp (TM) unveils company strategy and EV plans through 2025, along with vehicle lineup.

  • Advanced Micro Devices (AMD) stated Facebook is ordering high volumes of a new central processor from the company as companies plan their AI strategies.

  • Accenture plans to double its AI workforce to 80,000 employees.

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.

L/S Equity Has A Fee Problem, Not a Performance Problem: Long Short Equity hedge funds have taken a lot of heat in the press recently. After years of outperformance, L/S equity has entered a downturn which raises questions about whether these strategies are worth the cost.

L/S Equity strategies are pretty good over time. These strategies have a long track record of consistently outperforming index returns. The problem is the fees.

Further analysis — > Read more !

Recap Around the Street 🧠

US May inflation came in at 4% today, below is the data YoY as well as MoM breakdown in the following chart. This report comes in a day before the Federal Reserve set to announce its rate decision tomorrow.

Source: Bloomberg

Market Preview 🎞️

  • Wednesday, June 14th: Price Producer Index (PPI); MBA mortgage applications; US Fed FOMC meeting

  • Thursday, June 15th: US initial weekly jobless claims; Retail sales data; Philadelphia Business outlook

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

What did you think of today's newsletter?

Login or Subscribe to participate in polls.

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. 

🔔 Be the first to know. Ensure you never do more than one read if you:

  • Move our emails (especially your subscriber introduction) to your primary inbox (Quick instructions).

  • 👋 Say hi. Responding to our emails (if any) lets your email provider know to not block us from your main inbox.