Welcome Back,

FedEx misses on bottom line; housing starts data sees a big jump.

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Market Headlines 👀 

• US Secretary of State Blinken met with China over two days in Beijing discussing US-China ties.

• US May housing starts comes in at 1.631m; est: 1.40m. Biggest jump in housing starts in 2016.

• Intel (INTC) looking to spend $33b to expand with two chip making plants in Germany.

• Rivian (RIVN) announces it will adapt Tesla’s charging standards and gain access to the company’s supercharger network following Ford and GM.

• Alibaba (BABA) has a leadership change as current CEO is stepping down.

• Adobe (ADBE) deal to acquire Figma for $20b could be under threat by EU regulators.

• Binance reaches an agreement with the SEC to avoid a full asset freeze.

• GDX markets crypto exchange backed by Citadel and Fidelity is now live.

Earnings 💸

• FedEx (FDX)

  • EPS: $4.94 beats (exp. $4.87)

  • Revenue: $21.9b misses (exp. $22.6b)

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 Outperform During Recessions: The US economy is either in recession or at risk of slipping into a one. During recessionary periods, it's much better to hold hedge funds than it is to have a traditional 60/40 mix. It's times like these when active management is critical to generating strong returns.

Today we examined portfolio drawdowns and returns in the 3 most recent recessions and this recent period.

Further analysis — > Read more !

Recap Around the Street 🧠

If inflation continues to trend down towards end of year and Fed remains restrictive (higher for longer), then real yields are elevated across the board and less conducive for borrowing and capital raising. (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Market Preview 🎞️

• Wednesday, June 21st: MBA mortgage applications; Powell semi-annual congressional testimony to Congress

• Thursday, June 22nd: US initial weekly jobless claims; Existing home sales

• Friday, June 23rd: Kansas City Fed services activity

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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