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US GDP Increases For Q1- Final Reported Number

Final Q1 US GDP reported | Nike earnings | Student loan forgiveness update

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The One Read
June 29, 2023

Welcome Back,

Final GDP for Q1 is in and it comes in hotter.

Together with 🤝🏽

Market Headlines 👀 

  • US Gross domestic product (GDP) final revised up to +2% from previous +1.3%.

  • US Major banks pass key annual banking stress test.

  • US Supreme Court may provide a ruling on Biden’s student debt forgiveness program potentially by tomorrow.

  • US pending home sales fell 2.7% last month and came in at the lowest all year.

  • US initial weekly jobless claims come in at 239k; est: 266k.

  • Microsoft (MSFT) brings new AI powered tools to its Bing and Edge platforms.

  • Polestar, Tesla (PSNYW, TSLA) Polestar signs a deal with Tesla to gain access to its North American Charging Standards (NACS) charging network starting in 2025.

  • China based retail brand Shein files for a US based IPO offering.

Earnings 💸

  • Nike (NKE)

    • EPS: $0.66 misses (exp. $0.67) $

    • Revenue: $12.8b beats (exp. $12.59b)

S&P 500 Heat 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.

A Simple Investment Gameplan: Many investors have only had careers during low, stable inflation and more recently extraordinarily monetary stimulation. Those dynamics meant that some version of 60/40 worked pretty well.

The challenge of creating an investing gameplan today is the significant uncertainty that lies ahead. Will it be a long-term period of stagflation, monetary stimulation, deflation, cyclical chop, or something else we haven’t thought about like global war? Crafting an investment gameplan requires building a portfolio that can withstand a wide range of possible outcomes.

Further analysis — > Read more !

Recap Around the Street 🧠

Tech gets all the headlines, but the high beta travel plays are stealing the show (their bonds as well). (Contributed by Benjamin Lavine, CIO at 3D/L Capital).

Source: Reddit, Stock market returns public data

Market Preview 🎞️

  • Friday, June 30th: Personal income and spending (PCE); University of Michigan sentiment and inflation expectations

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Important Update

That’s all until the middle of July folks! The team has some holiday time coming up. We’ll be back around the same time July 17th with a curated list of important news, economic data and market highlights. 

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