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Market Headlines 👀 

• US PPI (price producer index) came in cooler than expected at 2.2% YoY; est: 2.5%. Biggest drop since October.

• US CPI (consumer price index) came in below market expectations yesterday at 3.3% YoY; est: 3.4%.

• US Federal Reserve continues to hold rates and said they only project one rate cut this year.

• US weekly jobless claims came in hotter than expected at 242k; est: 220k. Claims hit a 10 month high.

• Tesla (TSLA) shareholders are set to approve a $56b pay package for Elon Musk which was initially rejected by Delaware judge.

• Adobe (ADBE) shares of the company surge after market hours upon reporting a top and bottom line beat on earnings.

• Broadcomm (AVGO) company announces a 10-1 stock split.

• Databricks private SaaS company a key Snowflake competitor said revenue can hit $2.4b annualized at middle of this year.

Earnings 💸

• Adobe (ADBE)

  • EPS: $4.48 beats (exp. $4.39)

  • Revenue: $5.31b beats (exp. $5.29b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

CPI and PPI slowdown (despite shelter persistency and a somewhat worrisome rise in medical costs) suggest inflation concerns are turning rear view. The key for the Fed is labor market cooldown, already starting to surface with slowing wages and rising jobless claims. Will Fed cut before Sahm Rule is triggered which would need to see unemployment rate rise to 4.2-4.3%? Fed has historically not moved preemptively on slowdown concerns, unless there is a threat to banking stability. The one time they did? Mid-90s under Greenspan. (Contributed by Benjamin Lavine, CIO at Freedom Investment Management).

Over the past 2.5 months, the SPY's given us a picture perfect cup and handle breakout straight into the 1.618 golden Fibonacci extension. Now what? The last time RSI hit overbought levels, we saw price retreat for a few weeks. Perhaps the next move here is for RSI to cool off and gaps to fill.(Contributed by Jason Krutzky of Trendspider ).

Patient Apple bulls were rewarded this week, as price managed to break out of a year long base off the heels of their WWDC '24 event. The measured move from the base puts the stock at $230, and it might get there faster than anyone thinks. With volume pushing levels not seen in nearly a year and a half, buyers are clearly stepping in and showing their hand.(Contributed by Jason Krutzky of Trendspider ).

TSLA's been a difficult stock to own over the past year, but as they say, 'it's always darkest before the dawn,' and seasonality suggests that the sun is about to rise. Historically, July is the best performing month of the year, with a 73% win rate and an mean change of a whopping +10%. Seasonality aligning with Elon's compensation package approval could be just what the doctor ordered to bring the struggling name back to life.(Contributed by Jason Krutzky of Trendspider ).

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Market Preview 🎞️ 

• Friday, June 14th: University of Michigan consumer sentiment

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

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