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TLDR
MARKET RECAP → The S&P 500 (VOO) reached a new record as Nvidia (NVDA), a leader in artificial intelligence, surged past Microsoft (MSFT) to become the most valuable public company.
RETAIL SALES STAGNATE → 📉 May retail sales edged up just 0.1% as inflation-pinched consumers tightened their belts, yet online shopping stayed robust in our post-pandemic digital shift.
AMAZON UNION JOINS TEAMSTERS →🚀 Amazon (AMZN) Labor Union teamed up with the Teamsters, gaining powerful allies to push for a first contract at JFK8 and beyond, because even mega-corporations need a reminder that workers won't back down.
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TODAY’S TOP NEWS
Retail Sales Stagnate
📈 May retail sales increased by a mere 0.1%, indicating sluggish consumer spending. This modest uptick highlighted the cautious approach of shoppers amid ongoing economic uncertainty.
💸 Rising costs of essentials, particularly fuel and food, continued to strain household budgets, leaving less room for discretionary purchases. This trend underscored the persistent impact of inflation on consumer behavior.
🛍️ Despite the overall slow growth, online sales showed resilience, with e-commerce platforms reporting solid performance. This shift towards digital shopping reflected evolving consumer preferences in a post-pandemic landscape.
TODAY’S TOP NEWS
Amazon Union Joins Teamsters
🚀 The Amazon (AMZN) Labor Union (ALU) has officially affiliated with the 1.3 million-member International Brotherhood of Teamsters, marking a significant milestone for organized labor. This alliance aims to enhance representation and resources for Amazon workers, particularly those at the JFK8 fulfillment center in Staten Island.
💼 The new affiliation, known as ALU-IBT Local 1, will provide legal and financial backing from the Teamsters, empowering the union to negotiate a first contract with Amazon. The move follows ALU’s struggle to expand its influence and secure bargaining rights since its landmark unionization win in 2022.
🔧 ALU members are set to vote on ratifying the affiliation, which the Teamsters board has already unanimously approved. This partnership signifies a united front against Amazon’s labor practices, with union leaders emphasizing the necessity for collective action and solidarity to achieve fair negotiations and improved working conditions.
NOTABLE POSTS
Big water mafia is born
— Overheard on Wall Street (@OHWallStreet)
7:41 PM • Jun 17, 2024
No advice? How about some expert tips instead! 🌲🥾 Check out our latest blog to help you plan your next epic hiking trip: mlion.info/3Rr3Hz9
#MoneyLion#TravelSmart#MakeSummerYourBeach— MoneyLion (@MoneyLion)
8:35 PM • Jun 17, 2024
KEEP READING
Here’s why car payments are so high right now (CNBC)
U.S. sues Adobe over subscription plan disclosures (CNBC)
Activist Starboard amasses Autodesk stake, weighs suit over delayed probe disclosure (CNBC)
Apple supplier TDK says battery breakthrough can deliver higher performance for wearable devices (CNBC)
McDonald’s to end AI drive-through test with IBM (CNBC)
Elon Musk’s multi-billion paycheck just got approved by stockholders. That could be a fraction of what’s coming (CNN)
Vigilante Hong Kong cabbies went undercover to ensnare illegal Uber drivers. It backfired (CNN)
Nvidia CEO Jensen Huang says a Japanese gardener provided one of the most ‘profound learnings’ of his life (Fortune)
WHAT WE’RE WATCHING
OUR FAVORITE TOOLS & RESOURCES
Quiver Quantitative — Quiver allows retail investors to tap into the power of big data with insights into things like congressional trades as they are disclosed
Perplexity — Perplexity AI is an AI-chatbot-powered research and conversational search engine
The Market Ear — Live news, analysis and commentary on what moves markets and trading
Coinmarketcap.com — Crypto market data
Finviz — Financial visualizations
Trading Economics — Economic calendar
CME FedWatch Tool — Market-implied probabilities of future levels of interest rates
Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett
ChatGPT — Large language model-based chatbot powered by generative AI
Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more
Vimcal — Lightning-fast calendar and AI scheduling assistant
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