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TLDR
MARKET RECAP → The S&P 500 (VOO) surged to a record high on Wednesday following the Federal Reserve's latest policy announcement and encouraging May inflation data, suggesting easing pricing pressures.
GAMESTOP RAISES $2 BILLION AMID MEME STOCK FRENZY → 💰 GameStop (GME) raised over $2 billion selling 75 million shares, despite reporting a significant revenue drop and net loss, capitalizing on meme stock hype for strategic flexibility.
FED HOLDS RATES STEADY, SIGNALS FUTURE HIKES POSSIBLE → 📊 The Fed held interest rates steady in June, citing mixed economic signals and the need for more data before future adjustments, leaving markets on edge.
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TODAY’S TOP NEWS
GameStop Raises $2 Billion Amid Meme Stock Frenzy
💰 Capitalizing on Meme Mania: GameStop (GME) raised over $2 billion by selling 75 million shares, leveraging the renewed interest from retail investors driven by social media hype. This move significantly bolstered its cash reserves, aiming to fund future acquisitions and corporate purposes.
📉 Mixed Financial Results: Despite the successful share sale, GameStop reported a 28.7% drop in first-quarter revenue to $882 million and a net loss of $32.3 million. This contrasted sharply with investor enthusiasm, highlighting the disconnect between market performance and company fundamentals.
🛡️ Strategic Flexibility: With the influx of cash, GameStop increased its financial flexibility, positioning itself better for potential investments and operational improvements. This strategic move was seen as a way to sustain momentum and capitalize on the meme stock phenomenon.
TODAY’S TOP NEWS
Fed Holds Rates Steady, Signals Future Hikes Possible
📊 Rate Hold Decision: In its June meeting, the Federal Reserve decided to hold interest rates steady, maintaining the current rate amid ongoing economic uncertainty. This decision comes as the Fed continues to monitor inflation and employment trends closely.
🕵️ Economic Indicators: The Fed's decision reflects mixed economic signals, with some indicators showing inflation easing, while others suggest persistent economic challenges. The central bank remains cautious, emphasizing the need for more data before making any further rate adjustments.
💼 Market Reaction: Financial markets responded with mixed reactions to the Fed's rate hold. Investors remain on edge, anticipating future rate hikes or cuts based on upcoming economic data. The Fed's cautious stance highlights the delicate balance it aims to maintain between curbing inflation and supporting economic growth.
NOTABLE POSTS
“We’re pencils down”
The deal team:
— Overheard on Wall Street (@OHWallStreet)
5:14 PM • Jun 11, 2024
Every Apple presenter
— Dan Toomey (@dhtoomey)
6:22 PM • Jun 10, 2024
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KEEP READING
A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived (CNBC)
More than $1 billion in EV tax credits issued upfront to buyers, Treasury and IRS say (CNBC)
Microsoft-backed Mistral AI raises $645 million at a $6 billion valuation (CNBC)
Shares of Porsche, VW and other European carmakers fall following reports of ‘dieselgate’ lawsuits in Britain (CNBC)
Russian ships set to arrive in Cuba as Cold War allies strengthen their ties (CNN)
Why Shari Redstone called off talks with David Ellison’s Skydance on Paramount deal (CNN)
Why Pope Francis thinks the Church should play a part in world leaders’ debate on AI (CNN)
OpenAI’s Mira Murati fires back at Elon Musk for describing her company’s new partnership with Apple as ‘creepy spyware’ (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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