Jolted

.. in a few ways. Major indices opened up lower to start the day as bonds rose while traders awaited Powell's remarks and labor market data for ideas on next steps for rates. Tesla stock jolted up after its deliveries beat estimates.

.. and now that Powell's remarks are out, yields fell as Powell bolstered confidence that the Fed will be able to cut rates this year. He said prices are showing disinflation trend, just ahead of an important job openings report (JOLTS). Though, Powell declined to give any specific guidance on the timing for the first possible rate cut.

.. and now that the JOLTS report just came out: US job openings unexpectedly rose (Actual: 8140k, Expected: 7946k) in May, displaying a pause in a recent decline that trended in a slowdown in labor demand. The prior month's number was also revised down from 8059k to 7919k.

Reuters notes that French regulators are set to bring charges alleging anti-competitive behavior against NVDA.

Lost in the hubbub over yesterday’s Supreme Court rulings was a positive outcome for social media platforms. Per The Verge: On Monday, the Supreme Court issued its decision in Moody v. NetChoice and NetChoice v. Paxton, two consequential cases about the future of speech on the internet. The court explicitly extended First Amendment protections to how social media platforms organize, curate, and moderate their feeds, drawing a comparison between internet content moderation and “traditional publishers and editors.”

Hurricane Beryl morphed into a Category 5 hurricane overnight, generating sustained winds of 165 mph. Per the Washington Post, Beryl is on a trajectory to run over Jamaica on its way to Mexico by Friday am. Its size and strength are, sadly, sure to cause much damage and dent insurers balance sheets.

To go off of Hurricane Beryl, oil touches a two month high as a result of hurricane season as well as continued turmoil in the Middle East. Along with the hurricane heating up, Israel's military said that a number of soldiers were injured in a drone attach by Iran-backed Hezbollah, threatening to broaden the conflict while Israel continues its siege on Gaza. It doesn't looks like this war is slowing down unfortunately...

Homebuilder analysts downgrade shares on softer data, including sales. Analysts are increasingly worries about signs of softening in key hot spots like Florida and Texas, the states that attracted many buyers when WFH became a thing. Lennar Corp and D.R. Horton Inc were downgraded by Citigroup on concerns the hous

Novo and Lilly slip on the morning as Biden urges price cuts on obesity drugs, saying that drugmakers are charging 'unconscionably high prices.' Novo fell as much as 3.7% in Copenhagen while Lilly lost as much as 3.9% at the New York market open. If you thought these drugs were popular before.. imagine if prices were cut in half.