📊 Markets Overview
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Small caps (IWM) outperforming; testing the 200-day moving average, up 0.5%
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Nasdaq-100 (QQQ): +0.2%
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S&P 500 (SPY) and Dow Jones: +0.1%
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Oil: ~$65.50/barrel
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Gold: ~$2,360/oz
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10-year Treasury yield: ~4.45% (down 3 basis points)
🏦 Fed & Economic Outlook
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Fed meeting next week: No rate change expected
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Market expects 2 rate cuts, possibly starting in September
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NFIB Small Business Optimism Index: Better than expected at 98.8
🔍 Stock Highlights
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Advanced Micro Devices (AMD): Under watch for potential turnaround
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Amer Sports (AS):
IREN +2.5%, CORZ +3%
📈 Individual Stocks
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JP Morgan (JPM): Flat, despite a price target hike to $320 (Wells Fargo)
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Disney (DIS): Slight gain; completes Hulu purchase; price target raised to $130 (Loop Capital)
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McDonald’s (MCD): Down 1.5%; downgraded to Sell by Redburn Atlantic, PT cut to $260
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Apple (AAPL): Flat after WWDC; minor AI updates seen as underwhelming
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Tesla (TSLA): +2.5%, continuing Monday’s rebound; robo-taxi launch expected this week
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Taiwan Semi (TSMC): Strong May revenue (+39.6% YoY); Jan–May up 42.6%
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Meta (META): +1%; Zuckerberg reportedly building a team of 50 for Artificial General Intelligence (AGI)
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Uber (UBER): +1%; teams up with Wavy to roll out autonomous rides in the UK
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eToro: Releases unexpected earnings; adjusted EBITDA down, but funded accounts +14%, assets +21%
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Casey’s General Stores (CASY): +10% on strong earnings & revenue beat
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Insmed (INSM): +25% on positive Phase 2B data for inhaled drug treating pulmonary arterial hypertension
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JM Smucker (SJM): -7.5% after weak guidance and revenue miss
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Rubrik (RBRK): -4% after debt offering; falls below 21-day moving average
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