🦢 Black Swan Street Weekly Stock Market Summary (June 12th - June 16th 2023)

Good Afternoon!

It’s Friday, and that means it’s time for… 🥁 drum roll please 🥁 … BLACK SWAN STREET

Hopefully, everyone had a great week. Father’s Day is this Sunday, so I wanted to say a quick: Thank You to all the Dads out there. Y’all are the backbone of our society ❤️

This is what we got for you this week:

• Stock Market Summary 🦢

• Federal Reserve Pauses Interest Rate Hikes ⏸

• Other News In The Stock Market 🌎

• Next Week In The Stock Market 🔮

Let’s get into it ↓

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Stock Market Summary 🦢 

Performance This Week:

Earnings Summary This Week:

Federal Reserve Pauses Interest Rate Hikes ⏸

Rate Hikes. You know, those things that seem to keep happening and making everything more expensive? They’re over! 

Well, for now.

The Fed has continuously been hiking (raising) interest rates in an attempt to fight inflation over the past year. In fact, we’ve seen 10 consecutive rate hikes. Wednesday we broke that streak.

On Wednesday, June 14th, the Fed held interest rates steady for the first time in a long long time. And when I say a long long time, I mean since March 2022.

That being said, the Federal Reserve forecasts two more hikes in 2023, which would take rates as high as 5.6%.

This is the Dot Plot. It outlines where the Fed officials think interest rates will be at the end of the year and each of the next two years. Each dot represents the view of a Fed policy maker for the rate’s target range at the end of the year. Markets generally focus on the median “dot” or projection (where the red arrow is).

Other News In The Stock Market 🌎

Monday

• JPMorgan agrees to pay $290M to settle lawsuit brought by Epstein victims - BBC

• Toyota, Kia, Land Rover part of 247,000-vehicle recall - FB

• Nasdaq to buy fintech firm Adenza for $10.5 billion - BI

• Salesforce rolls out AI cloud business for purpose-driven companies - FB

• Grubhub lays off 15% of corporate workforce - FB

• Novartis buys Chinook Therapeutics for $3.5B - RT

• Nio cuts prices for its cars and delayes expansion plans - CNBC

• Illumina announces CEO transition plan as Francis deSouza resigns -CNBC

Tuesday

• Accenture will invest $3 billion to expand AI efforts - VB

• According to CPI Data: Inflation cools in May to 4%, lowest in 2 years - FB

• Manchester United shares jump on speculations over takeover bid - RT

• Bunge to buy Viterra in $18 billion deal that would create an agricultural powerhouse - AP

• Stellantis recalls 332,00 Jeeps - FB

• Comerica to exit mortgage banker finance business by year end - YF

• FTC stalling Microsoft’s $69B Activision deal - FB

• AMD launches new Bergamo data-center CPU to go up against Nvidia - MW

• Ryan Cohen buys $10M in GameStop stock - BRS

• China cuts key policy rate to stimulate post-Covid recovery - CNBC

Wednesday

• Fed pauses rate hikes for first time in 15 months - FB

• Starbucks ordered to pay $25M to ex-employee in racial discrimination case - BBC

• Restaurant chain Cava raises $318M in IPO, sixth-largest on US exchange this year - BBG

• Logitech CEO Bracken Darrell is leaving - TV

• Bud Light is no longer America’s top-selling beer after boycott - NYT

• Health insurers slammed after UnitedHealth says more surgeries driving up costs - RT

• Lumen, Google, and Microsoft create new on-demand, optical interconnection ecosystem - PRN

• Toyota rises on optimism over EV plans - YF

Thursday

• Coinbase buys back $64.5 million in convertible debt debt - MW

• U.S. business inventories increase 0.2% in April - MW

• Restaurant chain Cava valued at $4.7 billion as shares pop in debut - RT

• Retail sales rise again in May - FB

• Fed, SEC probing Goldman Sachs’s role in Silicon Valley Bank’s final days - NQ

• Disney CFO McCarthy to step down - MW

• BlackRock files for Bitcoin ETF - FT

Friday

• Amazon cleared to buy iRobot vacuum cleaner maker - BBC

• Turkey’s Lira heads for longest run of losses in 24 years - BBG

• Micron stock declines after company says half of China revenue could be at risk due to ban on sales - MW

• Virgin Galactic sets first commercial space tourism flight for this month - CNBC

• DraftKings makes $195 million offer for PointBet’s U.S. assets, outbidding Fanatics - CNBC

• Humana joins UnitedHealth in flagging cost hit from rising surgeries - AOL

• SEC says PIMCO to pay $9 million to settle alleged disclosure ad procedure violations - CNBC

• U.S. National Debt tops $32 trillion for first time - NYT

Next Week In The Stock Market 🔮

Earnings Next Week:

What The Swan Is Watching:

Tuesday: FedEx

Wednesday: Winnebago

Thursday: Accenture, Commercial Metals, Darden Restaurants

Friday: CarMax

Economic Calendar Next Week:

The Swan’s Picks 🦢

• 🖥 Reddit mods revolt, leads to blackout. The blackout of over 8,000 subreddits is a result of the platform’s changes to their third-party policy. Reddit wants third-party developers to pay for data.

• 🏀 Michael Jordan is selling his majority stake in the Charlotte Hornets. Jordan, who took a majority take in 2010 for $275 million, is now selling his stake for an approximate $3 billion valuation.

• 🦢 Black Swan Events in the Stock Market. Learn how to identify, prepare, and capitalize, on Black Swan Events as they occur within the markets.

That’s all we got for this week!

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