What Moved The Markets This Week 📈
Europe Enters A Recession, SEC Sues Coinbase & Binance, Apple's Vision Pro Headset, GM Partners With Tesla, Deflation Risk In China, and GTLB + SMAR + DOCU Earnings
Sunday Morning Markets
Trading Week 23, covering Monday, June 5 through Friday, June 9. Your weekly financial markets update, in less than 5 minutes.
The Week In Review ⏪
Apple releases its ‘Vision Pro’ AR headset
Jobless claims swell, Spotify announces layoffs
GM partners with Tesla to use its charging network
Eurozone officially enters a recession
Saudi cuts oil output, despite OPEC’s decision to maintain theirs
China’s exports plunge 7.5%, producer prices drop 4.6%
SEC targets Coinbase and Binance in latest regulation
Earnings from GitLab, Smartsheet, DocuSign — see breakdowns below
US Markets 🇺🇸
Apple released its mixed-reality headset called ‘Vision Pro’ in its first major product release since the Apple Watch in 2014. The headset will start at $3,499. AAPL 0.00%↑ shares fell 2% immediately following the news.
GM partners with Tesla to use its charging network, joining Ford in leveraging the EV leader’s tech. GM will install Tesla’s native charging port, known as NACS, instead of the current industry-standard CCS, in its EVs starting in 2025.
Jobless claims rise to highest level since October 2021 as 261K Americans applied for new unemployment benefits in the week ended June 3rd. This figure came in well above estimates of 235K. Continuing claims fell by 37K to 1.76M.
Spotify lays off 200 workers from its podcasting division as part of a “pivot” to focus more on a tailored partnership approach. 760 tech companies have laid off over 200K employees so far in 2023 (source: layoffs.fyi).
CNN fires CEO Chris Licht after just over a year following the Trump town hall fallout and brutal Atlantic article. His tenure was riddled with programming missteps and rock-bottom ratings. WBD 0.00%↑ shares rose 18% this week.
Boeing sued over allegedly stealing IP from NASA projects by Wilson Aerospace. The suit claims Boeing made counterfeit versions of specific Wilson products that were used for ISS and its Space Launch Systems rocket.
PGA Tour agrees to merge with Saudi-backed LIV Tour after the two have been embroiled in lawsuits regarding antitrust claims. The deal would end all pending litigation, but would still keep the two tours separate.
Rest of World 🌏
Eurozone officially enters a recession after Germany and Ireland revised their growth lower. The lackluster economic environment also poses a challenge to the ECB, which has been hawkish for the last 12 months.
Saudi Arabia cuts oil output after OPEC members clash over quotas. Riyadh aims to boost prices but risks losing out on profits. The cuts push the Saudi’s production down to levels rarely seen this decade.
China’s exports plunged by 7.5% in May, far more than the 0.4% drop expected. The disappointing export figures for May indicate that the longer-term trend is down, said Hao Hong, chief economist at Grow Investment Group.
China’s producer prices plunge most in seven years as the risk of deflation hangs over the economy. The Producer Price Index fell 4.6% in May, down from the 3.6% decline in April and below estimates of 4.3%.
Crypto ⚡
SEC sues Coinbase over exchange and staking programs and alleges they are operating as an unregistered exchange. The SEC approved Coinbase’s S1 to go public in 2021. COIN 0.00%↑ shares dropped 16% this week.
SEC sues Binance and CEO Changpeng Zhao for operating an unregulated international exchange, commingling investor funds, and other securities law violations. Investors pulled $790M from Binance following the news.
Robinhood to delist Cardano, Solana, Polygon on June 27th as the regulatory crackdown continues. Robinhood noted no other coins would be affected, but didn’t give a specific reason for the delistings.
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Earnings Reports 💰
See more breakdowns for Trip, Couchbase, Yext, Nio on our Twitter page.
Weekly Poll 🗳️
Week Ahead 📅
Monday
Australia - NAB Business Confidence (MAY)🇦🇺
Earnings Reports: Oracle💰
Tuesday
US - CPI Inflation (MAY)🇺🇸
UK - Employment Report (APR)🇬🇧
Germany - ZEW Economic Sentiment (JUN)🇩🇪
Wednesday
US - FOMC Meeting🇺🇸
US - PPI Inflation (MAY)🇺🇸
UK - GDP (APR)🇬🇧
China - Industrial Production (MAY)🇨🇳
Earnings Reports: Lennar💰
Thursday
US - Retail Sales (MAY)🇺🇸
US - Empire State Manf. Survey (MAY)🇺🇸
US - Philly Fed Manf. Survey (MAY)🇺🇸
Europe - ECB Interest Rate Decision🇪🇺
Earnings Reports: Adobe, Kroger💰
Friday
US - Consumer Sentiment (MAY)🇺🇸
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