🎉 Happy CPI Day to those who celebrate

🐔 Plus, Elon Musk withdrew his lawsuit against OpenAI

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Markets hit new records (again) ahead of key inflation report and Fed decision.
- Investors expect CPI to show a modest 0.1% monthly increase, keeping the annual rate at 3.4%.
- The S&P 500 gained 0.3%, Nasdaq climbed 0.9%, while the Dow dipped 0.3% as Apple closed at an all-time high.

Elon Musk withdrew his lawsuit against OpenAI that he initially filed over claims of abandoning its mission to benefit humanity.

Forecasts via Kalshi, the prediction market.

This is….generally positive?

CPI comes out today, and the consensus is at 3.4%, notably higher than the Fed’s target rate of 2.0%.

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Earnings, upgrades, and acquisitions

Academy Sports and Outdoors shares fell 4% from missed earnings estimates and issued weak guidance.
Casey's General Stores beat Q4 estimates with EPS up 57%; shares rose 5.6%.

Market movers

KKR bought an $850-million stake in Quick Quack Car Wash.
Johnson & Johnson agreed to pay a $700 million settlement due to claims its baby powder causes cancer.
National Amusements ended merger talks with Skydance, causing Paramount shares to drop nearly 8%.
WeWork emerged from bankruptcy, naming John Santora as its new CEO.
General Motors cut its 2024 EV forecast and announced a $6 billion share buyback.
CWA accused Activision QA supplier Lionbridge of retaliatory layoffs after workers tried to organize.

Existing home sales fell to 1978 levels in April. Goldman Sachs projects a slow recovery, reaching 4.5 million by 2027.
Homeownership costs, excluding mortgages, have skyrocketed 26% since 2020.
Boston's biotech industry faces a worker shortage, with local colleges projected to fill only 61% of life sciences jobs in the next decade.
The NFIB Small Business Optimism Index spiked to the highest level since November 2020.
The UK unemployment rate unexpectedly climbed to 4.4%, the highest since September 2021.

🇰🇷 🇰🇵 South Korean forces fired warning shots after North Korean troops accidentally crossed the border.
🇮🇱 🇵🇸 Israel vowed to continue in Gaza despite the UN approving a US-backed ceasefire to end the 8-month war.
🇰🇪 The IMF agreed with Kenya on a $976 million disbursement, urging fiscal consolidation.
🇫🇮 🇷🇺 Finland announced closure of migrant route from Russia, accusing Moscow of funneling asylum seekers.

Bitcoin fell below $67,000 as US-listed spot bitcoin ETFs saw their first outflows in 19 days.
Metaplanet became a top 30 BTC holder after acquiring 23.25 BTC for $1.59 million.
Australia banned crypto and credit card use for online gambling.
Ripple acquired NYDFS-regulated custodian Standard Custody to support its planned USD-backed stablecoin launch.

Nathan’s hot dog contest is parting ways with 16-time champ Joey Chestnut after he signed a deal with plant-based franks.
A Minnesota jury convicted five people in the first trial of a $250 million pandemic fraud scheme.
Boeing's Starliner spacecraft revealed five small helium leaks, extending its first astronaut mission to June 18.
A YouTube prankster has been elected as an independent MEP to the European Parliament.

Come meet his new coworkers.

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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