Market

CPI ended up being the main data point for the day, coming in a little bit cooler than expected. The FOMC dot plot came in a bit hawkish, showing one rate cut this year vs. two, however next year added one, so the market didn’t seem to care. They added a line about modest improvement in inflation which kept the market around the same spot it was after CPI. PPI is this morning but I highly doubt it will be relevant after yesterday.

There’s a reason you need to be trading the Mag 7 names. Yesterday AAPL continued on it’s tear.

And of course NVDA continued to go up.

TSLA had an undercut and rally at it’s 50 day and is up big pre market, seeming on Musk’s pay package. Not sure why that’s worth 5% but that’s the market we are in.

Interesting on the side effects now coming out about the weight loss drugs…

I went short LLY the other day. Not based on this but based on it being extended. Interesting to see if this filters into the weight loss drug stocks.

Seeing this out there on X but no talk in the financial media as of yet.

The divergence between the S&P, NASDAQ, and Dow continues to be concerning. The Dow as down yesterday and is down pre market. I also worry that the market is up for the year even though the Fed dot plot has moved from 6 cuts to 1. That being said, bet against this market at your peril.

ESG

Shareholders at dozens of big companies avoiding DEI, ESG proposals-Fox Business

House Republicans accuse ESG-focused pension funds, other investors of antitrust violations-Pensions & Investments

Partisan differences were clear at a House hearing June 12, when Republicans accused CalPERS, Arjuna Capital and other institutional investors that consider environmental, social and governance factors of violating antitrust laws.

Oklahoma State Treasurer Leads Fight Against ESG-The Daily Signal

Oklahoma has taken center stage in the fight against environmental, social, and governance policies, and the man leading the charge is state Treasurer Todd Russ.

State Anti-ESG Laws Haven’t Deterred Some Investors, Report Says-Bloomberg

Anti-ESG state laws have not dissuaded investment managers who’ve publicly committed to considering such factors, though the new requirements bring extra paperwork and compliance questions, according to a report released Wednesday by an investor network.

DEI

DEI is poison for corporations, Jon Stewart slams Dylan Mulvaney Bud Light ad-The Hill

Woke tide may be turning-Washington Examiner

Finally, the diversity, equity, and inclusion dominoes are starting to fall. Universities and corporations are waking from their slumbers and realizing that embracing DEI damages their reputations, ability to perform their missions, and sometimes their share prices.

Border

Crackdown? Biden admin has released 72% of migrants who illegally crossed into San Diego despite ‘crackdown’-NY Post

Covid

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