Market

More divergences yesterday with the NASDAQ up nicely, SPX up slightly, while small caps and the Dow were down. So far this morning it looks like more of the same, except everything is currently in the red.

One big driver is rates, which continue to come down.

Again, you could argue that the Fed dot plot was hawkish, with only one cut this year, but bond traders seem to think otherwise.

While the SPX and NDX continue to look like they are in raging bull markets, the Dow looks like a double top short sale.

IWM had an undercut and rally at the 50 day yesterday, but this morning it’s back below.

At some point this is all probably going to matter, but I guess not yet.

Argentine stocks popped yesterday and I will be looking to take some profits today.

On the long side the gold and silver miners are most interesting this morning. I bought GFI on the close yesterday.

This morning I am watching MAG, KGC, AGI, and PAAS.

Also looking at FCX in copper, would love to see 47 hold.

and TECK, which looks eerily similar.

DEI

Backlash against DEI spreads to more states In at least 22 states, DEI measures at state university systems have been banned or rolled back.-Stateline

In Utah and beyond, lawmakers are enjoying growing success in their pushback against DEI programs at public universities, many of which have hired administrators and established departments dedicated to creating more diverse faculties and student bodies. Some schools’ requirement that job and student applicants explain in writing how they’d bring DEI initiatives to their work or schooling have aroused especially strong opposition. Some states have dismantled DEI departments and programs, as well as ended race- and gender-based programs and scholarships.

ESG

Pilot pensions | Why American Airlines' 401(k) lawsuit is a cautionary tale in how employers execute ESG commitments-HR Grapevine

The ruling, made on May 23, relates to a suit in which pilot Bryan Spence says the airline’s $26billion 401(k) plan improperly favored environmental, social, and governance (ESG) related funds.

Spence claims the investment decision was “imprudent” because it is “well known that ESG funds are associated with poor performance given the detrimental effects of such activism on stock prices.”

As a Class Action suit, American Airlines may subsequently be forced to pay damages to as many as 100,000 people, depending on the verdict.

ETF Wrap: ESG down but not out-ETF Steam

ESG may be entering a “crisis” period, with flows plummeting quarter-on-quarter, according to recent Morningstar data, however, BlackRock and WisdomTree have both unveiled climate-focused ETFs this week.

Woke Companies

Judge Considering Whether Gina Carano’s Wrongful Termination Suit Against Disney Can Proceed-Daily Wire

According to Bloomberg, Carano’s claim is that her termination, while mostly about her political views, was also in relation to Disney attempting to “deflect from criticisms” of Disney+ and the leadership of then-CEO Bob Chapek. Regarding Disney’s claims clashing with Carano’s, Judge Garnett said, “Wouldn’t that suggest there’s a factual dispute as to why Disney actually terminated her?”

Yuck…

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