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The Fed’s favorite inflation gauge shows prices rose just 0.1% last month (2 min read)
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The Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, grew 3.8% annually in May, down from 4.3% in the previous month. On a monthly basis, the personal spending growth rate is only 0.1% in May compared to 0.6% in April. The core PCE index, which excludes food and energy prices, also decreased to 4.6% from 4.7%. Although more data is needed regarding the economic outlook and inflationary pressures, the PCE report still provides important insights for the Fed's next rate decision.

As the Libor era ends, market participants hope for 'crickets' (3 min read)
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The era of the London Interbank Offer Rate (Libor) has come to an end with the publication of its final rates on Friday. The transition away from Libor, which served as a reference rate for various financial products, is not expected to cause major issues according to experts. Since the financial crisis in 2008, alternative rates like the Secured Overnight Financing Rate (SOFR) have been gradually adopted to replace Libor. Although measures have been taken to minimize disruptions, concerns about the transition still remain.

Apple hits $3 trillion market cap as 2023 tech rally continues (3 min read)
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Apple became the first publicly traded company to reach a market valuation of $3 trillion for the second time. The milestone was achieved as the company's market cap closed above $3 trillion on Friday, with shares up 2.31% to $193.97. It also came as tech stocks finished the first half of 2023 in a big rally, with the Nasdaq rising 30% while Apple stock gained more than 45%. Apple's ability to navigate the supply chain crisis during the lockdowns in China and the resilience of its iPhone business has contributed much to its success this year.

Tesla Q2 deliveries easily top estimates as price cuts take effect (2 min read)
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Tesla reported production and delivery in Q2 that surpassed all of the analysts’ expectations, setting new records for the company. The strong delivery performance indicates that the consecutive price cuts this year have been driving sales both domestically and internationally. However, concerns remain regarding the impact of these price cuts on profitability. Some Wall Street analysts have even downgraded Tesla shares, suggesting that the stock may be overvalued amid big gains in the tech sector.

SEC spells out bitcoin ETF concerns to asset managers (2 min read)
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The SEC has expressed concerns about recent applications for spot Bitcoin ETFs filed by asset managers such as BlackRock and Fidelity. The SEC found the applications to be insufficiently clear and comprehensive, leading to a rejection. These applications, which had generated investor hopes for a Bitcoin ETF, were unable to address concerns about fraudulent practices and investor protection. The rejection has caused a decline in the price of Bitcoin and has also affected crypto-related stocks and funds.

Millennials Buck Financial Advisors’ Advice, Seek Gold ETFs (2 min read)
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A recent study by State Street revealed that millennials have a higher investment interest in gold compared to Gen Xers and boomers. The study found that many investors in that age group plan to increase their gold investments, with gold ETFs being a popular choice. However, that goes against financial advisors’ skepticism of gold ETFs, citing their speculative nature and lack of underlying value. Instead, they recommend other investments like Treasury inflation-protected securities, real estate, or diversified stocks for inflation hedging.

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Thanks,
Thomas

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