Bank of America strategist Michael Hartnett believes that the recent rally in the S&P 500 does not mark the start of a new major bull market.
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2023-06-20 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,409.59 -0.37%
Nasdaq 13,689.57 -0.68%
Dow 34,299.12 -0.32%
10-Year 3.769% +0.041%
Oil 71.29 -0.68%
Gold 1,962.30 -0.45%

*All data as of the previous day’s market close.

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Markets & Economy
China’s economic recovery is stalling. Here’s what to expect next (4 min read)

China’s economic recovery has been stalling and facing deflation over the past months. The People’s Bank of China cut interest rates twice last week to stimulate the economy, but many economists expect more policy easing to come. There are currently mounting pressures on China, such as the drop in cumulative property investment, unemployment among young people, and retail sales growth that missed expectations. Experts suggest that China will need to boost its output, consumption, and business sentiment to reach its long-term potential level.
Bank of Japan leaves rates unchanged, holding them at ultra low levels (3 min read)

The Bank of Japan (BOJ) has decided to maintain its ultra-loose monetary policy, keeping its key interest rate at -0.1%. The move signals its commitment to support the country’s fragile economic recovery despite stronger-than-expected inflation. However, the BOJ left room for a potential policy shift by dropping warnings on inflation risks, indicating a possible adjustment to its bond yield curve control policy in the future. BOJ remains the only major central bank to keep rates negative amid high inflation globally. The yen weakened after the announcement.
Business & Stocks
BofA’s Hartnett Sees Big US Stock Rally Followed by Big Collapse (3 min read)

Bank of America strategist Michael Hartnett believes that the recent rally in the S&P 500 does not mark the start of a new major bull market. He believes the current market looks more like 2000 and 2008 where it will big rally before a big collapse. Hartnett, who correctly predicted the massive selloff last year, expects the S&P 500 to go up another 150 points before dropping 300 points by Labor Day in September. Meanwhile, other strategists suggest that the US market could continue to outperform European peers, despite the rally being led by a few stocks.
iRobot shares surge after UK regulator clears Amazon acquisition (1 min read)

The UK's competition watchdog, the Competition and Markets Authority (CMA) has approved Amazon's planned $1.7 billion acquisition of iRobot, the maker of Roomba vacuums. The CMA concluded that the deal would not lead to a significant reduction in competition in the UK market. iRobot's stock rose over 19% following the news. While the acquisition has been cleared in the UK, it is still under review by the US Federal Trade Commission and European Union antitrust regulators.
Funds & ETFs
Capturing the ‘Night Effect’ With ETFs (Video)

NightShares is an ETF provider that focuses on the “Night Effect” where all of its funds only invest in stocks outside of trading hours. Some research suggests that after-market trading may produce a better return than the daytime. This video from is a 6-minute conversation with the CEO of NightShares where he discusses how reliable is the “Night Effect” and the best way to capture it.
BlackRock Files for Bitcoin ETF (2 min read)

BlackRock, the world’s largest exchange-traded fund issuer, has filed with the SEC to launch a Bitcoin ETF in partnership with Coinbase. The proposed fund, called the iShares Bitcoin Trust, aims to track the price of Bitcoin and would store the cryptocurrency with Coinbase's Custody Trust unit. Spot Bitcoin ETFs are still not allowed despite increasing interest in such offerings. BlackRock's move is seen as surprising, as the SEC has shown no signs of pivoting to approval. 
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