The Federal Trade Commission (FTC) has filed a lawsuit against Amazon, accusing the company of using deceptive user interface
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2023-06-23 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,381.89 +0.37%
Nasdaq 13,630.61 +0.95%
Dow 33,946.71 -0.01%
10-Year 3.795% +0.072%
Oil 69.41 -4.30%
Gold 1,923.80 -1.08%

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

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Markets & Economy
Bank of England surprises with 50 basis point rate hike to tackle persistent inflation (3 min read)

The Bank of England (BoE) surprised markets by raising rates by 50 basis points to 5%, its 13th consecutive increase. The move, which defied market expectations of a 25 basis point hike, was prompted by persistently high inflation and stronger-than-expected economic performance. BoE indicated that further tightening may be necessary if inflationary pressures continue. Analysts viewed the rate hike as a way for the bank to regain credibility and get ahead of inflationary pressures, but there are concerns about the impact on households and the economy.
US home prices fall by largest amount annually since December 2011 (2 min read)

US home prices experienced the largest annual decline in over a decade, with the median existing-home price falling 3.1% to $396,100 compared to last year. Sales of existing homes rose slightly by 0.2% from April to May but were down 20.4% annually. The biggest factor influencing home sales was mortgage rates which remain volatile in the range of 6.09% to 6.79%. Nearly one-third of the homes sold in May were above the list price due to the lack of inventory, which is also another factor that affects affordability.
Business & Stocks
Nvidia AI Chips Getting Sold In China's Underground Market Amid US Sanctions (4 min read)

Despite the US sanctions, an underground market has emerged in Shenzhen China where high-end Nvidia AI chips can be discreetly purchased. The chips, particularly Nvidia's A100 artificial intelligence chips, are in high demand due to the booming AI industry. Vendors in Hong Kong and mainland China are able to procure these chips through various means, such as excess stock or importing through companies incorporated in other countries. While the quantities are limited, the purchases help satisfy the demand for high-end chips in China.
FTC sues Amazon, alleging it tricked consumers into signing up for Prime (2 min read)

The Federal Trade Commission (FTC) has filed a lawsuit against Amazon, accusing the company of using deceptive user interface designs to trick consumers into signing up for its Prime subscription service and making it difficult for them to cancel their memberships. The lawsuit alleges that Amazon employed manipulative tactics known as "dark patterns" and created a manipulative cancellation process to deter users from canceling Prime. Amazon denies the claims and reassured customers have clear options to enroll or cancel their service.
Funds & ETFs
Digital Goldrush Is on After BlackRock’s Bitcoin ETF Move (2 min read)

Following BlackRock's filing to launch a spot bitcoin ETF, several firms including Invesco, WisdomTree, and Bitwise have also filed with the SEC to launch their own spot bitcoin ETFs. The SEC has previously denied such ETFs due to the crypto industry's lack of monitoring and susceptibility to fraud. A spot bitcoin ETF would directly own bitcoin, unlike current bitcoin ETFs that invest in futures contracts. While the recent filings indicate companies' interest, there is no indication that the SEC has changed its stance on approving a spot bitcoin ETF.
Nvidia Now Tops Tesla as ESG Funds Ratchet Up Exposure to AI (4 min read)

Nvidia has gained popularity among ESG funds, attracting over 100 new funds in recent weeks, making it one of the most favored stocks among asset managers who integrate environmental, social, and governance metrics into their strategies. More than 1,400 ESG funds directly hold Nvidia shares, with an additional 500 indirectly exposed. The company has become more popular than traditional green powerhouses like Vestas Wind Systems and Tesla among ESG investors. Tech, particularly AI, has been driving outperformance for ESG funds in 2023.
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