Apple's stock rose just above $189 on Wednesday, hitting a new record high and pushing the tech giant closer to becoming the first
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2023-06-29 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,376.86 -0.04%
Nasdaq 13,591.75 +0.27%
Dow 33,852.66 -0.22%
10-Year 3.714% -0.054%
Oil 69.13 +2.11%
Gold 1,918.10 -0.30%

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

Markets & Economy
4 indicators suggest US economy is headed for the 'promised land' of expansion (3 min read)

Despite many economists predicting a recession, a market veteran believes the US economy is heading toward a rolling expansion instead. He pointed to four improving economic indicators: a recovering housing market, increased activity in the manufacturing sector, improving consumer confidence, and signs of disinflation. Although the current US market is nowhere near “cheap” from a valuation perspective, the improving economic indicators do support a promising outlook.
Canada's May inflation rate slows, weakening case for a July rate hike (2 min read)

Canada's annual inflation rate in May was 3.4%, the slowest in two years, reducing the likelihood of another rate hike next month. The yearly decline in prices was in line with the Bank of Canada’s anticipation of inflation cooling to around 3% by mid-year. The central bank recently raised rates to 4.75% but may now reconsider further increases. Money markets priced a 59% chance of a rate hike in July after May’s inflation data came out. However, they still see a 100% chance of a hike in September as the market awaits economic growth and job figures data.
Business & Stocks
Apple stock hits record high, now on brink of a $3 trillion valuation (2 min read)

Apple's stock rose just above $189 on Wednesday, hitting a new record high and pushing the tech giant closer to becoming the first public company to reach the $3 trillion market cap milestone. Year-to-date, shares of Apple have jumped over 45%, fueled by the company’s strong performance in 2023 and the surging investor interest in artificial intelligence. Apple's current market value exceeds Microsoft by $500 billion, and is among the top five most valuable companies, alongside oil giant Aramco, Google parent Alphabet, and Amazon.
Chip stocks drop as U.S. mulls fresh curbs on AI access to China (2 min read)

Shares of US chipmakers, including Nvidia, Advanced Micro Devices, and Intel, fell after reports that the Biden administration plans to impose new restrictions on AI chip exports to China. The potential curbs would impact companies heavily reliant on China for a significant portion of their revenue. The Philadelphia chip index, which tracks the 30 largest US semiconductor companies, dropped 0.9% in response. While the new restrictions could have implications for chipmakers' sales, the immediate material impact is not expected to be significant.
Funds & ETFs
Volatility ETFs: Everything You Need to Know (6 min read)

Volatility ETFs, also known as VIX ETFs, offer exposure to market volatility and can be used for hedging, trading, or diversification. These ETFs typically track volatility indexes or invest in instruments tied to volatility, such as futures contracts or options. However, they come with unique risks that investors should be aware of. This article from discusses these ETFs in-depth, including how to evaluate them, the pros and cons, and the current top volatility ETFs.
Spot Bitcoin ETF Appears Increasingly Likely, Analysts Say (2 min read)

The likelihood of a spot Bitcoin ETF being approved has increased to about 70%, according to Bloomberg analysts. Earlier this year, the odds of a spot Bitcoin ETF approval were only estimated at 40%, but recent developments, including major asset managers like BlackRock or Fidelity also filing an application, have raised expectations. Grayscale Investments' lawsuit against the SEC may also impact the outcome. Additionally, the SEC's approval of a leveraged bitcoin futures ETF suggests a potentially more permissive stance on crypto ETFs.
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