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MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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On Monday, private equity giant KKR jumped 12% after S&P Dow Jones Indices announced the company would be joining the index on Friday, along with CrowdStrike and GoDaddy, which saw their stocks jump 9% and 2%, respectively. The additions will be incorporated June 24.

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Stat: 99.4%. That’s the likelihood that interest rates will stay the same after the Fed’s meeting, according to the CME Fedwatch Tool. So it looks to be more “hurry up and wait” for interest rates to start coming down. 🫤 (Business Insider)

Quote: “It’s hard to think of a time when the US economy has diverged so fundamentally from its peers.”—Mark Zandi, chief economist at Moody’s Analytics, on the strength of the US economy compared to the weakness of other major economies. The US economy is continuing to grow while economies like Germany, Japan, and Canada are falling into recession. (The Atlantic)

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Here’s where the major benchmarks ended:

• The S&P 500 index rose 45.71 points (0.9%) to 5,421.03; the Dow Jones Industrial Average  lost 35.21 points (0.1%) to 38,712.21; the NASDAQ Composite gained 264.89 points (1.5%) to 17,608.44.
• The 10-year Treasury note yield (TNX) fell more than 7 basis points to 4.326%.
• The CBOE Volatility Index^® (VIX) declined 0.81 to  12.04.

What’s up

• Oracle shot up 13.25% to new all-time highs after announcing so-so earnings but highlighting new deals with Microsoft, Google, and OpenAI.
• Apple rose 2.86% today, continuing its surge higher after WWDC announcements highlighting its AI game plan. The company briefly surpassed Microsoft as the largest publicly traded company in the US by market cap.
• Builders FirstSource rose 5.35% on investor hopes of interest rate cuts coming sooner rather than later, which would heat up the housing market and help the building materials supplier’s business. PulteGroup rose 4.01% for the same reasons.
• Casey’s General Stores rose 16.72% to a new all-time high after the company reported shockingly strong fourth-quarter results.
• Rentokil Initial rose 13.71% after activist investor Nelson Peltz announced a large position in the British pest control company.

What’s down

• GameStop fell 16.50% after short-seller Citron announced it had abandoned its short position in the stock. The company also raised over $2 billion in a stock sale that capitalized on the latest meme madness.
• Rubrik dropped 8.91% after the company announced its first quarterly earnings since going public. The weird part? They beat analyst estimates.
• Vera Bradley sank 17.16% after a poor first-quarter earnings report revealed a surprise loss.
• Exelon fell 4.03% after Maryland regulators largely rejected a proposal to hike customer rates.

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