NEWS
Nvidia Claims The World’s #1 Spot

Semiconductor giant Nvidia continues to dance upon the graves of its haters/doubters, topping a $3.30 trillion market cap and becoming the world’s largest publicly traded entity. Meanwhile, things remain mixed under the surface as the major indexes trudge higher. Let’s see what you missed. 👀

Today's issue covers the stock market’s new head honcho, the tale of two troubled stocks, and silver regaining its shine. 📰

Here's today's heat map:

8 of 11 sectors closed green. Financials (+0.63%) led, & communication services (-0.59%) lagged. 💚

The Reserve Bank of Australia kept rates unchanged at 4.35%, with risks to its November rate cut forecast given inflation remains above its 2%-3% target range. Meanwhile, several U.S. Fed speakers reiterated the need for patience to ensure inflation is sufficiently on its way toward 2%. ⏯️

U.S. retail sales rose 0.10% MoM in May, below the 0.20% estimate. Excluding auto sales, they were down 0.10% as the consumer continued to soften alongside the labor market. Business inventories were up 0.30% MoM in May, rebounding from an unexpected decline in April. 🛍️

U.S. industrial production rose its most in 10 months during May, up 0.90% vs. expectations of 0.40%. Capacity utilization rose more than expected to 78.70%, with motor vehicle output and utilities driving the gains. 🏭

Lennar shares fell 5% despite reporting stronger-than-expected second-quarter results. Analysts say quarterly guidance was an issue, with new orders projected to decline QoQ as housing affordability remains challenged. 🏘️

Utility giant NextEra Energy fell as much as 5% intraday on the news it will sell $2 billion worth of equity units at $50 each (along with other preferences). Rocket Lab USA rose 13% after signing a 10-launch deal with Japanese Earth observation company Synspective. 💸

E.l.f. Beauty jumped 9% after Canaccord Genuity raised its price target to $250, citing the cosmetics retailer being positioned for strong growth. 💄

Six Flags and Cedar Fair both rose mid-single-digits on news that their merger is expected to be completed on July 1st. Six Flags will pay a special dividend of $1.53 per share following the deal’s closure. 🎢

Energy drink maker Celsius Holdings finally caught a bid after Piper Sandler reiterated its overweight rating, with its price target implying a 50% upside. 🫨

Other active symbols: $HOLO (-19.96%), $PLTR (+3.20%), $CRKN (-13.46%), $MU (+3.80%), $AVTE (-14.54%), and $DELL (+5.01%). 🔥

Here are the closing prices: 

STOCKS
Nvidia Goes Full-On Meme Stonk

The market has been focused on meme stocks like GameStop, AMC, and others…but maybe Nvidia’s social (and business) momentum should’ve been what we were all paying attention to instead. 😵‍💫

Nonetheless, the semiconductor giant soared to fresh all-time highs, passing Apple on its way to claiming the #1 stock spot by market cap. 🫅

The trend in this stock has only gotten steeper, and more and more folks are raising concerns about its fundamentals meeting sky-high expectations in the future. Still, like meme stocks, momentum and FOMO drive the short-term price action while the business takes a back seat.

There’s not much more to say here than congratulations to all the shareholders who were along for any bit of this historic run. 🥳

Also, nothing changes sentiment like price…just ask Jim Cramer, who people were dunking on a bit today for his “entertaining” takes and timing. 😂