Syz the moment

Source: Brian De Mint

Tesla Inc. investors voted for Chief Executive Officer Elon Musk’s compensation package and moving the company’s state of incorporation to Texas, signaling confidence in his leadership despite slumping sales and a precipitous drop in the stock price. The electric-car maker announced the results at its annual meeting Thursday in Austin without disclosing the breakdown of votes. Musk had foreshadowed the outcome the night before in a post on X, saying both resolutions were “passing by wide margins.” The pay vote is only advisory and doesn’t guarantee Musk will get his money. A Delaware judge nullified Musk’s 2018 compensation plan in January, and Tesla is expected to appeal. If that appeal fails, moving the company’s legal home to Texas would allow the board to revive the pay package in a new state with potentially more favorable courts. Source: Bloomberg

Rubner: "Global equity funds have seen $190.5 Billion inflows YTD. This is the second largest equity inflows on record (only 2021 saw more inflows). This is +$1.7B worth of equity inflows per day." Source: The Market Ear

The central bank left short-term rates unchanged at between 0% to 0.1% at the end of its two-day policy meeting, as widely expected. But notably, the bank said in its statement it could reduce its purchases of Japanese government bonds after the next monetary policy meeting, scheduled for July 30 and 31. QE tapering in Japan has a lot more potency than in the U.S., sheerly because of how much of the bond market the BOJ owns. Following the BOJ decision, the Japanese yen weakened 0.5% to 157.8 against the U.S. dollar, while the yield on 10-year JGB fell 44 basis points to 0.924. So absolutely no panic... Source: Bloomberg, CNBC

This is 12 percentage points higher than at the beginning of 2023. The weight of these 7 stocks in the index has almost DOUBLED in just over 4 years. This comes as the 3 largest stocks, Apple, Microsoft, and Nvidia, are all officially worth over $3 trillion. Meanwhile, the technology sector just hit another all-time high relative to the S&P 500. Tech is becoming even more dominant. Source: Bloomberg, The Kobeissi Letter

Source: Ralph Janík

Source: EricOfRivia⚡️🍕

In the era of hybrid work, with employees splitting their time between two days in the office and three days working remotely, employers have ramped up using productivity monitoring software. However, employees have outsmarted some of these surveillance programs with gadgets like mouse movers, otherwise known as 'mouse jigglers.' The popularity of mouse jigglers has exploded on TikTok in the last several years. Firms have been cracking down on these devices following a surge in fake work activity, which has weighed on productivity. Wells Fargo, in a new disclosure with the Financial Industry Regulatory Authority, first reported by Bloomberg, had terminated over a dozen employees in its wealth- and investment-management unit for their use of mouse jigglers. They were "discharged after review of allegations involving simulation of keyboard activity creating the impression of active work," according to the disclosures. On Amazon, some of the top-ranking mouse jigglers sold have thousands of reviews and range in price between $6 and $25. Google Trends shows a massive search spike for these devices in 2022. The bank's Finra disclosure does not indicate whether the employees were fired for faking work at home or in the office. It's unclear how the employees were caught, and if the bank opted to use other forms of surveillance to catch the employees faking work. Major banks, including JPMorgan Chase and Goldman Sachs, were among the most aggressive institutions in ordering workers back to the office after the government enforced lockdowns. The jiggler is just proof of the unintended consequences of remote working. Instead of employers micromanaging their workforce with mass surveillance, perhaps implementing baseline objectives for them... Source: www.zerohedge.com