BREAKING: Nancy Pelosi has told US House Democrats that President Biden can be "persuaded fairly soon" to exit the 2024 presidential race.
New reports from Fox Business state that President Biden may drop out as soon as tomorrow. Source: Politico, The Kobeissi Letter
JUST IN 🚨: China dumped an ALL-TIME HIGH $42.6 billion worth of U.S. Securities in May
Source: Barchart
Meanwhile: The tech sector now represents 44% of the S&P 500 index when including Amazon, Alphabet, and Meta.
The pendulum has probably swung too far in one direction, and investors are running out of ideas to justify these historical distortions. Source: Tavi Costa, Bloomberg
BREAKING 🚨: Hedge Funds
Long/Short Hedge Funds suffered their worst day yesterday since the 4th quarter of 2022. Source: Barchart
Netflix, $NFLX, officially kicks off big tech earnings season with a MASSIVE swing in price.
The stock just swung over 10% in a matter of minutes after reporting results. The company reported Q2 2024 EPS of $4.88, above expectations of $4.76. They also added 8.05 million subscribers, crushing expectations of 4.5 million. Big tech earnings season has officially begun. Source: The Kobeissi Letter
Meb Faber >>> Investing quote of the day via Jason Zweig
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The US dollar index $DXY and the 10-year yield $TNX are both breaking down.
Source: Steven Strazza, All Star Charts
Over the last few months, week-ends have been full of surprise
Can we get a new one this week? Obama says President Biden "needs to seriously consider the viability of his candidacy." Top Democrats have said Biden may drop out of the 2024 election AS SOON AS THIS WEEK-END. Odds of Biden winning election are plummeting again (note that the fact he is COVID-positive doesn't help either) Source: The Kobeissi Letter
