The S&P 500 has fallen under every single new Fed chair in their first 90 days.
Kevin Warsh chairs his first FOMC meeting today. The historical data goes back nearly a century across 12 Fed chairs. The average drawdown in the first three months of a new Fed chair is -12%. The worst was Alan Greenspan at -33%. The best was Ben Bernanke at -2%. Jerome Powell's first 90 days saw a -7% drawdown. Janet Yellen's saw -4%. Not one single new Fed chair has avoided a drawdown in their first three months. Warsh's 90-day clock starts today. Source: Bull Theory
US tech and tech-related stocks now reflect nearly 60% of the total stock market cap, an all-time RECORD.
At the same time, defensive stocks account for just 15%, an all-time LOW. Not even the 2000 Dot-Com BUBBLE saw such a divergence with tech peaking at ~50% while defensives remained above 20%. Has a new era of equity market performance come, or are defensive stocks going to catch up over the years? Source: Topdown charts, Global Markets Investor @GlobalMktObserv
We've only had three Fed chairs experience their first "Fed Day" with markets open prior to Warsh yesterday.
All three times, the S&P was higher heading into the 2 PM rate decision only to finish in the red on the day. Warsh was no different as all main US equity indices finished in the red after his (rather hawkish) statement yesterday... Source: Bespoke
South Korea's $KOSPI hit a new all-time high today, even as U.S. markets fell after Fed Chair Kevin Warsh hinted at a possible rate hike this year.
KOSPI is up +113% in 2026, adding over ₩3,860,000,000,000,000 ($2.8 TRILLION) in market value. Source: Bull Theory
FLOWMAGEDDON: ETF flows have touched $1 trillion YTD, and it's still June...
To be sure, a touch of this is S&P 500 rebalancing but it is looking pretty good that last year's $1.5T record will be broken. Amazing $DRAM is in top 10 overall. Even tho SpaceX has stolen all the attn DRAM is still top 5 story of year. Source: Bloomberg, Eric Balchunas
SpaceX is now the 6th largest market cap in the world ($2.64T). It is very close to Amazon and even overtook it intraday. Space X is not too far away from #4 Microsoft. What a start...
Source: www.companiesmarketcap.com
SpaceX has agreed to acquire Cursor, the world's fastest growing software startup, for $60 billion in an all stock deal.
Who is Cursor? It is an AI-powered code editor and software development agent that acts as an "AI copilot" for programmers. Founded in 2022 by Anysphere, it features deep integrations with models like GPT-4, Claude, and xAI, allowing users to write, debug, and auto-complete code using natural language instructions Cursor has over 1 million paying customers, more than $2 billion in annualized revenue, and is projected to hit $6 billion by end of 2026. At $60 billion, this is the largest software acquisition in history, paying 20 to 30 times Cursor's current revenue. The deal is subject to regulatory approval and expected to close in Q3 2026. SpaceX now owns the rockets, the satellites, the AI models, the chips, and is about to own the tool every developer on earth uses to write code. Source: Bull Theory
The number of ETFs that held SpaceX went from 4 to 40 to now 120 in a couple days (few billion total).
These are all active ETFs choosing to buy, not indexes (they coming later). Here's a look at the list sorted by new buy, $JEPQ (the 2nd largest active ETF in world) at the top. Looks like a lot of JPM funds bought. Source: Eric Balchunas, Bloomberg
