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Friday, June 28

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: Copper has experienced a move of +1.7%. Platinum has experienced a move of +2.3%.

US economic data releases show personal spending increased by 0.2% in May, slightly below expectations but reflecting significant rises in services and goods expenditures; core PCE inflation edged up just 0.1%, the smallest increase since November 2023, while overall PCE prices remained unchanged from April to May.

Recent market movements are influenced by several key events: European economic data shows mixed results with UK GDP exceeding expectations at +0.7%, whereas French CPI and German unemployment figures indicate ongoing challenges.

In Japan, rising inflation concerns have led to speculation about potential changes in interest rates affecting USD/JPY dynamics significantly alongside anticipated Federal Reserve speeches impacting currency markets globally.

Amidst consumer confidence reports influencing trading sentiment worldwide during this period; political developments such as a recent U.S Presidential debate initially strengthened the USD before stabilizing later despite robust global equity markets.

IWM [+1.0%]
The iShares Russell 2000 ETF experienced significant movements among its holdings, with stocks like ORA, SMCI, SPXC, INFN, and PTGX making notable contributions. Additionally, SMCI's potential inclusion in the Nasdaq 100 index due to positive sentiment about its AI server manufacturing business contrasts with Walgreens' financial struggles.INFN's acquisition by Nokia aims to enhance profitability in optical networks post-close. Furthermore, PTGX joining the S&P SmallCap 600 index after replacing Encore Wire is expected to attract more investors. This coincided with market concentration concerns highlighted by Cathie Wood suggesting a shift towards favoring small and mid-cap stocks over mega-caps for broader productivity gains from AI innovation beyond select companies.

Copper (XHG/USD) [+1.7%]
The increase in LME Copper Inventory and the decrease in LME Aluminum Inventory may affect copper prices. Changes hint at shifts in supply-demand dynamics, impacting market sentiment towards industrial metals like copper. This news could lead to speculation about future pricing trends based on perceived changes in metal inventories.

NKE |-15.2%|-18.4B
Nike Inc reported higher than expected EPS but lower revenues in Q4 earnings. Analysts are concerned about future revenue and supply challenges, leading to lowered price targets despite beat on EPS estimates. The CFO expects margin expansion through pricing strategies amidst macro uncertainty impacting demand strength, especially in China market struggles with consumer shifts towards lifestyle brands like ON and HOKA over traditional athletic wear.

INFN |+19.6%|+288.6M
Nokia's acquisition of Infinera Corp for $2.3B at a premium is driving significant stock movement, aiming to enhance scale and boost profitability in optical networks business with synergies expected by 2027. The deal aligns with Nokia's goal of achieving double-digit margins in its optical networks segment while expanding into internet content provider segments like webscale markets within North America. Infinera seems to be outperforming sector peers since the previous close, coinciding with the broader market move.

RCKT |-13.6%|-228.2M
Rocket Pharmaceuticals Inc experienced a significant drop in stock price following an FDA Complete Response Letter for their gene therapy KRESLADI. The letter requested additional information, leading to a trading halt. Despite positive Phase 1/2 study results showing efficacy and tolerability in LAD-I patients, this regulatory setback has generated pessimism among investors about Rocket Pharma's future prospects.

DJT |+8.1% | +569.3M
Digital World Acquisition Corp's stock surged post-presidential debate, reflecting investor sentiment favoring Trump. The market response highlighted the strong link between political events and DJT's performance, overshadowing its media business fundamentals. Despite initial gains tied to Biden's debate showing, DJT experienced notable volatility on Robinhood platform during the same period.

COSM | +64.7% | +12.3M
Cosmos Health Inc experienced a significant stock increase after securing an exclusive distribution agreement with Pharmalink for its Sky Premium Life products in the UAE. The partnership, marked by an initial order of 130,000 units and expectations of substantial future orders, positions Cosmos Health well to expand market share leveraging Pharmalink's established presence in the UAE healthcare sector. Additionally, social media buzz highlights this strategic move as part of Cosmos Health's broader growth strategy within the region.

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