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Wednesday, June 11

Noteworthy macro moves today: Oil (WTI) +2.5%.

Recent market movements are significantly influenced by the latest U.S. inflation data, which showed a slight increase in consumer prices for May 2025. The Consumer Price Index (CPI) rose by 0.1% month-over-month and recorded an annual rate of 2.4%, slightly below expectations of 2.5%. This has implications for Federal Reserve monetary policy as markets await further guidance on interest rates.

Additionally, developments from the ongoing trade talks between the United States and China have created cautious optimism among investors following a framework agreement aimed at easing tensions over tariffs and export controls on key goods like rare earth materials that was reached during discussions in London earlier this week.

In commodities trading, oil prices have seen upward momentum with WTI crude rising to approximately $66 per barrel amid supply concerns coupled with positive sentiment regarding demand recovery post-trade negotiations; meanwhile, gold remains stable but is under pressure due to reduced safe-haven demand linked to these geopolitical developments.

SPDR Gold Shares (GLD) [+0.9%]
SPDR Gold Shares (GLD) has experienced a price increase of 0.9% since Tuesday. Recent Consumer Price Index (CPI) data for May revealed a month-over-month rise of 0.1%, which was below the expected 0.2%. The annual inflation rate reached 2.4%, slightly under the anticipated 2.5%. Core inflation also increased by 0.1%, falling short of the forecasted 0.3%. These inflation figures, released approximately 24 hours ago, may influence market sentiment regarding gold as a hedge against inflation. Additionally, gold prices have risen today, driven by heightened demand for safe-haven assets amid ongoing geopolitical tensions related to conflicts in Ukraine and Gaza. The US 2Y Treasury Bond has moved up, reflecting broader market sentiment, which historically correlates with gold prices.

iShares Russell 2000 ETF (IWM) [+1.5%]
The iShares Russell 2000 ETF (IWM) experienced a notable premarket rise of 1.5%, following the release of U.S. Consumer Price Index (CPI) data, which indicated a month-over-month increase of 0.1% and an annual growth rate of 2.4%. This CPI performance fell short of expectations, contributing to a positive environment for small-cap stocks. Social media discussions highlighted a potential "head and shoulders" pattern for IWM, with targets set at $248, suggesting a possible new all-time high. Additionally, small-cap stocks represented by IWM are reportedly just 0.3% away from recovering above the 200-day moving average. Among the ETF's holdings, significant contributors included SMCI, INSM, and PLAY, with analysts raising price targets for Insmed due to a positive outlook, while Dave & Buster's reported lower-than-expected earnings but noted sequential sales improvement since February.

INSM | +2.5% | +384.6M
Insmed Inc | Biotechnology
Insmed Inc (INSM) has seen a notable increase in its stock price, rising by 2.5% since Tuesday. Analysts have responded positively, with HC Wainwright & Co. maintaining a Buy rating and raising its price target from 90 to 120. Wells Fargo's Tiago Fauth increased the price target to 119 from 107 while retaining an Overweight rating. Additionally, Mizuho's Graig Suvannavejh raised the target from 96 to 110, maintaining an Outperform rating. This consensus reflects a positive outlook for Insmed, particularly following favorable results from a clinical trial of its drug targeting pulmonary arterial hypertension. Social media discussions have highlighted the trial's success and its impact on the stock, noting that short interest reached a 52-week high prior to the data release, suggesting increased market activity around INSM.

CHWY | -7.7% | -1.4B
Chewy Inc | Other Specialty Retail
Chewy Inc. reported its Q1 2025 financial results, posting an adjusted EPS of 0.35, slightly above the consensus estimate of 0.34, and revenue of 3.12 billion, exceeding expectations of 3.08 billion. Despite this earnings beat, net income fell to 62.4 million from 66.9 million a year earlier. For Q2, the company guided adjusted EPS between 0.30 and 0.35, below the analyst estimate of 0.31, with projected revenue of 3.06 billion to 3.09 billion compared to a consensus of 3.03 billion. For the full fiscal year 2025, Chewy anticipates net sales between 12.30 billion and 12.45 billion, slightly below the consensus estimate of 12.54 billion. Following the results announcement, the stock experienced a decline of approximately 6% in premarket trading.

TSLA | +2.3% | +24.2B
Tesla Inc | Automobile Manufacturers
Tesla Inc shares have increased, aligning with a broader rise in the Automobile Manufacturers sector. Elon Musk recently expressed regret over his social media comments regarding President Trump, which may have contributed to easing tensions. Additionally, Musk announced that Tesla's first vehicle capable of autonomous driving from the factory to a customer's home is scheduled for June 28, with public Robotaxi rides tentatively set for June 22. Recent social media discussions have highlighted excitement surrounding the upcoming Robotaxi service and noted a recovery in Tesla's stock price after a period of volatility. Notably, Tesla experienced three days of above-average trading volume, and traders invested $651 million into a leveraged ETF for Tesla last week, marking a significant inflow.

GME | -4.5% | -394.8M
GameStop Corp | Computer & Electronics Retail
GameStop Corp reported its first-quarter financial results, revealing an adjusted EPS of $0.17, which exceeded the consensus estimate of $0.04. However, revenue fell significantly, declining 17% year-over-year to $732.4 million, missing analyst expectations of $754.24 million. The company experienced an operating loss of $10.8 million, which included $35.5 million in impairment charges related to an international restructuring effort. Despite a notable cash position of approximately $6.4 billion at quarter-end and the purchase of 4,710 Bitcoin valued at around $512 million, the stock faced downward pressure following the earnings announcement. The Computer & Electronics Retail sub-sector also moved lower, contributing to GameStop's price decline of 2.6% since Tuesday.

GRAB | +2.9% | +549.1M
Grab Holdings Ltd | Passenger Ground Transportation
Grab Holdings Ltd has successfully completed an upsized offering of $1.5 billion in 0% convertible notes, priced at an initial conversion price of $6.55, reflecting a 40% premium over the last closing price. The proceeds are earmarked for general corporate purposes and to enhance strategic flexibility, including potential acquisitions. Concurrently, Grab intends to repurchase approximately $273.5 million of its shares through privately negotiated transactions. Following this announcement, Grab's shares rose in premarket trading. Social media discussions highlighted the upsized notes offering and speculated on potential acquisitions, including GOTO and FoodPanda, which may influence market sentiment. Additionally, recent U.S. inflation data showed a slight increase, contributing to Grab's historical volatility in response to macroeconomic factors. The company's market capitalization is approximately $19 billion, with a majority of analysts rating the stock as "strong buy" or "buy."

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