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Tuesday, June 10

Noteworthy macro moves today: Ethereum +3.2%. 

Current market dynamics are heavily influenced by ongoing trade negotiations between the United States and China, which resumed today in London. U.S. Commerce Secretary Howard Lutnick has indicated that discussions are progressing well, fostering optimism among investors about potential concessions from both sides regarding tariffs and export controls.

In economic data releases, the UK reported a slight increase in unemployment to 4.6% for April alongside softer wage growth figures; average earnings rose only 5.3%, below expectations of 5.5%. This news contributed to mixed trading on British stocks as markets reacted cautiously amid concerns over rising employment costs impacting consumer spending.

Additionally, traders await tomorrow's release of the U.S Consumer Price Index (CPI) report for May, with forecasts suggesting an uptick in inflation rates—expected at around 2.5% year-on-year—which could influence Federal Reserve monetary policy decisions moving forward and impact currency valuations across major pairs like GBP/USD and EUR/USD.

GBP/USD (GBP/USD) [-0.4%]
The GBP/USD is currently trading lower, reflecting a decline of approximately 0.4%. The UK unemployment rate has risen to 4.6%, its highest level since June 2021, which has led to speculation about potential interest rate cuts by the Bank of England. This weak labor market data has contributed to the downward pressure on the currency pair. Additionally, recent economic indicators reveal that Average Earnings excluding bonuses increased by 5.2%, below expectations, while Average Earnings including bonuses dropped to 5.3%. Furthermore, the Claimant Count Change for May reported a significant rise of 33.1K, far exceeding the expected increase of 9.5K. Concurrently, the EUR/USD has also decreased slightly, suggesting a broader market sentiment that may be influencing GBP/USD's movement.

Ethereum (ETH/USD) [+3.0%]
Ethereum (ETH) is currently experiencing a significant price increase of over 3%. This surge is attributed to institutional accumulation and recent regulatory clarity from joint statements by the U.S. SEC and CFTC. Additionally, ongoing trade discussions between the U.S. and China in London have fostered optimism regarding potential easing of technology export restrictions, positively influencing market sentiment for digital assets like ETH. Recent social media discussions indicate that ETH ETFs saw net inflows of approximately $52.7 million on June 9, alongside a purchase of over 21,000 ETH. Since May 16, nearly $1 billion in ETH ETF inflows have been reported. Furthermore, Siebert Financial has received SEC approval to raise up to $100 million for cryptocurrency investments, including ETH. Currently, ETH is testing its 200-day moving average and is seen as needing to break above $2,800 for further upward momentum.

INSM | +24.4% | +3.5B
Insmed Inc | Biotechnology
Insmed Inc. has announced positive topline results from its Phase 2b study of treprostinil palmitil inhalation powder (TPIP), which demonstrated a 35% placebo-adjusted reduction in pulmonary vascular resistance, alongside a 35.5-meter improvement in six-minute walk distance. These results met both primary and secondary efficacy endpoints. The study also reported a 60% reduction in N-terminal pro b-type natriuretic peptide concentrations, indicating significant therapeutic benefits. Insmed plans to engage with the FDA regarding the design of a Phase 3 trial for TPIP, expected to commence by the end of 2025. Following this announcement, Insmed shares experienced a notable premarket increase of approximately 28%. The company is hosting an investor call today at 8:00 AM ET to discuss these findings further.

CASY | +10.5% | +1.9B
Caseys General Stores Inc | Food Retail
Casey's General Stores Inc reported strong fiscal Q4 earnings, with a per-share profit of 2.63, significantly exceeding the analyst estimate of 1.94 and up from 2.34 in the previous year. Revenue reached 3.99 billion, surpassing expectations of 3.93 billion and reflecting a year-over-year increase of 10.9%. Same-store sales increased by 1.7%. The company announced a 14% dividend increase to 0.57 per share, payable on August 15, 2025. Following the earnings release, shares surged approximately 12% in after-hours trading, reaching an all-time high. The positive sentiment was further bolstered by a forward-looking outlook for fiscal year 2026, contributing to the overall bullish sentiment around the stock.

SJM | -7.9% | -862.6M
J M Smucker Co | Packaged Foods & Meats
J. M. Smucker Co. reported fiscal Q4 results, with net sales of $2.14 billion, falling short of the consensus estimate of $2.18 billion and reflecting a year-over-year decline. Adjusted earnings per share were $2.31, exceeding expectations but down significantly from the previous year's figure. The company provided adjusted EPS guidance for fiscal 2026 between $8.50 and $9.50, which is notably below the consensus estimate of $10.27. Furthermore, projected net sales growth has been revised downward to a range of 2% to 4%. CEO Mark Smucker noted ongoing challenges, including high green coffee costs and a substantial drop in sales and profits within the Sweet Baked Snacks segment.

TSLA | +2.3% | +22.7B
Tesla Inc | Automobile Manufacturers
Tesla Inc's stock is experiencing an upward movement, influenced by a broader increase in the Automobile Manufacturers sector. This follows a recovery from recent tensions between Elon Musk and former President Donald Trump, which had previously led to a decline in the stock. Notably, Tesla's Model Y has become the best-selling SUV in China for May, with sales rising significantly. In contrast, the company faces challenges in Europe, where registrations have declined sharply. Additionally, the anticipated launch of Tesla's robotaxi service in Austin is generating attention, although it is accompanied by safety concerns and regulatory scrutiny. Social media discussions reflect a positive sentiment, highlighting Trump's remarks about retaining his Tesla shares and significant retail investment inflows into related funds. Despite these developments, concerns remain regarding Tesla's performance in the Chinese market and ongoing investigations into its self-driving technology.

TSM | +2.4% | +130.9B
Taiwan Semiconductor Manufacturing Co Ltd | Semiconductors
Taiwan Semiconductor Manufacturing Company (TSMC) reported May revenue of NT$320.5 billion, reflecting a year-over-year increase while showing a decline from the previous month. Year-to-date revenue reached NT$1.51 trillion, also indicating significant growth compared to the same period last year. The surge in demand for AI chips has been a notable factor in this revenue performance. Discussions on social media have highlighted these figures, emphasizing the company's substantial contribution to Taiwan's economy, with annualized revenues representing a significant portion of the nation's GDP.

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