- The banking crisis has only led J.P. Morgan Chase, the largest bank in the nation, to get even bigger. JPM now accounts for more than 13% of all bank deposits. Additionally, the bank holds a substantial 21% share of all credit-card spending.
- Investor excitement over artificial intelligence has driven the S&P 500's 9% gain this year. An analysis revealed that excluding 20 AI-related stocks the index would have a -10% return so far in 2023.
- Berkshire Hathaway's $116 billion stake in Apple represents 38% of its public equity holdings, surpassing the market caps of all but 64 stocks in the S&P 500.
- Lumber futures, which surged 545% from April 2020 to May 2021, have now declined by 25% compared to pre-COVID prices. This drop in lumber prices has led to the S&P 500 Homebuilder group's 44% increase over the past year, with the group nearing all-time highs.
WSJ - "America’s Biggest Bank Is Everywhere—and It Isn’t Done Growing"
Reuters - "Wall Street Week Ahead: Artificial intelligence gives real boost to US stock market"
MFS - "Beyond the News"
Economic Calendar
Monday:
St. Louis Fed President James Bullard, San Francisco Fed President Mary Daly, Atlanta Fed President Raphael Bostic Richmond Fed President Tom Barkin speak
Tuesday:
Dallas Fed President Lorie Logan speaks, S&P flash U.S. services PMI (May), S&P flash U.S. manufacturing PMI (May), New home sales (Apr)
Wednesday:
Fed Gov. Christopher Waller speaks, Minutes of Fed's May FOMC meeting
Thursday:
GDP (second reading) (Q1), Initial jobless claims (May), Richmond Fed President Tom Barkin speaks, Pending home sales (Apr)
Friday:
Durable-goods orders (Apr), Durable-goods minus transportation (Apr), Personal income (nominal) (Apr), Personal spending (nominal) (Apr), PCE index (Apr), Core PCE index (Apr), PCE (year-over-year) (Apr), Core PCE (year-over-year), Advanced U.S. trade balance in goods (Apr), Advanced retail inventories (Apr), Advanced wholesale inventories (Apr), Consumer sentiment (final) (May)
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