Stocks rebounded yesterday after a slow start, with the S&P 500 reaching its 30th record high in 2024. Today, equities, gold, silver, and the dollar are quiet following a disappointing retail sales report for May. However, Treasuries are slightly up.
US markets will be closed tomorrow for the Juneteenth holiday, so there will be no Top Pros’ Top Picks newsletter. Publication will resume on Thursday.
European markets are nervous ahead of the French parliamentary elections, as French companies dominate European bond indices. If Marine Le Pen’s National Rally party wins and implements policies that could worsen France’s debt and deficit situation, it may cause market instability. This could lead to more pressure on US stocks due to selling in Europe. French stocks have already lost $210 billion in value, and the SPDR Euro Stoxx 50 ETF (FEZ) has dropped over 4% in the past month.
Fisker, an Electric Vehicle (EV) maker, filed for Chapter 11 bankruptcy less than four years after going public through a $2.9 billion SPAC deal. The company struggled as its Ocean SUV failed to stand out in the competitive EV market. This mirrors the fate of other EV companies like Lordstown and Electric Last Mile Solutions, which faced declining demand and challenging financial conditions.
McDonald’s Corp. (MCD) recently ended a two-year AI-driven order-taking system test at over 100 locations after many customers complained about incorrect orders. Despite this setback, MCD stated that they gained valuable insights from the program and will continue to explore voice ordering solutions in the future.