**__ Diplomatt’s Daily Digest – June 8, 2022__**
Good morning and happy Wednesday, everyone! Stock futures are in the red after two consecutive days of gains on Wall Street. The consumer price index reading for May comes out on Friday and will be a good indicator of what is to come. Many believe the print will be crucial for the path of Fed policy and whether the central bank will keep raising rates in 50-basis-point increments. The S&P 500 is off nearly 14% from its all-time high reached in January. Lastly, A slew of retailers and consumer companies will report quarterly earnings Wednesday, including Campbell Soup, Ollie’s Bargain Outlet, and Five Below. As the market teeters between a bull and bear market, I appreciate you all staying on top of market news by following me.

Quote of the week: „If you really look closely, most overnight successes took a long time.“ – Steve Jobs

**General News:**
• Apple is turning into a fintech company announcing several new features for the iPhone’s Wallet app directly compete with products from other fintech companies such as Affirm and PayPal.
• Analysts are reporting Affirm is set to drop another 40% based on the Apple news.
• Novavax’s two-dose Covid-19 vaccine for adults ages 18 and older cleared a key step on the path toward Food and Drug Administration authorization.
• Target warned investors that its profits will take a short-term hit, as it marks down unwanted items, cancels orders, and takes aggressive steps to get rid of extra inventory.
• Elon Musk reportedly told SpaceX employees the company isn’t likely to take its Starlink satellite internet business public until 2025 or later.
• Shares of electric vehicle maker BYD rose rapidly after a senior executive said that the company is set to supply batteries to Tesla “very soon.”
• For the next six months, thousands of people across the U.K. will be working 32 hours a week in the largest four-day workweek pilot the world has ever seen.

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