Date

**__ Diplomatt’s Daily Digest – June 1, 2022__**
Good morning, happy Wednesday, and happy June! (AKA my birthday month!) Stock futures were mostly edging higher as Wall Street turned the page to another month following a volatile May. For May, the Dow and S&P 500 eked out small gains, after last week’s strong rally chipped away at long-losing streaks for the indexes. Those moves came as the Federal Reserve hiked rates by 50 basis points to quell an inflationary surge not seen in decades. Meanwhile, traders pored over a raft of mixed quarterly results that included some big misses from Big Tech names such as Netflix. With the first-quarter earnings season nearly complete and the Fed having strongly signaled its rate hike intentions for its next two meetings, stocks could struggle for direction over the summer. On tap for today, investors will get an updated look at manufacturing and construction spending data. The first day of June also marks the start of the Fed’s plan to reduce its balance sheet, which ballooned to nearly $9 trillion during the Covid pandemic.

Quote of the week: „Do not be embarrassed by your failures, learn from them and start again.“ – Richard Branson

**General News:**
• President Biden announced he would “provide the Ukrainians with more advanced rocket systems and munitions that will enable them to more precisely strike key targets on the battlefield in Ukraine.” I don’t know about you all, but this conflict really needs to end soon.
• The Facebook-parent company announced that it will change its stock ticker symbol to “META” prior to the market open on June 9.
• Mortgage demand slipped to the lowest level since December 2018, even after rates declined slightly last week.
• Victoria’s Secret reported a quarterly profit that topped Wall Street expectations on Tuesday, but warned that it could continue to face supply chain and sales challenges for the remainder of the year.
• Elon Musk has told employees to return to the office or leave Telsa under the subject line of the email stating: „Remote work is no longer acceptable.“

**StockTwits Top 10 Trending Tickers of the Day:**
1. AMZN
2. VTM
3. TXMD
4. SAVA
5. DASH
6. CPRI
7. NIO
8. CCXI
9. LI
10. CONN

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