Pencils down, it’s time for lunch. Here’s what you missed this morning:

• 🟩 | Market Snapshot: All three major indexes made marginal gains this morning as investors wait for fresh inflation data with Friday’s release of the May personal consumption expenditure price index.

• 🗞️ | In focus: Last week, applications for a mortgage to purchase a home increased by 1% but was 13% lower compared to the same period last year. The average interest rate for a 30-year-fixed mortgage changed even less last week, decreasing by just .01% to 6.93%. All of this alludes to a slow summer housing market.

• 🤖 | Noteworthy: Morgan Stanely wealth advisors are about to get a boost from “Debrief,” an OpenAI-powered assistant that can take over thousands of hours of labor for the bank’s financial advisors.

• 💥 | The Midday Trade: India’s Infrastructure is Booming. Scroll down for more.

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STREET STATS

MORNING MOVERS

FedEx, Rivian, & Aptiv

FDX: Shares of FedEx hit a 3-year high after reporting Q4 earnings that surpassed estimates (Forbes)

RIVN: Rivian Automotive’s stock rocketed higher on news that Volkswagen plans to invest up to $5 billion in the company (NYT)

GRND: Shares of LGBTQ dating app Grindr rose after the company raised its full-year revenue guidance ahead of its investor day (Benzinga)

VSTO: Outdoor sports and recreation company Vista Outdoor saw shares rise after MNC Capital increased its acquisition offer to $42 per share (BW)

APTV: Automotive technology supplier Aptiv saw shares tumble following a downgrade from Piper Sandler to Underweight from Neutral (Investing.com)

TOP CALLS

Datadog: Wedbush Reiterates Outperform on Datadog, Maintains $155 Price Target (Trade It)

Sarepta Therapeutics: Citigroup Downgrades Sarepta Therapeutics to Neutral, Raises Price Target to $176 (Trade It)

Tesla: Stifel Initiates Coverage On Tesla with Buy Rating, Announces Price Target of $265 (Trade It)

Monday.com: Barclays Initiates Coverage On Monday.Com with Overweight Rating, Announces Price Target of $275 (Trade It)

Vista Outdoor: Roth MKM Reiterates Buy on Vista Outdoor, Maintains $40 Price Target (Trade It)

Papa John’s: Stifel Maintains Hold on Papa John's International, Lowers Price Target to $45 (Trade It)

THE MIDDAY TRADE

India’s Infrastructure is Booming

Investing in Infrastructure

India is investing heavily in its infrastructure, and as a result, the sector’s funds and individual stocks are enjoying handsome returns. 

Causeway Capital Management’s Arjun Jayaraman is bullish on India, stating that it is a “very strong growth story.” However, he believes investors should key in on the Indian market’s small and mid-cap stocks right now to increase beta and growth potential.

Stock to Watch

According to Jayaraman, REC (RECLTD) is a good bet for investors. The company provides loans to power and various other utility infrastructure entities. 

Jayaraman believes that REC is a cheap entry point into the Indian infrastructure world when compared to the higher prices of other investment options.

Risk and Reward

On top of being cheap, the analyst also thinks that it carries relatively low risk due to it being a state-owned company. Because of this, the money it loans out is essentially guaranteed by the Indian government. 

Investors can access Indian stocks either through an international broker or ETFs that hold the stocks. Currently, REC consists of 4.5% of the Nifty India Financials ETF (INDF). 

Jayaraman also cited its strong dividend yield and PE multiple as reasons to be bullish. The stock is up 22% YTD and a whopping 232% over the past 12 months. India has been booming, and this company could provide international investors with a significant upside.

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SURVEY THE STREET

In May, YouTube accounted for 9.7% of all viewership on connected and traditional TVs in the US. Netflix ranked second, claiming 7.6% of viewership.

Among streaming platforms, YouTube controls 25% of the market share.

YouTube’s growing market dominance has media executives on high alert. They now view the platform as an existential threat to the entertainment industry — a stark contrast to the original idea that YouTube would be a companion platform to streaming and cable services.

Plus, Yesterday’s Poll + Results:

Will the Fed Hike or Cut Rates in 2024?

🟩🟩🟩🟩🟩🟩 Cut ✂️

🟨⬜️⬜️⬜️⬜️⬜️ Hike 🧗