Happy Saturday, and welcome back to our super skimmable Street Tweets newsletter. Warm up your coffee and kick up your feet because we have five tweets that are super sweet. Okay, enough with the rhyming, let’s get into it. Before we do, however:

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MARKET REVIEW

TL;DR: The S&P 500 and Nasdaq Composite reached new highs on Thursday, buoyed by soft labor market data suggesting potential rate cuts. However, mixed employment reports, including a higher-than-expected May jobs report, tempered optimism.

Economic indicators were mixed, with manufacturing activity contracting and the trade deficit widening, while services PMI showed unexpected growth. Mortgage demand decreased as rates climbed.

NVIDIA's new AI chip propelled its market cap above Apple, while AMD's shares fell despite new chip announcements. Other notable events included Spotify and Warner Bros. Discovery raising subscription prices, Dollar Tree considering a spin-off, HP surpassing earnings estimates, and significant stock movements for GameStop influenced by trader Roaring Kitty.

Click here to read our full market review

MARKET PREVIEW

For the second week In June, the markets will be watching the Federal Reserve’s latest interest rate decision, which will be announced following the Federal Open Market Committee’s (FOMC) meeting from June 11-12. We have the full breakdown including rate cut expectations, notes about the dot plot, and more.

Click here to get ready for the week ahead

To say it’s a bad time to be a bear on Wall Street would be an understatement. Short sellers are on the retreat, as seen in short-selling savants Jim Chanos failing to raise capital and Carson Block launching his first long-only fund.

However, there is one brave short seller still making headlines: Andrew Left. The activist investor bet against GameStop in 2021 and closed out his position at a 100% loss. Despite being burned before, Left is shorting GameStop once again.

There’s a new catalyst for the price of bitcoin — the US presidential election. Standard Chartered’s head of digital assets research, Geoff Kendrick, had this to say:

“As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory.”

That’s because crypto holders, in general, view President Biden as anti-cryptocurrency. His administration dragged its feet when approving Ethereum ETFs, and then Biden vetoed efforts to repeal SAB 121.

On the other side of the spectrum, Trump hosted an event for NFT enthusiasts at Mar-a-Lago, and his campaign now accepts donations in crypto.

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What’s up with ESG?

Environmental, social, and governance (ESG) scores were once beloved by leading asset management firms and government agencies alike to evaluate corporate conduct properly.

Those days may be gone now. Last summer, the Big 3 investors, BlackRock, Vanguard, and State Street, turned against environmental and social shareholder proposals.

This year, it seems like the rest of the investor pool has caught on — clients have withdrawn a net $40 billion from ESG equity funds, marking the first year that flows have trended negative.

The winds of change are blowing

Silicon Valley is now on high alert following a proposed AI bill in California, the state that’s home to leading AI companies like OpenAI and Anthropic.

SB 1047 has already passed the state senate and would impose “common sense safety standards” on companies that make AI models above a specific size.

For such companies, they must take preventative steps to ensure their models don’t cause harm and report compliance efforts to the California Department of Technology.

The startup community believes the new legislation would hold AI developers accountable for the actions of bad actors who misuse their systems… so it’s no wonder why there’s chatter about a California tech exodus.

Click here to read the full article from Bloomberg

TOGETHER WITH HIMS

Fuller, thicker hair in 3-6 months

Hims offers award-winning hair loss treatments that truly work. Available in a serum, spray, pill, or chew — whichever fits your routine.

You can trust that all Hims products are made with doctor-trusted, clinically proven ingredients. And the process is simple and 100% online.

Ready to find out what Hims can do for you? Complete their intake form and a medical provider will determine if treatment is right for you. If prescribed, your medication ships for free!

Start your free assessment to discover your options.

Based on separate individual studies of topical and oral finasteride and minoxidil. Hair Hybrids are compounded products and have not been approved by the FDA. The FDA does not verify the safety or effectiveness of compounded drugs. Restrictions apply, see website for full details. Prescription products require an online consultation with a healthcare provider who will determine if a prescription is appropriate. Actual price to customer will depend on product and subscription plan purchased.

A picture is worth a thousand words…

In case you weren’t one of the more than 400,000 people eagerly waiting for the Friday livestream of GameStop stock promoter Keith Gill, aka “Roaring Kitty,” here’s what you missed (not much).

He began the livestream with bandaids on his face and a fake broken arm to symbolize the state of his portfolio after shares of GameStop plummeted on Friday.

Unlike most of GameStop’s recent big moves, this wasn’t fueled by memes or short sellers.

The videogame retailer posted a surprise earnings report showing that net sales were down a staggering 29% from a year prior — in other words, it became even clearer that there are no strong fundamentals holding this stock up… it’s just memes.

Click here to read the full article from CNBC

TRIVIA

Last week, we asked: Which US company became the first in history to reach a market capitalization of $1 trillion?

The correct answer was Apple.

This week’s question…