Happy Saturday, and welcome back to our super skimmable Street Tweets newsletter. Did everyone have a wonderful Flag Day? We sure did because despite it’s faults, the United States is still the best darn country in the world. Without further ado, let’s dive into today’s edition.

MARKET REVIEW

TL;DR: Stocks hit new highs this week, with the S&P 500 and Nasdaq reaching multiple record closes due to positive inflation data. The May CPI showed a 3.3% annual increase, and the core CPI rose 3.4%. The Federal Reserve kept interest rates unchanged, projecting one rate cut in 2024, but emphasized the need for more positive data.

Economic indicators were mixed: the NFIB small business optimism index hit its highest level this year, while the University of Michigan's consumer sentiment index fell. Initial jobless claims were the highest since August 2023, and mortgage applications rose 16%.

In company news, CrowdStrike, GoDaddy, and KKR & Co. will join the S&P 500. Apple boosted its stock with AI and BNPL announcements. General Motors announced a share buyback and dividend increase, Tesla rallied on optimistic predictions, and Broadcom and Adobe saw strong earnings.

Click here to read our full market review

MARKET PREVIEW

For the third week of June, the markets will be closely watching the health of the American consumer in May’s retail sales report, due June 18. April's retail sales stagnated, suggesting a potential slowdown in consumer spending after a prolonged post-pandemic spree. If retail sales continue to moderate, it could help move the Fed towards an interest rate cut.

Click here to get ready for the week ahead

Breaking down Powell’s latest statements:

Most of us didn’t have time to watch Powell’s roughly hour-long presser following the FOMC meeting. No need to sit through the whole thing, here are the main takeaways:

• The Fed is preparing for a single cut in 2024, but Powell stressed that one cut won’t make a significant difference, regardless of how markets react.

• It won’t take a crisis for the Fed to cut rates, the central bank is looking for more data on inflation or a weakening job market.

• Rates aren’t going back to pre-pandemic levels — near-zero interest rates are a thing of the past.

• You should expect rates to come down but remain high

You can watch Powell’s full press conference here.

Another one bites the dust…

Andrew Left’s Citron Research took to X.com on Wednesday to announce it no longer has a short position against GameStop.

Meme stock traders reacted with both joy and vitriol, finding issues with being categorized as “cult-like shareholders” as well as the claim that Roaring Kitty’s live stream was an “insult to the capital markets.”

TOGETHER WITH PROSPERITYPUB

Crypto’s Hidden Gem: The missing piece no one’s talking about

You’ve probably heard from a number of “crypto gurus” about how we’re at the cusp of what could be the greatest crypto bull run in history.

With quotes like that flying around, we’re not surprised that’s the case. But you see… You might not actually want to buy Bitcoin this time around.

That’s because there’s a better way to take advantage of this new bull market… One market expert calls it Crypto’s Hidden Gem

And it’s a new way that has given folks the chance to see bigger and faster moves than the traditional way of buying Bitcoin…

Click Here to get the full details about Crypto’s Hidden Gem

OpenAI is on the move.

The maker of ChatGPT is powering the AI ambitions of the world’s largest tech companies, most notably Microsoft and Apple.

Microsoft has invested $13 billion in OpenAI, effectively outsourcing its AI development to the company.

And, of course, Apple made major headlines this week when it announced that it plans to integrate ChatGPT into its operating systems and Siri voice assistant.

However, these aren’t OpenAI’s only notable partnerships. It also has deals with Salesforce, Shutterstock, and BuzzFeed.

Elon is making the big bucks.

In 2018, Musk’s compensation package was easily approved by Tesla shareholders.

Musk took a massive gamble on himself with that pay package, which was conditioned on him getting Tesla stock to rise from a valuation of $60 billion to at least $650 billion, in addition to other success metrics, all of which he met.

A Delaware judge shut down that $56 billion pay package, calling it an “unfathomable sum.” But, with this fresh shareholder vote ending in Musk’s favor, it looks like he will be leading Tesla for the long haul.

TOGETHER WITH PROSPERITYPUB

Crypto’s Hidden Gem: The missing piece no one’s talking about

You’ve probably heard from a number of “crypto gurus” about how we’re at the cusp of what could be the greatest crypto bull run in history.

With quotes like that flying around, we’re not surprised that’s the case. But you see… You might not actually want to buy Bitcoin this time around.

That’s because there’s a better way to take advantage of this new bull market… One market expert calls it Crypto’s Hidden Gem

And it’s a new way that has given folks the chance to see bigger and faster moves than the traditional way of buying Bitcoin…

Click Here to get the full details about Crypto’s Hidden Gem

The S&P 500 looks to be playing follow-the-leader, and that leader is none other than Nvidia.

The story of 2024 has been stock rallies fueled by AI enthusiasm — it seems like every company, from tech giants to beauty brands, has an idea on how to incorporate this new tech to grow revenue.

Bank of America has referred to Nvidia as the “picks and shovels leader in the AI gold rush.” As such, it’s no wonder that investor sentiment on Nvidia has translated into how investors feel about the market as a whole.

TRIVIA

Last week, we asked: Which famous investor is known for the strategy of value investing and authored the book “The Intelligent Investor.”

The correct answer was Benjamin Graham.

This week’s question…