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The Stock Market Overview
Last week, the stock market had a mixed performance. The U.S. economy showed strength by adding more jobs than expected, but the unemployment rate rose to 4%, surpassing the level seen since January 2022. Investors are uncertain about potential Fed interest rate cuts, with rates expected to remain steady at 5.25% to 5.50% for the foreseeable future. Additionally, the European Central Bank (ECB) and the Bank of Canada have both recently lowered their interest rates.
Elon Musk’s xAI to Build “Gigafactory of Compute” in Memphis
Apple’s Worldwide Developer Conference Focuses on AI
Apple’s annual Worldwide Developers Conference is set to begin, with a strong focus on artificial intelligence. There are rumors of a partnership between Apple and OpenAI to integrate ChatGPT directly into the iPhone’s operating system. While the event is software-focused, investors are eager to see how new AI capabilities will be integrated into Apple’s iOS. The WWDC will be live-streamed on Apple’s website and YouTube channel, running from Monday to Thursday.
Goldman Sachs’s Annual Global Healthcare Conference
The 45th Annual Global Healthcare Conference hosted by Goldman Sachs will take place in Miami Beach, Florida, from June 10 to June 13, 2024. Executives from various healthcare companies, including Neogen Corporation, Replimune Group, RadNet, and Merck, will be in attendance. Notably, Eli Lilly executives will discuss the company’s investments, such as the $5.3 billion allocated to their weight loss drug Zepbound.
Earnings Reports to Watch: Oracle, Broadcom, and Adobe
This week, tech giants like Oracle, Broadcom, and Adobe are scheduled to release their earnings reports. Oracle has seen a 17% increase in its stock value over the past year and will report its fourth-quarter earnings on Tuesday. Broadcom, expected to report on Wednesday, has shown a 27% increase in its share price this year. Adobe, despite a 22% drop in its stock value, is introducing AI-powered video editing software and will report its earnings on Thursday.
Tesla Shareholders to Vote on Elon Musk’s Compensation
On Thursday, Tesla shareholders will vote on Elon Musk’s proposed $46 billion compensation package. Should shareholders reject this, Musk might consider leaving the company, as suggested by Tesla’s board chair, Robyn Denholm.
Will the EU Impose Tariffs on Chinese Electric Vehicles?
The European Commission is expected to announce a decision on imposing tariffs on electric vehicles from China on Monday. This move could have significant implications for EU climate goals and the Chinese export market. The decision follows President Biden’s recent announcement of potential tariff increases on certain Chinese electric vehicle imports to protect the U.S. market.
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