Happy Thursday! Markets tumbled after Fed Chair Kevin Warsh used his first press conference to deliver a forceful message on inflation, reinforcing a hawkish outlook that now points to a rate hike this year instead of the cut projected in March. Read on to see why investors are reassessing the path of interest rates.

Meanwhile, Michael Burry is using Ukraine's own words against Palantir. The famed investor highlighted comments suggesting the country has developed battlefield software it says is "no worse" than Palantir's and is increasingly using it instead.

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Note: The U.S. stock market will be closed Friday in observance of Juneteenth. As a result, there will be no edition of the newsletter. We’ll be back with more market news, insights, and analysis on Monday.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• SPECIAL OFFER

Warsh's Hawkish Fed Debut Shocks Markets: 'This Committee Will Deliver Price Stability'

Kevin Warsh used his first press conference as Federal Reserve Chair to make one thing clear: fighting inflation remains the central bank's top priority. Markets reacted swiftly, sending stocks lower, Treasury yields higher and gold sharply down.

Read on to see what Warsh said, why investors viewed the message as hawkish, and what it could mean for markets in the months ahead.

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Yesterday: U.S. stocks closed lower Wednesday after the Federal Reserve left interest rates unchanged but surprised investors with a more hawkish outlook. The central bank now expects inflation to remain higher than previously forecast and signaled one rate hike this year, a sharp shift from the rate cut projected in March. Treasury yields jumped following the announcement, while the dollar strengthened and gold prices moved lower. Technology and growth stocks led the decline as traders adjusted to the prospect of higher-for-longer rates. The Nasdaq 100 fell 0.6%, while the S&P 500 slipped 0.5%. Investors also weighed ongoing geopolitical tensions and elevated energy prices, both of which contributed to the Fed's inflation concerns. Attention now turns to Fed Chair Kevin Warsh's first public remarks since taking the helm of the central bank.

On Our Radar: Looking ahead, Wall Street will be watching Initial Jobless Claims, the Philadelphia Fed Manufacturing Survey and the Conference Board's Leading Economic Index for fresh clues on the health of the U.S. economy. On the earnings front, investors will be focused on Accenture (ACN) and Kroger (KR), both of which report before the opening bell. Traders will also be monitoring results from Chart Industries (GTLS) for additional insight into industrial and energy-related demand trends.

Shares of Robinhood (HOOD), UnitedHealth (UNH) and Exxon Mobil (XOM) were among the brighter spots on Wednesday as investors rotated toward financial, healthcare and energy names. Meanwhile, Nvidia (NVDA), Palantir (PLTR), Broadcom (AVGO) and Super Micro Computer (SMCI) weighed on the market as higher Treasury yields pressured growth stocks following the Fed's hawkish outlook. But those weren't the only companies making big moves. Here's a look at some of the biggest winners and losers from Wednesday's session.

See how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Geopolitical Risk: President Trump warned Iran would face military action if it violates a proposed 60-day truce agreement. Read on to see what the latest developments could mean for oil and global markets.

Medical Tourism: Rep. Marjorie Taylor Greene says she traveled to Mexico for stem-cell therapy, calling U.S. healthcare costs "absurdly expensive." Discover why her comments are reigniting debate around healthcare access and medical tourism.

AI Trade: South Korea's AI-driven memory boom is turning heads on Wall Street. Find out why the iShares MSCI South Korea ETF (EWY) is emerging as an unexpected winner in the global AI race.

Merger Mystery: SpaceX's acquisition of Cursor-maker Anysphere surprised investors. Read on to see what the merger filing reveals about Elon Musk's broader AI ambitions.

Stock Of The Day: Jim Cramer says SpaceX is running into resistance near $208 — and the chart appears to agree. See what technical traders are watching and where shares could be headed next.

2 Strategies, 12 Stocks: How To Play Momentum AND Deep Value This Summer

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