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🧊 What's Cooler Than Being Cool?
Is inflation officially dead? Plus, why Jim Cramer is loving this energy stock
Charla Hojnacki
June 12, 2024
Happy Wednesday Zingernation! If you’re like me, it may feel way too early to start thinking about retirement. Hell, I haven’t even had tirement yet, let alone retirement. It appears I’m not the only one less-than-prepared… most adults fail this simple 5-question retirement quiz. How do you fare?
—Aaron Bry & Nic Chahine
Plus, check out Elon Musk’s new AI device that could disrupt the entire industry.
MARKET SNAPSHOT
Yesterday: Was all about Apple, which closed up more than 7%, sending the S&P 500 and Nasdaq Composite near their respective all-time highs.
On Our Radar: Big day today with May’s CPI report due before the open, and then a Fed interest rate decision coming later this afternoon. Buckle up Zingernation!
TOP STORY
Briefly: Good news for the average U.S. consumer as the annual inflation rate slowed more than economists expected in May, brightening the outlook for interest rate cuts this year ahead of a pivotal Fed meeting later on Wednesday.
Basically: This marks the second consecutive inflation report to come in lower than expected, bolstering hopes for a gradual return to the Fed’s 2% target.
So: The annual CPI inflation rate fell from 3.4% to 3.3% in May, below the median economist projection of 3.4%. According to Econoday, the economist consensus ranged from 3.3% to 3.5%. Here are the updated rate cut probabilities following the cool report.
PRESENTED BY INVESTOR PLACE
Using this device you see above…
Elon Musk just tested a new type of AI that according to Wired Magazine will usher in…
“The next step in human evolution.”
FIVE ZINGERS
Cramer’s Calls: Jim Cramer is loving this energy stock with a 4% yield, and says DraftKings could be a buy. Here are the rest of his calls from Tuesday.
Fightin’ Words: An OpenAI executive is pushing back against Musk’s claims that Apple/OpenAI’s partnership will create security concerns for users.
Bags Fly Free (For Now): Here’s why Southwest’s famous free-bag policy could be in jeopardy following Elliott’s $2b stake in the company.
Just Gettin’ Started: Apple closed up 7% yesterday following the company’s AI announcement, but here’s why one analyst says there’s more to come.
The Golden Plan: How to turn a $100,000 investment into $1 Million — and retire a millionaire.
ONE FOR THE ROAD
Briefly: Bitcoin surged Wednesday morning on better-than-expected consumer price inflation data, gaining 2.5% in the past hour.
What Happened: The latest data from the U.S. Consumer Price Index (CPI) revealed no change for May, beating economist predictions of a 0.1% increase and down from the 0.3% rise seen in April.
The Numbers: On an annual basis, the CPI rose by 3.3%, slightly below both the previous month’s 3.4% and analysts’ forecasts. Here’s what experts are saying the numbers mean for Bitcoin and other crypto coins.
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