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- TiiCKER | June 6th, 2024
TiiCKER | June 6th, 2024
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| Market | Day | Month | Year |
|---|---|---|---|
| Dow | ▲0.25% | ▼0.13% | ▲15.39% |
| S&P | ▲1.18% | ▲2.90% | ▲23.88% |
| Nasdaq | ▲1.96% | ▲4.00% | ▲27.71% |
| Bitcoin | ▲2.54% | ▲11.68% | ▲159.25% |
| 10-Year | ▲0.36% | ▲1.23% | ▼3.79% |
GOOD MORNING
Here's everything you need to know today: President Biden has introduced sweeping new restrictions on asylum seekers at the US-Mexico border, a move that could have profound implications for immigration policy, the upcoming election, and the global economy. These new rules aim to deter migrants by limiting asylum eligibility for those entering the US illegally, potentially disrupting labor markets and supply chains.
In the financial sector, Bitcoin surged past $71,000 as Blackrock and Fidelity led a $860 million ETF inflow. This significant accumulation by institutional giants indicates a bullish outlook on Bitcoin and suggests potential stabilization of its volatility in the future.
Meanwhile, the US housing market continues its unprecedented price surge, with home values increasing by 47.1% since 2020. The combination of low supply and high mortgage rates has created a challenging environment for both buyers and policymakers, with potential implications for economic stability.
Let’s dive into more detail below.
ECONOMICS
Biden’s New Immigration Rules for Mexico Could Disrupt Labor Markets and Supply Chains, but Too Little, Too Late?
As Biden tightens asylum rules, sectors relying on immigrant labor brace for potential economic repercussions
BREAKING NEWS
This week, while facing mounting political pressure, a deadlocked Congress, and a new damning piece in the Wall Street Journal, President Biden unveiled sweeping new restrictions on asylum seekers at the US-Mexico border.
This move, while anticipated, signals a strategic escalation in the administration's efforts to stem the flow of migrants and could have profound implications for immigration policy, the upcoming election, and the global economy.
WHAT HAPPENED
Invoking executive authority, Biden's proclamation aims to deter migrants by limiting asylum eligibility for those who enter the US illegally. Under the new rules, migrants apprehended at the border will face expedited removal unless they can demonstrate a fear of returning to their home country and meet a higher threshold for asylum eligibility.
This policy shift, a departure from Biden's campaign promises of a more humane approach to immigration, reflects the administration's struggle to balance a humanitarian crisis with mounting political pressure from all sides. This dilemma is further complicated by a Republican-controlled House unwilling to cooperate on comprehensive immigration reform.
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CRYPTO
Bitcoin Rockets Past $71,000 as BlackRock and Fidelity Lead 1D Net Inflow of $860 Million ETF Surge
Institutional investment expected to increase as London's crypto ETP listings and BlackRock's ETF filing gain traction
BREAKING NEWS
Bitcoin broke $70,000 and pushed to $71,000 Wednesday as ETFs flipped bullish and witnessed a sizeable inflow of 12,165 BTC (over $860 million), with BlackRock and Fidelity leading the charge.
With Canada cutting rates and the ECB and possibly the US soon to follow, this signals a potential shift in sentiment. Institutional giants continue to accumulate Bitcoin despite early regulatory headwinds and lingering global market uncertainty.
WHAT HAPPENED
Data analyzed by Lookonchain reveals a compelling narrative unfolding within the Bitcoin ETF ecosystem. While nine ETFs collectively added substantial Bitcoin to their holdings, BlackRock and Fidelity stand out as the most aggressive accumulators.
BlackRock alone scooped up 3,894 BTC, adding to its already impressive stash, bringing its total holdings to 295,457 BTC, valued at nearly $21 billion. Not to be outdone, Fidelity increased its stake by 5,378 BTC, bringing its total to 170,611 BTC, worth over $12 billion.
This coordinated accumulation by industry heavyweights suggests a strategic positioning for potential long-term gains, indicating a bullish outlook on the leading king of crypto.
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REAL ESTATE
U.S. Home Prices Have Surged 47.1% Since 2020, Outpacing 2000s Housing Bubble
Easing lending standards for first-time buyers while maintaining higher rates elsewhere could offer a targeted solution
BREAKING NEWS
The latest numbers show that the U.S. housing market is experiencing a price surge in proportion, with home values increasing by 47.1% since the start of 2020.
Fueled by low supply and soaring mortgage rates, this boom has created a "golden handcuff" effect, trapping homeowners with low rates and leaving aspiring buyers with few affordable options.
WHAT HAPPENED
According to the Case-Shiller National Home Price Index, the current decade's home price growth is on track to surpass even the heady days of the 2000s bubble. This surge is driven by a confluence of factors, primarily a chronic undersupply of homes exacerbated by the pandemic and skyrocketing mortgage rates. As construction costs soared and the Fed slammed the brakes on easy money, new home construction lagged, further squeezing inventory. Realtor.com reports that available homes are down 34.3% from pre-pandemic levels.
And the current boom is not just a blip on the radar; it's a continuation of a long-term trend. The S&P CoreLogic Case-Shiller U.S. National Home Price Index shows a clear, almost relentless upward trajectory of home prices since the early 1990s. Even after the dramatic burst of the housing bubble in the late 2000s, the index shows a relatively swift recovery and a resumption of the upward climb. We're not merely returning to pre-pandemic levels but vastly exceeding them, potentially setting the stage for future instability.
YESTERDAY | Here’s what you missed |
1. McDonald's loses "Big Mac" trademark as EU court sides with Irish rival Supermac's
A top European Union court ruled in favor of Galway-based Supermac's in a long-running legal battle against McDonald's, resulting in the latter losing its "Big Mac" trademark. This decision marks a significant win for the Irish fast-food chain.
2. Walmart adds employee bonus for hourly US workers
Walmart announced that its hourly U.S. workers will now be eligible for a bonus of up to $1,000 per year. This follows a recent raise given to store managers in February, highlighting the retail giant's ongoing efforts to improve employee compensation.
3. TJ Maxx and Marshalls workers are wearing police-like body cameras
In response to increasing security concerns, employees at TJ Maxx and Marshalls are now equipped with police-like body cameras. This initiative follows a survey by the National Retail Federation, which found that 35% of U.S. retailers are exploring the use of body cameras for their staff.
4. Nvidia closes above $3 trillion for first time, overtakes Apple as second-largest company in US market
Nvidia's shares rose more than 5% on Wednesday, pushing the company's market capitalization above $3 trillion for the first time. This surge also allowed Nvidia to overtake Apple as the second-largest company in the U.S. market.
5. Elon Musk's xAI to build 'world's largest supercomputer' in Memphis
Elon Musk's company xAI is set to build the world's largest supercomputer in Memphis, as announced by the Greater Memphis Chamber. This ambitious project is expected to significantly boost the city's tech infrastructure and capabilities.
6. Google must face £13bn advertising lawsuit
Google, owned by Alphabet, is facing a £13 billion lawsuit over alleged advertising misconduct. Despite the company's efforts to dismiss the case as 'incoherent', the lawsuit is moving forward, potentially impacting Google's business operations.
7. Texas Stock Exchange in the works to take on New York
A new initiative backed by prominent investors, including BlackRock and Citadel Investments, aims to launch the Texas Stock Exchange. This new exchange is designed to rival the established exchanges in New York, introducing competition and potentially reshaping the financial landscape.
8. Toyota admits to cheating on tests, pauses production of 3 models
Toyota has admitted to cheating on emissions tests and has consequently paused the production of three models. This scandal involves four vehicles, of which three are still in production, reflecting negatively on the company's reputation and operations.
9. Judge cuts Bayer $2.25B Roundup verdict to $400M
A Pennsylvania judge has reduced a $2.25 billion verdict against Bayer to $400 million. The original verdict was awarded to a man who claimed he developed cancer from using Bayer's Roundup weedkiller, marking a significant reduction in the company's financial liability.
10. Male birth control gel shows promise in early-stage clinical trials
Early-stage clinical trials of a new male birth control gel have shown promising results, according to a National Institutes of Health (NIH) official. The findings mark a significant milestone in the development of male contraceptives, although the product is likely still years away from becoming available on the market.
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