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Good morning investors! The market’s close to all-time highs as investors wait for more China-US news.
Today we cover:
Fund managers want Congress to amend Section 899
Trump and LA mess
GameStop earnings
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📊 Economy and News
Fund Managers Urge Congress to Amend Section 899 to Retain Foreign Investment
American fund managers, led by the Investment Company Institute (ICI), are lobbying Congress to amend Section 899 of President Trump’s “One Big Beautiful Bill Act,” which passed the House in May and is now under Senate review.
The provision, aimed at penalizing foreign firms from countries with “unfair taxes,” inadvertently taxes foreign investments in U.S. stocks, potentially driving $19 trillion in foreign capital from U.S. markets.
The ICI warns of “collateral damage” to the $18 trillion U.S. fund industry, as the tax—starting at 5% and rising to 20%—could prompt rapid sell-offs, harming U.S. companies and investors. European investors, especially in dividend-focused U.S. firms, may reconsider holdings, though low U.S. dividend yields might limit broader market impact.
Global hits:
World Bank sharply cuts global growth outlook on trade turbulence.
Argentina monthly inflation seen at five-year low in May.
10-year Treasury yield slips as U.S.-China trade talks enter second day.
Just in: Google offers buyouts to employees across the company, including Search.
Elsewhere, DoubleLine’s Gundlach says to buy international stocks on the dollar’s ‘secular decline’.
Trump has new problems to deal with
Tesla surged 5% Tuesday, leading the S&P 500, as tensions eased between Elon Musk and President Trump. Trump confirmed he’d keep his red Tesla and shifted focus to clashing with California Governor Gavin Newsom. Also, there are new robotaxi hopes.
Los Angeles saw 700 National Guard troops arrive Monday to secure federal assets after anti-ICE protests turned violent over the weekend. Daytime marches were peaceful, but nighttime clashes and fires disrupted Waymo’s self-driving car service. Trump defended deploying Marines and National Guard, despite Newsom’s legal challenge, citing rising ICE arrests.
Reports say the deployment of National Guard, Marines to LA will cost $134 million Pentagon official as California asks judge to quickly block the move.
Bloomberg noted the LA unrest distracts from Musk-Trump friction and a contentious Senate bill. Meanwhile, Treasury Secretary Scott Bessent is a top candidate to replace Fed Chair Jerome Powell, with Trump eyeing a swift successor announcement.
Is Tesla going to hit new highs this year?We'll be covering the company this week! |
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📈 Stocks
S&P 500 6,038.81 (+0.55%)
DJIA 42,866.87 (+0.25%)
NASDAQ 19,714.99 (+0.63%)
BRENT CRUDE 66.87 (-0.46%)
* Prices as of Jun 11th, 12:20 AM UTC
GameStop reports earnings below estimates
GameStop reported Q1 CY2025 revenue of $732.4 million, down 16.9% year-over-year, missing analyst estimates of $754.2 million.
Adjusted EPS of $0.17 exceeded expectations of $0.04.
Operating margin improved to -1.5% from -5.7%, and free cash flow rose to $189.6 million from -$114.7 million.
The company purchased 4,710 Bitcoins between May 3 and June 10, 2025. Market cap stands at $13.57 billion. Analysts project a 6% revenue decline over the next 12 months as it's tough to feel optimistic about a company facing demand difficulties.
GameStop has shown decent cash profitability, giving it some flexibility to reinvest or return capital to investors. The company’s free cash flow margin averaged 2.2% over the last two years, slightly better than the broader consumer retail sector.
Overall, this print had some key positives. Investors were likely hoping for more, and shares traded down 3.2% to $29.21 immediately after reporting.
The stock fell -5% after the report.
Good news: Boeing recorded 303 gross airplane orders in May, the highest since December 2023. The company raised 737 Max production to the FAA's limit of 38 planes per month and delivered 45 jets, matching April's total and nearly doubling last year's May deliveries.
GM to invest $4 billion in U.S. manufacturing plants amid tariffs. Lastly, Microsoft declared a quarterly dividend of $0.83 per share.
New things coming: Snap to launch smaller, lighter augmented reality Specs smartglasses in 2026. IBM announces new quantum processor, plan for Starling supercomputer by 2029. Meta forming new AI lab helmed by Scale AI CEO Alex Wang. Lastly, Uber plans to launch trials of fully driverless rides in the U.K. via a partnership with AI startup Wayve, starting in spring 2026.
Another fall: JM Smucker dropped -15.59% after Q4 '24 earnings, beating EPS but missing revenue estimates. Its 2025 outlook of $8.50-$9.50 EPS fell short of Wall Street’s $10.25 expectation, driving the decline.
TSMC's May revenue soared 40% year-over-year, fueled by robust AI chip demand, but fell 8% from April due to supply chain limitations.
💵 Personal Finance
House GOP Bill Threatens Health Insurance for Millions
The House’s “One Big Beautiful Bill Act” could strip health insurance from millions by cutting Medicaid and Affordable Care Act (ACA) funding, experts warn.
The Congressional Budget Office estimates 11 million would lose coverage due to reduced Medicaid and expiring ACA subsidies, with an additional 4 million uninsured due to other provisions.
The bill, which funds $4 trillion in tax cuts, adds $2.4 trillion to the national debt over a decade while slashing $900 billion from health programs.
Medicaid work requirements, reduced state funding, and stricter ACA eligibility rules could disproportionately affect low-income individuals, immigrants, and those with volatile incomes. Senate consideration may alter the bill, as some GOP senators oppose Medicaid cuts.
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👩🏽⚖️ Legal Stuff
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