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Good Morning!
Happy Friday! Have a great weekend:
👉Trump Media stock soars
👉Nike earnings are in
👉Homes are finally cooling
BREAKING: Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
TRUMP: Stock Soars
Trump Media stock soared over ~10% in premarket trading Friday after President Donald Trump debated President Joe Biden.
Source: CNN
On Thursday, Biden and Trump debated for 90 minutes on topics like the economy, their ages, and abortion. Trump Media, trading under DJT, had closed down 6.42% on Thursday at $36.73 per share but traded above $40 early Friday with over 3 million shares changing hands. Trump, the presumptive Republican nominee, owns almost 65% of Trump Media shares. The company’s market capitalization was around $6.5 billion on Friday, despite low revenue.
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EARNINGS: Nike
Shares of Nike plunged 11% after cutting its full-year forecast and predicting a 10% sales drop this quarter due to weak sales in China and uneven global trends.
Source: Nike
Nike now expects fiscal 2025 sales to decline by mid-single digits, against analysts' predictions of a 0.9% increase. Fiscal 2024 sales were flat at $51.36 billion, the slowest growth since 2010, excluding the pandemic. Despite beating earnings estimates, Nike missed on revenue, with Q4 sales dropping to $12.61 billion from $12.83 billion. The company is focusing on cost-cutting, new innovations, and the 2024 Paris Olympics to boost future sales.
HOMES: Finally Cooling
Home prices are cooling but still higher than last year. Reports show slower gains and sellers adjusting after a stagnant spring market.
Source: BankRate
For the first time since the pandemic, homes sold for 0.3% less than asking during the four weeks ending June 23, per Redfin. Last year, homes sold at list price; two years ago, 2% above. The market isn't crashing, but fewer homes are selling above asking price. Mortgage rates remain above 7%. The S&P Case-Shiller index showed April prices up 6.3% from 2023, continuing in May. Prices are 47% higher than early 2020.
Chart of the Day
📊Competitive Economies
Source: Game Of Trades
GRIT Meme of the Day 😂
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Source: @wallstreetoasis
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