TLDR

MARKET RECAP → The S&P 500 (VOO) reached a new record as Nvidia (NVDA), a leader in artificial intelligence, surged past Microsoft (MSFT) to become the most valuable public company.

RETAIL SALES STAGNATE → 📉 May retail sales edged up just 0.1% as inflation-pinched consumers tightened their belts, yet online shopping stayed robust in our post-pandemic digital shift.

AMAZON UNION JOINS TEAMSTERS →🚀 Amazon (AMZN) Labor Union teamed up with the Teamsters, gaining powerful allies to push for a first contract at JFK8 and beyond, because even mega-corporations need a reminder that workers won't back down​.

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Today’s S&P 500 Heatmap

Notable Earnings This Week

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TODAY’S TOP NEWS

Retail Sales Stagnate

📈 May retail sales increased by a mere 0.1%, indicating sluggish consumer spending. This modest uptick highlighted the cautious approach of shoppers amid ongoing economic uncertainty.

💸 Rising costs of essentials, particularly fuel and food, continued to strain household budgets, leaving less room for discretionary purchases. This trend underscored the persistent impact of inflation on consumer behavior.

🛍️ Despite the overall slow growth, online sales showed resilience, with e-commerce platforms reporting solid performance. This shift towards digital shopping reflected evolving consumer preferences in a post-pandemic landscape.

TODAY’S TOP NEWS

Amazon Union Joins Teamsters

🚀 The Amazon (AMZN) Labor Union (ALU) has officially affiliated with the 1.3 million-member International Brotherhood of Teamsters, marking a significant milestone for organized labor. This alliance aims to enhance representation and resources for Amazon workers, particularly those at the JFK8 fulfillment center in Staten Island.

💼 The new affiliation, known as ALU-IBT Local 1, will provide legal and financial backing from the Teamsters, empowering the union to negotiate a first contract with Amazon. The move follows ALU’s struggle to expand its influence and secure bargaining rights since its landmark unionization win in 2022.

🔧 ALU members are set to vote on ratifying the affiliation, which the Teamsters board has already unanimously approved. This partnership signifies a united front against Amazon’s labor practices, with union leaders emphasizing the necessity for collective action and solidarity to achieve fair negotiations and improved working conditions​​.

BULL VS. BEAR

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Elon Musk’s multi-billion paycheck just got approved by stockholders. That could be a fraction of what’s coming (CNN)

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