Robinhood to buy Bitstamp, Crypto Exchange for $200M.

—Deal Expected to close in the first half of 2025, subject to customary closing conditions, including regulatory approvals.

European Central Bank (ECB) cut interest rates by 25 bps for first time in 5 years. [hawkish cut acc. to many experts]

—Now, ECB has joined BoC (the first cut in 4 years), Sweden (first cut in 8 years) and Switzerland (first cut in 9 years) in cutting rates.

+From ECB Press Conference:

ECB RAISES 2025 INFLATION FORECAST TO 2.2% FROM 2%

ECB'S LAGARDE: WE WILL KEEP POLICY RATES SUFFICIENTLY RESTRICTIVE FOR AS LONG AS NECESSARY TO ACHIEVE THAT AIM

LAGARDE: WE ARE NOT PRE-COMMITTING TO PARTICULAR RATE PATH

LAGARDE: ECB DECIDED CUT BASED ON RELIABILITY OF PROJECTIONS

LAGARDE: ECB DECISION WAS UNANIMOUS EXCEPT FOR ONE GOVERNOR

IMF SPOKESPERSON SAYS IT IS APPROPRIATE FOR EUROPEAN CENTRAL BANK TO BEGIN CUTTING RATE

[Rate cut summer kicks off?]

Binance resumes Mastercard payments for crypto as well as the Binance-branded Visa card: Coindesk

Trillion-Dollar Asset Manager Franklin Templeton Explores New Crypto Fund That Will Invest In A Range Of Tokens Beyond Bitcoin And ETH.

—The new fund would be structured as a private fund that caters to institutional investors.

Arweave acquires crypto social media app Odysee: link

SpaceX starship has successfully completed its re-entry and splashes down in the Indian Ocean.

Kraken Said To Be In Talks For Pre-IPO Fund Raising Round: BBG

Roaring Kitty Going Live in 22hrs [June 7]

https://www.youtube.com/live/U1prSyyIco0

GameStop $GME up 30% today

Roaring Kitty GME Position Update

—up $380M, sold nothing

$GME:
—At close: $46, +47%
—After hours: $61, +31%

—U.S. Nonfarm payrolls 272K, Est. 180k, Prev. 175k
—U.S. Unemployment Rate 4%, Est. 3.9%. Prev. 3.9%

—Full-time workers: -625K
—Part-time workers: +286K
—Native-born workers: -663K
—Foreign-born workers: +414K

—272k gain was bigger than every last one of the 77 estimates in BBG’s survey.
—Traders are no longer pricing in a Fed rate cut before December.

Roaring Kitty GME Position Update Live

Down $235M today

Reportedly The most important event for Apple in over a decade 'Apple WWDC24' has started: YouTube

—Sam Altman is attending the Event [OpenAI partnership]

OpenAI's ChatGPT-4o coming to Siri later this year

—Apple announce the expected partnership with OpenAI
—Chatgpt is integrated within Siri and Writing Tools.
—Apple to add support for other AI models
—'Apple intelligence': it's probably/hopefully their custom on-device LLM, not GPT-4 level, but capable enough for most tasks. It runs securely on Apple hardware (+on private cloud).
—Apple will not be able to access data that goes to their Private cloud servers: link

Cryptographer, Matthew Green on Apple's private cloud:

if you gave an excellent team a huge pile of money and told them to build the best “private” cloud in the world, it would probably look like this.

May CPI in 30 minutes:

Consensus:
—MoM: 0.1%
—YoY: 3.4%
—Core MoM: 0.3%
—Core YoY: 3.5%

May CPI:

MoM: 0% [Est. 0.1%, Prev. 0.3%]
YoY: 3.3% [Est. 3.4%, Prev. 3.4%]
Core MoM: 0.2% [Est. 0.3%, Prev. 0.3%]
Core YoY: 3.4% [Est. 3.5%, Prev. 3.6%]

Terraform Labs agreed to pay $4.47 billion to resolve a civil lawsuit filed by the SEC following the firm’s 2022 collapse: BBG

FOMC in 30 minutes:

—Fed is expected to leave interest rates unchanged.
—After today's CPI, Market now fully pricing in two rate cuts.
—Fed's Dot plot rate forecasts will be main event - will 2024 median projection of 3 cuts get trimmed to 1 or 2? Market expects 2 cuts down from 3.
—The distribution of dots will be more important than the cuts forecast for some.
—Market also focused on how dovish [hawkish?] Powell will be.

FED LEAVES RATES UNCHANGED