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Celsius Network filed lawsuits against users in New York courts to clawback funds withdrawn 90 days before they declared bankruptcy - 𝕏/@medx0

BREAKING: Hurricane Beryl reaches Category 5 strength, the earliest ever in the Atlantic in the calendar year, as the storm heads toward Jamaica https://bloom.bg/45MRv1E

The US dollar slipped on Friday (Jun 28) after data showed inflation in the world’s largest economy subsided in May, cementing expectations that the Federal Reserve will start cutting interest rates this year. The dollar initially fell against the yen, the currency pair most sensitive to economic data from the United States because of a high, positive correlation to Treasury yields. The greenback, however, edged higher to trade flat on the day, with investors still focused on the wide interest rate differential between the US and Japan. The dollar was last up slightly against the Japanese unit at 160.815 yen, after earlier hitting a 38-year high of 161.27 yen. Amazon.com hired away artificial intelligence startup Adept’s co-founders and some of its team in a move that echoes one by rival Microsoft. Adept said on Friday that cofounder and CEO David Luan, as well as several other co-founders and employees were leaving to join Amazon. Adept, which has raised over US$410 million and is valued above US$1 billion, named a new CEO and said it would continue to operate independent of Amazon. The move is similar to one by Microsoft, which in March hired away much of Inflection AI‘s leadership and employees and agreed to pay a roughly US$650 million fee. Amazon will pay Adept a licensing fee to use some of its technology, which helps automate some business functions. Oil prices fell on Friday as investors weighed weak US fuel demand and took some money off the table at quarter-end, while key inflation data for May boosted the chances the Federal Reserve will start to cut interest rates this year. Brent crude futures for August settlement, which expired on Friday, settled up 2 cents at US$86.41 a barrel. The more liquid September contract fell 0.3 per cent to US$85 a barrel. US West Texas Intermediate (WTI) crude futures settled 20 cents lower, or 0.24 per cent, to US$81.54. Nike shares slumped 18.6 per cent in early trade on Friday (Jun 28) as a forecast for a surprise drop in annual sales amplified investor concerns about the pace of the sportswear giant’s efforts to stem market share losses to upstart brands such as On and Hoka. The company on Thursday projected a mid-single-digit percentage fall in fiscal 2025 revenue, compared to analysts’ estimates of a near 1 per cent rise, dragging shares of rivals and sportswear retailers across Europe, UK and US on Friday.

🇺🇸#stocks #us #correlation #concentration BofA: correlation between the stocks in the S&P 500 index and the index itself has dropped to its lowest level in 20 years. ———————————— weight of the top 3 stocks (#MSFT, #AAPL, #NVDA) in the S&P 500 = historic record. weight of the top 5 stocks in the S&P 500 = historic record. market cap of the top 10% of stocks has hit its highest level since 1929, surpassing 2000 (chart) JPMorgan: the dominance of the 10 biggest stocks in US equity markets is increasingly drawing similarities with the dot-com #bubble

🇺🇸#stocks #us #bubble Appolo: the current AI bubble is bigger than the 1990s tech bubble