Just as investors were hoping for an inflection higher, a strong non-farm payroll report proved to be the undoing of markets in the week ending June 3. Investors are still left to grapple with a fluid financial market, and as they take a long hard look at their strategy, here's a recap of a few major headlines that hit the wire over the weekend.
1. Musk Brings Up Epstein Client List Yet Again: Tesla, Inc. TSLA chief executive officer Elon Musk tweeted prolifically over the weekend. One that stood out and generated a lot of discussion was regarding Musk expressing his surprise that the Department of Justice hasn't leaked the client list of tainted financier Jeffrey Epstein, who was convicted of sexual racketeering and trafficking and was later found dead in a New York prison, while awaiting trial.
When a Twitterati shared a picture of Musk and Epstein's accomplice Ghislaine Maxwell together, he suggested that he had been photobombed.
2. Rumors Galore As Curtains Lift On Apple's WWDC: Tech giant Apple, Inc.'s AAPL software-focused Worldwide Developers Conference gets underway on Monday. Reports continued to guess on the likely launches. Apple's next-big thing in hardware – the mixed reality headset may not make its appearance at the WWDC 2022, most seem to concur.
Bloomberg columnist Mark Gurman said the company might still reveal a ton of information on the headset and the realityOS that powers the device.
3. North Korea Record Test Firing Spree: North Korea's belligerent leader Kim Jong-Un retaliated a day after South Korea and the U.S. jointly held military drills. On Sunday, North Korea reportedly fired eight ballistic missiles in a single day between 9:08 am and 9:43 am local time in Seoul, taking the total fired by the country for the year to a record 31.
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4. Cathie Wood's Flagship Funds Stalls Losses: Money manager Cathie Wood-run Ark Invest's Ark Innovation ETF ARKK staged a turned around in mid-May following a protracted lean period. The upside reflected the buoyancy in some of the fund's top holdings, including Zoom Video Communications, Inc. ZM and Roku, Inc. ROKU.
5. Mukesh Ambani Reclaims Top Position Among Asian Billionaires: Mukesh Ambani, who heads Indian conglomerate Reliance Industries, has snatched the crown away from fellow billionaire Gautam Adani to become Asia's richest man, thanks to a strong rally in RIL's shares since early March.
What Else? Paramount Global's PARA "Top Gun: Maverick" maintained its domination of the U.S. box office, grossing $86 million over the weekend from 4,751 theaters.
Apple analyst is anticipating strong second-half shipments of the new MacBook Air the company would unveil at the WWDC, provided the plants of it suppliers, Taiwan's Quant and Hon Hai Precision Industry Company Limited HNHPF, return to pre-COVID levels by the third quarter.
Biotech investors can click here to access Benzinga's preview of the week's catalytic events for stocks in the sector.
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