WS #11095
The dominant signal in this window is the Supreme Court upholding birthright citizenship in a 6-3 decision, striking down Trump's executive order. This is a high-significance legal/political development with broad implications for immigration policy and related sectors. Separately, ECB's Rehn described the energy shock as 'clearly stagflationary,' adding to macro concerns. In corporate news, FDA issued modified risk tobacco product orders for 20 ZYN nicotine pouch products, a bullish catalyst for PMI. Bitcoin slid below $60,000 amid continued selling pressure, with some analysts targeting $20K-$30K. Tech and semis continue to rally, with the VanEck Semiconductor ETF (SMH) on pace for a 70% surge in Q2. European stocks capped best quarter since 2020. The Ukraine-Russia conflict shows escalation with drone/missile strikes on Crimea causing fuel shortages, and Putin reportedly acknowledging the effectiveness of strikes on oil refineries. The Alito retirement announcement is a developing story with potential long-term implications for the Supreme Court's ideological balance. Comcast's NBCUniversal spin-off is viewed positively by BofA, potentially increasing merger prospects with a telecom giant.
Topics
Key developments
- Supreme Court upholds birthright citizenship in 6-3 ruling
- Bitcoin slides below $60,000; bearish outlook
- Semiconductor ETF on pace for 70% Q2 surge; sector rallies
- FDA grants first MRTP orders for Zyn nicotine pouches
- ECB's Rehn says energy shock 'clearly stagflationary'
- Ukraine strikes cause fuel shortages in Crimea; Putin acknowledges refinery strike effectiveness
- Justice Samuel Alito announces retirement
- Comcast NBCUniversal spin-off viewed positively by BofA