After his first animation studio went bankrupt, Walt Disney moved to Hollywood and started what would become The Walt Disney Company with his brother Roy.
Operating out of a modest office space, the brothers began creating short animated films and secured their first distribution deal with the character Oswald the Lucky Rabbit. This humble beginning laid the foundation for one of the most iconic entertainment empires in history.
Even the biggest dreams can begin in the smallest of spaces—with persistence and creativity leading the way.
Market Wrap
Cooling Jobs, Crumbling Housing—Fed Stands Pat
Fed Holds Rates Steady at 4.25–4.50%:
The Federal Open Market Committee opted to maintain interest rates within the current range during its meeting on June 18. The decision was accompanied by updated projections showing two rate cuts likely this year—but policymakers flagged higher inflation pressures from tariffs, and seven of 19 officials now see no rate cuts at all in 2025.
Powell’s Press Conference Emphasizes Tariff-Driven Inflation Risk:
Fed Chair Jerome Powell highlighted in the post-meeting press conference that inflation is expected to rise over the summer due to tariffs, and stressed that “someone has to pay for the tariffs.” His cautionary tone contributed to higher Treasury yields and a slight dip in stock market confidence.
Initial Jobless Claims & Continued Claims:
The Department of Labor reported initial jobless claims fell by 5,000 to 245,000 for the week ending June 14, with the four-week moving average hitting 245,500—the highest since August 2023. The continued claims figure was about 1.945 million as of the week ending June 7. This reflects a slowly cooling labor market, though claims remain elevated, and contributed to mixed investor sentiment.
Housing Starts & Building Permits:
Data from the Census Bureau showed total housing starts plunged 9.8% in May to a five-year low of 1.256 million units, while building permits dropped 2.0% to 1.393 million—a two-year low for single-family authorizations. High mortgage rates, tariffs on materials, and excess inventories weighed heavily on the housing sector.
Escalation of Israel–Iran conflict and U.S. deliberation:
Throughout the sixth day of escalated hostilities, Israel sustained airstrikes targeting Iranian nuclear and military infrastructure, while Iran responded with ballistic and hypersonic missile attacks—resulting in civilian evacuations from Tehran, internet blackouts, and heightened regional tension. President Trump has left open the possibility of U.S. military involvement, signaling that “anything could happen,” while Iran’s leadership has warned that any American intervention would risk “all-out war.”
Zoetis Inc. shares dropped 4.1% after being downgraded by Stifel due to intensifying competitive pressures in animal health, suggesting margin concerns and share loss risks.
Marvell Technology Inc. shares surged 7.1% after the chipmaker raised its long‑term AI chip market forecast to $55 billion by 2028 at a targeted investor event.
Coinbase Global Inc. shares soared 16% and were the top S&P 500 gainer after the Senate passed the GENIUS Act, signaling faster stablecoin regulation and broader crypto acceptance.
Steel Dynamics Inc. shares fell 2.3% after the steelmaker issued a weaker-than-expected Q2 forecast, highlighting weaker demand in certain end markets despite broader market strength.
GMS Inc. shares surged 11% after posting fourth-quarter adjusted earnings that beat estimates despite a modest decline in sales, driven by cost control and market commentary.
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