Hardly the start to mid-June that we wanted, with markets around the world taking a beating on Monday. The Nasdaq was down more than 4.5%, the Dow nearly 2.8%, and the S&P 500 dipped into official bear market territory. Last week’s blazing hot inflation figures (as well as recent buzz that the Fed may be considering a greater-than-planned interest rate hike when it meets this week) appears to be behind the broad-based selloff - NYTimes and WSJ and Bloomberg and MarketWatch
More on that largely unexpected Fed pivot to a possible 75 bps bump (rather than the 50 bps hike it’s been forecasting and telegraphing for weeks now) - NYTimes and WSJ and Bloomberg
And on cryptos “wiping away years of investments” as the rest of the markets tank - NYTimes and WSJ and Bloomberg and MarketWatch
The SEC has launched a probe into Goldman Sachs’ ESG investment funds—“funds that invest in companies that say they are committed to environmental, social and governance principles.” In particular, the Commission is reportedly “examining E.S.G. mutual funds overseen by the bank’s asset management unit” as part of a “new enforcement initiative” investigating whether Wall Street firms are “misleading investors about their investment and business criteria” in the ESG space - NYTimes
AI with a soul? Yes, according to Google senior software engineer Black Lemoine. No, according to the company that employs him. In paid time out, Lemoine after the disagreement became public - NYTimes and WSJ
Elsewhere at Google, the tech giant “has settled a class-action lawsuit that accused it of systematically underpaying women, promising to provide $118 million in monetary relief and invite outsiders to review its pay practices” - NYTimes
While we’re talking settlements, how about the $186 million that Charles Schwab will pay “to settle a regulatory investigation that found it didn’t adequately disclose how keeping a big share of clients’ assets in cash could hurt investment returns” to those in its robo-adviser portfolios - WSJ and Law360
Warehouse operating behemoth Prologis Inc. announced a deal to buy rival Duke Realty Corp. as part of a “$26 billion deal that highlights a widening gulf between those who think e-commerce growth has a long way to go and those who think it is running out of steam” - WSJ
For its part, Amazon’s focusing on the land beneath potential new warehouse locations, even as its “online sales growth is slowing” - Bloomberg
A bit of Big Mouse intrigue, as struggling CEO Bob Chapek has “abruptly fired” the head of Disney’s television, Peter Rice, “for not being a team player.” Until his dismissal, Rice had led ABC and the Disney Channel and was chairman of “general entertainment content” - Bloomberg and WSJ
Hockey’s Ted Lasso or the definitive anti-Ted Lasso . . . take your pick, but if you’ve got a love for hockey (and some “Letterkenny” experience), you gotta get some “Shoresy” in your life - TheBigLead
Stay safe,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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