Markets are split today. Dow futures fell while the S&P 500 and Nasdaq edged higher. The key driver is the FOMC decision due later this session. Investors are holding back. Rate expectations remain in flux, and the Fed's forward guidance will set the tone for the rest of June.
Central banks are also making headlines on gold. The FT reports a wave of gold repatriation as institutions reduce exposure to overseas custodians. That reflects a broader shift in trust among global monetary institutions.
Bears are piling into travel and AI names. Avis Budget Group short interest stands at 47.5% of free float — one of the highest among large caps. SharonAI Holdings saw SI rocket 21 points in a week to 33.2%, with borrow availability near zero at 4.9%. Cerebras Systems shows zero availability at 31.6% SI — a classic squeeze setup.
Critical Metals Corp is also flashing red. Utilization hit 100% today, matching its 52-week high. Availability has collapsed to 0.44%. Nearly all loanable shares are gone.
Paychex reports earnings imminently. Analysts have been revising forecasts ahead of the call. Perplexity's CEO made waves today, predicting Micron could overtake Meta as the AI bottleneck story shifts to memory chips.
In analyst action, Bank of America cut Leidos Holdings from Buy to Hold, slashing its target from $200 to $125. That is a sharp $75 drop for the defense IT firm.
Hedge funds are betting against European carmakers on China competition fears, per the FT. Stellantis features in today's market round-up. JPMorgan also made news, announcing plans to expand its Chase digital bank into France, Spain, and Italy.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
