Is the battle against inflation almost over?

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📉 US Inflation Hits Two-Year Low [CNBC]

• Inflation in the US fell to its lowest annual rate in over 2 years in June, with the CPI rising 3% from a year ago, the lowest level since March 2021. The core CPI, which excludes volatile food and energy prices, rose 4.8% on an annual basis.

• The numbers suggest progress in curbing inflation and may give the Federal Reserve some breathing room, but policymakers are likely to focus on core inflation, which remains well above the Fed's 2% target.

• The easing in the CPI was influenced by factors such as a decrease in energy prices compared to the previous year and declines in used vehicle prices and airline fares.

⭕️ Nasdaq 100 Set To Rebalance [CNN]

• The Nasdaq-100 index, which includes the largest non-financial companies listed on Nasdaq, is dominated by seven stocks—Amazon, Apple, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla—which accounted for around 51% of the index as of June 3.

• These stocks have seen significant gains this year, leading to concerns about their bloated weightings and the potential for market vulnerability due to their influence.

• To address this, the Nasdaq is planning a "special rebalance" to prevent individual company weightings from exceeding 4.5% and the combined weightings of the top stocks from surpassing 48% of the entire index.

🎮 Microsoft Given The OK To Buy Activision Blizzard [WSJ]

• A judge in California has rejected the FTC's request to stop Microsoft's acquisition of Activision Blizzard for $75B. The judge considered Microsoft's commitments to keep Call of Duty on PlayStation and bring it to Nintendo Switch, as well as agreements for Activision's content on cloud gaming services.

• Microsoft is proceeding with the deal but the FTC has appealed the decision. The deal is currently set to terminate on 07/18.

🤖 Nvidia Invests In Recursion [CNBC]

• Nvidia will invest $50M in Recursion Pharmaceuticals ($RXRX) to accelerate the development of AI models for drug discovery. Recursion uses AI-powered models to identify new therapies and offers them to drugmakers.

🇨🇳 Chinese Tech Stocks Rally On Potential Crackdown End [YF]

• Chinese tech companies are showing signs of recovery following positive comments from China's top economic planner and news of meetings between government officials and major tech companies.

• This comes after regulators recently fined fintech arms backed by Tencent and Alibaba, indicating a potential end to the crackdown.

• Since reaching its peak in February 2021, the Hang Seng Tech Index constituents have collectively lost $2 trillion in market capitalization.

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