Diamonds and Dogs

6/2/23

Materials had a good day. Materials and other economically sensitive stocks had a good day with Caterpillar (CAT) jumping 8% while Deere (DE) rose 5%. No news other than weaker than expected hourly earnings and a higher unemployment number giving the Fed ammunition to pause their rate hikes and hopefully prevent a deep recession.

Amazon ready to conquer another industry. AT&T (T) and Verizon (VZ) are both down 3% as Amazon considers entering the wireless market, holding discussions about offering nationwide mobile phone service to Prime members, either for free or at a discount. AT&T and Verizon were not having good years to start with, both trading at multi-year lows. Today's news won't help their long term fundamentals.

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