Surprise from the Bank of Japan, cooling of the US economy, China, Tesla, Audi, Honda, GameStop, Adobe

• The Bank of Japan gave the market a pleasant surprise after the central bank said it would reduce bond purchases in the future, but would only offer a concrete plan to cut back at its next meeting in July. While it will continue to buy government bonds at the current pace of about 6 trillion yen ($38 billion) a month, the central bank decided to lay out details of its plan to cut rates over the next one to two years at its July meeting. The move sent the yen plunging to nearly 158 per dollar and the Nikkei jumping 0.7% as market expectations for immediate action from the Bank of Japan built. This is the mildest result that could reasonably be expected.

• In an eventful week in which market prices were marked by at least two rate cuts from the Federal Reserve as inflation shows signs of weakening even as the US central bank remains cautious.

• News points to a cooling of the US economy:
- The US Producer Price Index unexpectedly fell by 0.2% m/m in May.
And instead of growing from 2.3% y/y to 2.5% y/y, it dropped to 2.2% y/y.
- The number of applications for unemployment benefits unexpectedly increased from 229 thousand to 242 thousand.

• The final day of talks among Group of Seven (G7) leaders will take place on Friday, with China topping the agenda before Pope Francis makes a historic appearance, perhaps not in a down jacket, to discuss artificial intelligence.

• European automakers will also be in focus following the European Commission's decision to impose tariffs on imports of Chinese electric vehicles. The move has been described by Beijing as protectionist behavior, but it still lags behind the harder-line US position, which is leaning towards a complete separation from China.

• Political uncertainty in Europe after French President Emmanuel Macron called for early elections in France is keeping the euro under pressure.

• Tesla shareholders approved CEO Elon Musk's $56 billion pay package, highlighting the support Musk receives from Tesla's retail investor base, many of whom are ardent fans of the energetic billionaire. The proposal was accepted despite opposition from some large institutional investors and proxy firms.

• Many CEOs have signaled they will focus on taxes next year. With key provisions of Trump's 2017 tax cuts set to expire at the end of 2025.

• Yellen says US needs public and private investment to maintain growth - Reuters. U.S. public investments that attract private capital are critical to promoting sustainable and inclusive growth over the long term. The head of the US Treasury Department has warned that the Chinese model of massive government industrial subsidies is unacceptable to the world.

• China is distorting its stock market in an attempt to prop it up - The Economist. In an effort to boost stock prices, the government put an end to the IPO boom. Because There were fewer exit opportunities for private investors, and state capital became dominant. The danger is that these distortions will limit the growth of China's most innovative companies.

• Audi is investing $1 billion in electric vehicle projects in Mexico. The company has already started installing the infrastructure and equipment needed to produce the e-tron car.

• Former SpaceX engineers filed a lawsuit against Elon Musk in the state of California. He is accused of sexual harassment and hostile work environment - Bloomberg.

• JPMorgan Chase raised its investment banking revenue forecast. Forecasting a jump of 25% to 30% in the second quarter thanks to strong capital markets, a top bank executive said Wednesday.

• Honda is launching its long-awaited electric van, starting at $15,550, aimed at delivery and construction companies. Honda has already conducted trials with logistics company Yamato.

• Warren Buffett consolidated a stake in Occidental Petroleum worth more than $15 billion. Over three consecutive sessions, the investor purchased shares of the oil company worth $102 million.

• Waymo is recalling more than 600 self-driving cars. All because of the software, map updates after a collision with a pole - AP.

• The GameStop (GME) shareholder meeting has been postponed to Monday due to technical glitches. GameStop, the video game retailer that has become the poster child of a meme frenzy, postponed its annual shareholder meeting on Thursday due to technical difficulties with the livestream.
Roaring Kitty sold all of his GME call options.
His GME stock portfolio is up 24%.

• Ether ETF could be approved this summer - SEC Chairman Gensler. TON has surpassed Ethereum in the number of active addresses - beincrypto
Google will purchase environmentally friendly electricity from Buffett’s company from Nevada. Alphabet Inc.'s Google has partnered with a Nevada utility and a geothermal energy startup to power its data centers using electricity from the Earth's own heat.

• Arm Holdings (ARM) will replace Sirius XM (SIRI) on the Nasdaq 100 before trading begins on June 24. The reaction of both shares is a fall within 1%.

• Adobe (ADBE) shares rise 16% after the report. The company beat expectations. Confirmed analysts' forecasts for the year. Before the report, it arrived at a greatly reduced price. And she stated that AI helps her and does not hinder her.

• RH shares fall 10% after the report. Precision medicine company Tempus AI (TEM) will issue an IPO of 11.1 million shares at $37. This is the high of the $35 to $37 range.

• Once again, AI stocks rose yesterday, led by AVGO, NVDA, SMCI and ANET. TSLA price has gone up. And more dotted papers. Overall the market is neutral. Small caps are completely depressed.
Commodities and the dollar are stable.

Today
- Walmart (WMT) will hold its traditional Friday celebration for employees at Bud Walton Arena in Fayetteville, Arkansas.
- A preliminary consumer sentiment report from the University of Michigan for June will be released.
— Chicago Federal Reserve Bank President Austan Goolsbee will participate in a conversation ahead of the Iowa Farm Bureau's economic summit.