Markets
Luke Kawa

Breadth is back: US stocks end week with solid gain


The S&P 500 booked a fresh intraday record high before half those gains faded in the last half-hour of trading, but still finished with a solid gain of 0.6% on the day and 0.9% on the week. The Nasdaq 100 also rose 0.6% on the day, but was off 0.3% this week.

The Russell 2000 Index had another strong day, up 1.1%. Its 6% gain this week was its biggest of the year, and its biggest weekly outperformance of the Nasdaq 100 since Pfizer’s vaccine announcement in November 2020.

Breadth is back: the number of S&P 500 stocks that gained outnumbered those who fell by more than 300. The advance-decline line has been above 275 for three consecutive sessions for the first time since October 2022, when the S&P 500 was just emerging from the end of a bear market.

All S&P sector ETFs were positive save for communication services, where Meta’s 2.7% decline weighed on the space. Consumer discretionary topped the charts with a 1.3% gain.

Earnings season unofficially kicked off with JPMorgan, whose record profits were still disappointing in the eyes of Wall Street, sending shares 1.2% lower.

Wells Fargo fared way worse on its quarterly results, down 6% in its worst day in over a year. Higher than expected costs and a lower than anticipated net interest margin were singled out as the lowlights.

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Luke Kawa
6/24/26
What Wall Street’s looking for from Micron’s Q3 earnings report

A year ago, Micron’s monthly volumes on Robinhood were about 6% of Nvidia’s. Now, they’re running more than double that of the AI chip leader.

Micron wafer
markets
Luke Kawa

Wendy’s spikes on heightened attention from Reddit’s retail traders

From flipping burgers to being flipped by retail traders:

It seems Wendy’s may now be a meme stock?

Shares are up over 30% in early trading, with the ticker being the most mentioned on the WallStreetBets subreddit over the past 12 hours, per SwaggyStocks.

As of 9:03 a.m. ET, more money had changed hands trading Wendy’s stock in the premarket than Microsoft, Palantir, Apple, Amazon, or Meta.

(I’m no doctor, but I think pairing this with a short-lived meme stock of 2025, Krispy Kreme, could result in negative health outcomes.)

User u/ElegantCombination43 recently tried to stir up support by posting in r/wallstreetbets that redditors “need to save Wendy’s before it’s too late,” adding that “we’ll all be out of a job” if it goes bankrupt.

On Tuesday morning, the fast food chain announced a C-Suite shuffle, hiring Steve Cirulis from Potbelly to serve as chief financial officer and chief strategy officer.

Wendy’s could certainly use a shot in the arm to bolster its operations: trailing 12-month sales and adjusted earnings per share for Wendy’s are flat and lower, respectively, since the end of 2023.

Anyhow, Wendy’s fries are superb and second to none. Don’t @ me.

Luke Kawa
6/23/26
Leverage in the AI trade is even scarier than the debt used for its build-out

US stocks get the hiccups, Korean markets throw up, US stocks catch a fever.

Screaming Man
markets
Helena Cheng

Google invests $75 million in film studio A24, forms AI partnership

Google is investing roughly $75 million in independent film studio A24 as part of an AI partnership, according the Wall Street Journal. The investment marks Google’s first direct stake in a film studio.

Under the agreement, A24 will work with Google DeepMind to develop and test AI tools for filmmaking and production workflows, the Journal reports.

The deal comes as A24 continues to expand its business beyond indie films into television, music, and live events. Since its 2013 launch, the studio has produced Oscar-winning films such as Everything Everywhere All at Once. Its revenue has more than doubled over the past two years, according to the Journal, and the company was last valued at $3.5 billion in a Thrive Capital-led funding round in 2024.

Google’s investment comes as major technology companies increasingly deepen ties with media companies as generative AI tools become more integrated into creative industries. For Google, the partnership also expands DeepMind’s reach into entertainment and film production.

The firm and TV industry is pushing to develop AI tools that can be integrated into the time-consuming and expensive production process. In a sign of the potential value of such tools, in March, Netflix announced it would acquire Ben Affleck's startup InterPositive, which is building AI film-making tools, for $600 million.

markets
Helena Cheng

Getty Images surges following OpenAI partnership

Getty Images is surging in early trading after the company announced a multi-year licensing and product partnership with OpenAI.

Under the agreement, OpenAI will license Getty’s library of images, videos, and metadata for use in training and improving its AI models, while Getty will integrate OpenAI’s generative AI tools into its own products and services.

The deal comes as Getty faces growing pressure from generative AI tools that can create stock image-like images in seconds, threatening parts of its traditional licensing business. Getty posted revenue of $226.6 million in Q1, down 2.5% year over year on a currency-neutral basis.

Getty was one of the earliest major content companies to challenge AI firms in court, suing Stability AI in 2023 for allegedly scraping millions of copyrighted images without permission to train image-generation models.

The OpenAI deal follows Getty’s 2025 licensing agreement with Perplexity, which gave the AI search company access to Getty’s library and required image credits with links to original sources.

Before the announcement, Getty shares had been trading below $1 for months. The stock surged by 124% in early trading, erasing its year-to-date losses as investors are waiting to see if Getty can turn its licensed content library into a more valuable AI asset.

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