Markets started the morning in slight positive territory and moved into red numbers … with expectation that a lot will be happening over the next few days.

First of all, there is the war … now in its 4th month … but we have just been told (again) that a deal to end this skirmish is only two or three days away.  Say what you will, but even amid the occasional news story of a missile being fired, it appears the ceasefire is holding up fairly well.

And then, of course, we have the SpaceX IPO that takes place later this week … but the jury is out as to what degree investors might gain … and, if so, by how much.  What is interesting is that the offering is “oversubscribed” … and 30% is targeted toward retail investors … with a lot of interest …but it might be worthwhile to review some historical lessons on IPOs.

You might recall the excitement when Facebook (now “Meta’) came out.  There were trading “glitches” due to the demand, and the stock actually fell sharply below its offering price over the months following its debut. This is not to say the same thing will happen with SpaceX but there is, of course, risk and profit of first day investors is never certain.

By the way, for those without broker access, you can “put in” to purchase some shares through your Schwab or even Robin Hood account. No, this is not a recommendation nor a solicitation. I’m just pointing this out.

CNBC just reported that existing home sales “surged” in May … to the highest level this year … even as mortgage rates remain elevated.

Why this is of interest is there is an inflation report being released tomorrow … and Wall Street consensus is this will hit 4.2% when energy and food are included … and 2.9% when these components are ignored.  Morningstar is reporting that one strategist, Robert Tipp of PGIM, is calling for a Fed rate increase, feeling investors might react favorably to that.

The article title cited would, under normal times, send chills up our spines … as inflation is mentioned and the headline conclusion on the inflation spike is: “the bond market wants Fed Chair Warsh to fight it.”

How quickly things have turned as it seems that only a short while ago many were shouting for rates to be lowered … only to have thoughts shift towards inflation with concern rates might not be high enough.  Ouch.  Maybe this is why BofA this morning broadcast a bear market is certainly possible and taking profit now might not, necessarily, be a bad thing.

I did include one sad article below where a CNBC survey showed a majority of Americans feel the “American Dream” is suddenly out of reach.

What is the American Dream?  It used to be thoughts of prosperity and opportunity.  It was the car in the driveway, the humble home, and the white picket fence.

Inflation and affordability changed all this … for many are finding it a struggle at the moment …

… just to be able to afford the paint for the white picket fence.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | June 9, 2026 As of 11:00 AM today … Investors continue to treat the war in Iran as some sort of temporary annoyance with hopes that the recent announcement (like many before it) that it is nearing a conclusion is true (CNBC) https://www.cnbc.com/2026/06/09/oil-prices-iran-war-strait-hormuz-trump-israel-lebanon.html   … but that is not what concerns the man-in-the-street right now … rather, it is the realization that achieving the American Dream … whatever that is … has gotten harder (CNBC) https://www.cnbc.com/2026/06/09/american-dream-out-of-reach-most-people-right-now-cnbc-survey.html   I don’t know what to make of this … as contrary to warnings about heat we have a new concern about something called a “cold blob” (Newsweek) https://www.newsweek.com/the-atlantics-cold-blob-could-change-weather-across-america-12045642   … but as summer approaches, most worry more about the heat … and hopefully are making preparations that will keep them comfortable and safe while on vacation (APNews) https://apnews.com/article/travel-heat-safety-tips-vacation-health-f0f5d3e4b97c6074a5d59e74f194bc6e   Plug in solar has been used in RVs … so a logical step was to set this up at home … rather than the rooftop contraption. Is it viable?  Many in Europe are fans (EuroNews) https://www.euronews.com/2026/06/09/plug-in-solar-is-set-to-soar-across-europe-but-is-it-better-than-traditional-rooftop-panel   … as solar has been gaining in popularity … and if costs continue to come down … while efficiency improves … market share should continue to rise (Electrek) https://electrek.co/2026/06/08/solar-is-crushing-gas-growth-worldwide-a-new-report-finds/ The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.