Summary

Major indexes closed higher yesterday after Fed Governor Christopher Waller suggested no interest rate hike. The Nasdaq and S&P 500 hit new records ahead of Nvidia’s earnings. Oil dropped nearly 1% as the Biden administration plans to release 1 million barrels of gasoline. McDonald’s franchise owners raised concerns over the upcoming $5 value meal. FDIC head Martin Gruenberg will step down following an investigation into misconduct. Red Lobster filed for bankruptcy with plans to sell parts of the business. Ethereum's price jumped 22% as Bloomberg raised the approval odds for ethereum ETFs.

For those who read...

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In stock market news:

• All three major indexes closed yesterday on a positive note after Fed Governor Christopher Waller appeared on CNBC, stating that he doesn't foresee an interest rate hike, although the Fed is yet to make their final decision. The Nasdaq reached new all-time highs as investors positioned themselves ahead of Nvidia’s earnings announcement scheduled for this afternoon, and the S&P 500 also set a new record.
• To add a little red to your green, oil dropped nearly 1% yesterday after the Biden administration announced they plan to release 1 million barrels of gasoline this upcoming 4th of July weekend from the Northeast reserve. The US Department of Energy said this move is timed in order to make the biggest impact on gas prices ahead of the summer driving season.

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Back to business, here are some top stories from this week:

• An independent advocacy group for McDonald’s franchise owners has raised concerns about the potential financial impact of the upcoming $5 value meal that will become available at the end of June.
• Martin Gruenberg, head of the Federal Deposit Insurance Corporation, will be stepping down from his position following an independent investigation. The investigation found instances of sexual harassment, bullying and descrimination, both carried out by Gruenberg and the organization as a whole. 
• Red Lobster has filed for bankruptcy, saying it is more than 1 billion dollars in debt and has less than 30 million dollars of cash on hand. The restaurant chain plans to sell off parts of the business to lenders in order to stay afloat. Moreover, they’ve launched an investigation into their parent company over their $11 million loss with the “endless shrimp” promotion. A bad promotion for the business, and for the shrimp.
• and this week, optimism surged within the crypto industry as Bloomberg analysts raised the approval odds for ethereum ETFs from 25% to 75%, causing ethereum's price to jump 22%. The SEC's recent communication with exchanges about launching these funds has fueled this optimism, marking a significant reversal in expectations. Approval of these ETFs would be a major legitimizing event for ethereum, similar to the impact of spot bitcoin ETFs approved earlier this year.

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Bulletin Brief

Stocks end slightly higher after comments from the Fed (Reuters)

Christopher Waller’s CNBC appearance (CNBC)

Biden set to release 1 billion barrels of oil (CNBC)

McDonald’s advocacy group advises against $5 value meal (CNBC)

FDIC chair set to resign following independent investigation (CNN)

Red Lobster's bad shrimp business (Reuters) (CNN)

Ethereum ETF odds boost (theblock) (etf)