Bloomberg - Evening Briefing - Nvidia takes a dive

Bloomberg Evening Briefing

Stocks lost traction as a roughly $430 billion plunge in Nvidia raised speculation that the rally in the industry that’s powered the bull market was due for a pause. While various sectors outside the technology world advanced on Monday, Nvidia extended a three-day rout to 13%—crossing the technical threshold of a correction. The chipmaker at the heart of the artificial-intelligence revolution has become the most-expensive stock in the S&P 500. It remains up almost 140% this year, making it the second-best performer in the benchmark gauge, behind Super Micro Computer, another favorite AI play. Here’s your markets wrap.  

Here are today’s top stories

It’s a rare bit of good news on the retirement front: Record contribution rates for 401(k) accounts continued in 2023. The average percent of salary funneled into plans maintained 2022’s record pace of 11.7%, when combining contributions from both employees and employers, according to Vanguard Group. Employees alone contributed an estimated average of 7.4%, and an unprecedented 43% of savers either hiked their contribution rate themselves or had it bumped up through auto-escalation features.

US regulators have authorized a pilot program for housing giant Freddie Mac to buy second mortgages, a shift that could ultimately make it cheaper for households to borrow against the equity in their homes. The Federal Housing Finance Agency said in a statement Friday that Freddie Mac could buy as much as $2.5 billion of the mortgages over the 18-month trial period.

Canada is clamping down on imports of Chinese-made electric vehicles, as Prime Minister Justin Trudeau’s government seeks to align itself with the Biden administration on trade. Finance Minister Chrystia Freeland announced the start of a 30-day public consultation period—the first stage before Canada can bring in tariffs on Chinese EVs. 

A TikTok billionaire has become one of the most influential people in the 2024 US election. Jeff Yass, the registered libertarian who turned Susquehanna into one of Wall Street’s most powerful trading firms, is enmeshed with TikTok—and betting on Donald Trump.

Jeff Yass Photographer: Courtesy Susquehanna International Group

Online fashion retailer Shein is said to have confidentially filed papers with UK authorities for a potential listing in London. The timing of an initial public offering, which would likely be London’s biggest in more than a decade, wasn’t immediately clear as Shein is still awaiting approval from the Chinese securities regulator. An IPO could value the fast fashion giant at about £50 billion ($63.3 billion), Bloomberg reported this month.

The US Supreme Court agreed to decide whether states can outlaw gender-affirming care for minors, taking up what has become a politically polarizing issue across the country. The justices will review a federal appeals court decision that upheld Tennessee and Kentucky laws in the face of constitutional challenges by the Biden administration and transgender youths. The court will hear the case in the nine-month term that starts in October, focusing on the Tennessee law.

Wildfire threats are making utilities uninsurable in the American West. As wildfire season starts, some utilities are now operating without insurance — and are on the hook for millions of dollars in damages if their power lines are linked to a blaze.

Firefighters monitor the Post Fire near Gorman, California, on June 16.  Photographer: Bloomberg

What you’ll need to know tomorrow

How a Four-Day Workweek Actually Works

Almost a century ago, Henry Ford officially cut his auto company’s workweek to five days from six. It caught on with employers during the Great Depression as a way to hire more unemployed people and was enshrined into law. Could a four-day workweek be next? A recent KPMG survey of 100 big-company chief executives found that almost 1 in 3 were exploring such a shift. But how would it work, really?

Illustration: Ryan Duffin for Bloomberg Businessweek. Prop Stylist: Ursula Barker

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