economy
What the Blue Origin rocket explosion means for Amazon's satellite ambitions
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- The S&P 500 and Nasdaq are hovering near flatline, concluding a strong May with the S&P 500 up 5% and Nasdaq up over 8%.
- A Blue Origin New Glenn rocket exploded during a ground test at Cape Canaveral, Florida, potentially delaying Amazon's satellite deployment for its Amazon Leo network.
- Amazon's satellite business aims to compete with SpaceX's Starlink and plans to begin initial commercial service in the third quarter.
- Upcoming events include Nvidia CEO Jensen Huang's keynote at Computex, FedEx's freight spin-off trading debut, and Microsoft's Build developer event.
- Key tech companies like Palo Alto Networks, CrowdStrike, and Broadcom are also scheduled to release updates next week.
- The economic focus is on jobs data, particularly next Friday's May nonfarm payrolls report.