Here are five things to know for Monday, June 14:
1. – Stock futures rise with the Fed in focus
Stock futures rose modestly on Monday as the S&P 500 set another record and Wall Street braced for a key Federal Reserve meeting later this week.
Contracts tied to the Dow Jones Industrial Average rose 24 points, S&P 500 futures gained 3 points and Nasdaq futures rose 30 points.
The S&P 500 posted its second consecutive record high on Friday and investors weighed in on the Federal Reserve’s stance that inflation spikes will be transitory.
For the week, the Dow Jones was down 0.8%, the S&P 500 was up 0.4% and the Nasdaq was up 1.8%.
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This week’s big event will be an interest rate announcement from the Federal Reserve’s policy-setting body, the Federal Open Market Committee, on Wednesday, followed by a press conference from Fed Chairman Jerome Powell.
While the US central bank is not expected to take any action on rates or a reduction in monthly asset purchases, Wall Street will closely follow the meeting to learn of the Fed’s forecasts on inflation and the strength of the economic recovery.
The benchmark 10-year Treasury yield rose to around 1,464%. Last Thursday it hit a three-month low.
2. – This Week’s Calendar: Federal Reserve Meeting
The economic calendar in the United States on Monday is empty, but later in the week we will see data on retail sales, producer prices, manufacturing and industrial production.
The Federal Reserve rate announcement will be made at 2 p.m. ET on Wednesday. Fed Chairman Jerome Powell will hold a press conference that day at 2:30 p.m.
3. – Tesla will accept Bitcoin again when mining is cleaner
Bitcoin climbed above $ 39,000 after Tesla (TSLA) – Get report CEO Elon Musk
He said his electric vehicle company would resume trading with the world’s largest cryptocurrency when mining is done with more “clean energy use.”
“When there is confirmation of reasonable clean energy use (~ 50%) by miners with a positive future trend, Tesla will resume Bitcoin transactions,” Musk said in a tweet on Sunday.
The tweet was in response to another post that suggested Musk’s back and forth positions recently on the cryptocurrency were “market manipulation.”
Bitcoin was up more than 9% early Monday to $ 39,012, according to CoinDesk. It has traded tremendously since setting a record high of $ 64,829 in mid-April.
Many of Musk’s posts and comments on Twitter have been linked to the recent up and down movements of the digital currency.
4. – AMC and other Meme shares are trading higher
Meme actions like AMC Entertainment (AMC) – Get report they rose in pre-market trading on Monday, extending last week’s gains.
AMC, which has become a favorite with the retail crowd, was up more than 3% to $ 50.98 after jumping more than 15% on Friday. The stock was up 3.1% last week.
The theater chain received an update last week from S&P Global, thanks to its continued efforts to raise cash and pay off debt induced by the pandemic.
GameStop (GME) – Get report it was up 1.14% to $ 236, extending Friday’s gains of 5.9%.
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5. – Washington Prime, the mall operator, files for Chapter 11 bankruptcy
Washington Prime Group (WPG) – Get report, a real estate investment trust that operates around 100 shopping malls, filed for Chapter 11 bankruptcy after the COVID-19 pandemic hit the traditional retail sector.
The company will continue to operate under its restructuring agreement. He secured a debtor-in-possession loan of about $ 100 million.
Washington Prime estimated its assets at around $ 4 billion with a debt of almost $ 3.5 billion.
“The COVID-19 pandemic has created significant challenges for many businesses, including Washington Prime Group, making a Chapter 11 filing necessary to reduce the company’s outstanding indebtedness,” the company said in a statement.