Here are five things to know for Tuesday, June 15:
1. – Stock futures rise as technology leads and Wall Street waits for the Fed
Stock futures rose Tuesday after the S&P 500 set another record for earnings strength at big tech names like Apple. (AAPL) – Get report.
Contracts tied to the Dow Jones Industrial Average were up 16 points, S&P 500 futures were up 4 points and Nasdaq futures were up 17 points. The yield on the benchmark 10-year Treasury bond fell early Tuesday to 1.484%.
Investors will be on the lookout for the Federal Reserve’s policy-setting meeting that begins Tuesday. The central bank will make an interest rate announcement on Wednesday, followed by a press conference from Fed Chairman Jerome Powell.
The Fed is not expected to take any action on rates or a reduction of its $ 120 billion in monthly asset purchases. But Wall Street will closely follow the meeting to learn of the Fed’s inflation forecasts and any hints on when the central bank might start to withdraw monetary stimulus.
Economists surveyed by Bloomberg expect the Federal Reserve to reassert the pace of bond purchases this week, even if it provides projections for higher rates in 2023.
Both the S&P 500 and the Nasdaq closed at records on Monday as Wall Street prepared for the Fed meeting. In addition to Apple, the indices were led higher by strong gains in Facebook shares. (full board) – Get report and Netflix (NFLX) – Get report.
2. – Tuesday Calendar: Retail Sales, Oracle Profit
The U.S. Tuesday Economic Calendar includes Retail Sales for May at 8:30 am ET, Producer Price Index (Final Demand) for May at 8:30 am, Empire State Manufacturing Index for June at 8:30 am and industrial production. for May at 9:15 am
The two-day meeting of the Federal Reserve begins Tuesday. An announcement on Fed interest rates will be made on Wednesday at 2 pm, followed by a press conference from Fed Chairman Jerome Powell.
3. – Close agreement between the United States and the European Union to end the dispute over subsidies to aircraft
The United States and the European Union are expected to announce the end of their 17-year dispute over aircraft subsidies on Tuesday, according to reports.
The deal was prompted by a growing awareness
that China’s state-sponsored aerospace maker Commercial Aircraft Corp. of China, or Comac, was on its way to becoming a legitimate rival in global aircraft manufacturing by the end of the decade, Bloomberg reported.
The long-running dispute saw the United States and Europe impose tariffs on $ 11.5 billion of each other’s exports.
And the European Union also vowed to end a separate dispute over steel and aluminum as the allies sought to reestablish the relationship under the Biden administration, Bloomberg reported.
4.- Be careful with the actions of ‘Meme’, says Cramer
Do you think you are “hitting the man” with your wallet? If so, Jim Cramer said you’re probably just hurting yourself.
Cramer’s example on his “Mad Money” show on Monday night was Corsair Gaming. (CRSR) – Get report, the manufacturer of gaming equipment and content.
The stock rose in early trading Monday after being mentioned on WallStreetBets, only for short sellers to rush in and erase most of those gains at close of trading. The stock ended Monday with a gain of 11.25% at $ 36. In premarket trading on Tuesday, Corsair Gaming was up 5.31% to $ 37.91.
Cramer said that if he bought stocks for more than $ 40 on Monday, he would hurt himself badly. But that’s what happens when you follow a meme.
Cramer’s Crazy Money Roundup: FAANG, Microsoft, PayPal
5.- MicroStrategy will sell $ 1 billion in shares to buy more Bitcoin
MicroStrategy (MSTR) – Get report said in a regulatory filing that it plans to sell up to $ 1 billion worth of shares to buy more Bitcoin.
The company filed a “shelf” registration with the Securities and Exchange Commission to sell up to $ 1 billion in common stock for general purposes, including buying more Bitcoin.
MicroStrategy said early Monday that it completed the sale of $ 500 million in bonds to buy more of the world’s largest cryptocurrency.
The stock was up 1.09% at $ 605 in premarket trading. Bitcoin gained 2.22% early Tuesday at $ 39,955.