Here are five things to know for Wednesday, June 30:
1. – Stock futures fall after the record close of the S&P 500
Stock futures fell Wednesday after another record close for the S&P 500.
Contracts linked to the Dow Jones Industrial Average were down 39 points, S&P 500 futures were down 3 points and Nasdaq futures were down 2 points.
The S&P 500 was up just 0.03% on Tuesday, but still managed to close at another record. The broad market index is on track to end June with gains, which would mark its fifth consecutive monthly advance. The high-tech Nasdaq also ended Tuesday with an all-time close record.
A report on US consumer confidence for June reached the highest level since the pandemic began last year. It was the fifth consecutive monthly gain for the measure, and short-term consumer optimism rebounded “driven by expectations that business conditions and their own financial outlook will continue to improve in the coming months,” said Lynn Franco, senior director. of economic indicators of the Conference Board.
Confidence in the rebound in the economy came as concerns persist that the Federal Reserve could withdraw support if inflation rises too high and that outbreaks of the highly contagious delta variant of the coronavirus could halt a global recovery.
For now, however, stocks have rallied on the prospect of a strong recovery and the belief that the Fed will keep interest rates low for a while longer.
The yield on the benchmark 10-year Treasury bond fell early Wednesday to 1.456%.
2.- Wednesday’s economic calendar: ADP National Employment Report
Wednesday’s US economic calendar includes ADP’s National Employment Report for June at 8:15 AM. M. ET, Chicago PMI for June at 9:45 a.m. M., Pending Home Sales for May at 10 a.m. M. And the oil inventories for the week ending June 25 at 10:30 a.m.
The ADP report will serve as a precursor to Friday’s release of the official US jobs report for June. Economists surveyed by FactSet expect the ADP report to say that private payrolls increased by 550,000 during the month, down from the 978,000 increase in May, which was the fastest pace in nearly a year.
3. – Micron and Bed Bath & Beyond to report earnings
Jim Cramer of TheStreet said earlier this week that he will keep a close eye on Micron’s earnings.
“I think Micron is the most important because semiconductors really hang by a thread,” he said.
4.- Didi raises $ 4.4 billion in initial public offering
Didi Global’s initial public offering was priced at $ 14 per ADS on Tuesday night, raising about $ 4.4 billion for the Chinese ride-sharing giant.
The IPO gives the company a valuation of around $ 67 billion. Didi sold 317 million US depository shares in the offering compared to 288 million originally planned.
At $ 4.4 billion, Didi would be America’s second-largest listing for a registered Chinese company, after Alibaba. (SLIME) – Get report $ 25 billion debut in 2014, according to data
compiled by Bloomberg.
Jim Cramer of TheStreet recently said Didi could offer speculators a good chance.
Didi’s shares will begin trading on the New York Stock Exchange on Wednesday under the symbol “DIDI.”
5. – These shares are worth owning, says Cramer
Jim Cramer of TheStreet suggested that beginning investors should put their first $ 10,000 into an index fund. But after that, Cramer told his “Mad Money” viewers Tuesday night, there are better ways to make money.
The problem with owning everything, according to Cramer, is that it is not worth owning all the stocks. So what is worth owning today? There are dozens of well-paying dividend stocks in the S&P 500 like Merck (MRK) – Get report. Cramer also identified stocks over the years, such as Facebook. (full board) – Get report, Paychex (PAYX) – Get report, Shopify (STORE) – Get report and Nvidia (NVDA) – Get report in “Mad Money”.
Cramer’s Mad Money Roundup: Facebook, Merck, Nvidia
All of these stocks have seen huge gains and they were all hidden in plain sight. With a little time and research, investors can find winners like these, Cramer explained.