Dow Futures Expand Gains After May Inflation Data; GameStop Falls

Thursday market minute

  • Global stocks were mixed in the face of Thursday’s crucial May CPI reading, which could provide the severest test to date for the Fed’s ‘transitory’ inflation narrative.
  • Core prices were up 3.5% from last year, the fastest pace since 1992, with a faster-than-expected overall reading of 5%.
  • The European Central Bank made no changes to its 0% benchmark interest rate, saying that support from the emergency bond market would remain in place “until it judges that the crisis phase of the coronavirus is over.”
  • Yields on the 10-year benchmark notes rise to 1,526% following a solid auction of $ 38 billion in reopened notes and inflation figures.
  • Retail capital volumes return to January peaks amid broader June market calm, with new names like Aethlon Medical, GEO Group, and World Wrestling Entertainment added to the list of meme share winners.
  • GameStop posts a loss in the first quarter, appoints two Amazon executives to a key leadership role and revealed plans for a 5 million share sale after the close of business on Wednesday.
  • CDC data shows that 141 million Americans have been fully vaccinated against the coronavirus, with about 304.7 million doses administered as of Wednesday.
  • US equity futures suggest a mixed open following faster-than-expected May inflation data and another drop in weekly jobless claims.

US equity futures rose on Thursday, and Treasury yields held firm at multi-week lows, following a crucial reading of May inflation that could define the Fmederal Reserve the short-term policy trajectory and shake up global markets from your recent June truce.

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