Dow future gains 38 pts, U.S. market news June5

By 05:04 ET, the Nasdaq 100 futures had dropped by 36 points or 0.25% and the S&P 500 futures had fallen by 1 point. The Dow futures contract had increased by 38 points, or 0.11%, by that time.

Today’s main U.S. market news –

1. Futures are quiet as traders assess the possibility of a June rate halt.
2. Dollar gains as markets assess the likelihood of a Fed rate increase.
3. Plans to reduce Saudi supply and Apple’s release of new devices are what are influencing markets.
4. After seven years of development, Apple (NASDAQ:AAPL) is getting ready to introduce a new “mixed reality” headset.
5. The Saudis declared on Sunday that their production would decrease by almost one million barrels per day from May’s levels to 9 million barrels per day in the following month.
6. According to Evercore ISI, S&P 500 may reach 4450 by July 4.
7. KeyBanc reduced their target due to difficulties with student loan payments.
8. Global stock funds see outflows for the seventh week in a row.
9. Tesla shipped 77,695 EVs built in China in May.
10. US regulators will mandate a 20% boost in capital requirements for big banks, according to the WSJ.
11. Neuralink, from Exclusive-Musk, is estimated to be worth $5 billion despite a difficult marketing transition.
12. After Saudi Arabia promised additional supply cuts, oil prices rose.
13. Dow futures maintain stability as debt bill becomes law
14. Gold prices decline amid uncertainty surrounding rate hikes, and copper prices decline.
15. Dollar increases as US rates are regarded as being higher for longer.
16. Wall Street closes on positive jobs statistics and avoided debt default
17. Fed to forego June rise and enter a protracted pause before cutting rates: Stanley Morgan
18. By signing the debt ceiling bill, Biden prevents a US default.
19. Chemical producers pay $1.19 billion to resolve PFAS-related claims.
20. ‘Lightyear’ executives are among the 75 positions being slashed at Walt Disney’s Pixar, according to an exclusive report.
21. McCarthy applauds the US debt ceiling agreement, but House conservatives are split

GLOBAL NEWS 

1. European equities increased little; Lagarde’s speech may offer ECB hints.
2. As Fed concerns bolster the dollar, central banks wait as Asia FX declines
3. In May, China’s services sector activity picks up.
4. Qatar’s first quarter budget surplus was $5.4 billion, according to the national news agency.
5. Asian stocks continue the worldwide climb, and oil prices rise due to Saudi cuts.
6. Caixin PMI reports that China’s services activity increased in May due to higher demand.
7. PMI: In May, Japan’s service sector expanded at a record rate.
8. France welcomes EV battery factories with open arms.
9. global airlines’ profit projection for 2023 is more than quadruple .
10. Tesla’s China-made EV sales increased 2.4% from April to May, according to the CPCA
11. As OPEC+ extends the agreement beyond 2024, Saudi Arabia guarantees significant oil production reductions in July.
12. Turkey’s inflation declines to 39.6% thanks to free gas.
13. May saw a 31% increase in sales for Volvo Cars as the company bounces back from previous years.
14. UK service providers are forced to raise prices due to rising labour costs: PMI
15. In May, business growth in the Eurozone slowed due to difficulties in manufacturing.
16. Saudi Arabia will prolong its voluntary 500,000 bpd cut until the end of 2024.
17. China’s yuan may depreciate even further to support economic growth the analysts

Economic data

• Nonfarm payrolls increased by +339,000 in May, significantly more than the average estimate of +190,000, and increased from +294,000 in April to +217,000 in March.

   

• May private sector jobs Compared to the consensus estimate, the private sector added 283,000 jobs in May.

   

• The unemployment rate increased from 3.4% to 3.7%, exceeding the 3.5% expectation.

   

• Average hourly earnings US average wages yoy actual +4.3% (expected 4.4%, previous 4.4%); average hourly earnings all private workers +0.3% from prior month (in line with estimates).

   

   

   

Economic Calendar

Monday June 5th

•     9:45 AM ET                  S&P Global Composite, May-F
•     9:45 AM ET                  S&P Global Services PMI, May-F
•     10:00 AM ET                Employment Trends for May
•     10:00 AM ET                Durable Goods Orders M/M for April
•     10:00 AM ET                Factory Orders M/M for April
•     10:00 AM ET                ISM Non-Manufacturing PMI for May

Other Key Events:

·     American Society of Clinical Oncology (ASCO) Annual Meeting, 6/2-6/6, in Chicago, IL

·     Apple (AAPL) Worldwide Developers Conference, 6/5-6/9

·     Raymond James Silicon Valley, California, 6/5-6/6

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