Dow future contract increased 10 points at 06:56 ET (10:56 GMT), while the S&P 500 futures and Nasdaq 100 futures both fell by 7 points or 0.1% and 0.4%, respectively.

Today’s main U.S. market news-

1. U.S. futures decline as chip battles and central bankers come into focus.
2. What’s driving markets: Futures decline, central bankers, Nvidia stung by Chinese restrictions
3. Futures decline as chips decline, Powell is the focus.
4. Stocks of Nvidia and AMD fell after news of Chinese AI chip limits.
5. Swire Pacific of Hong Kong sells its US division to the majority shareholder for $3.9 billion.
6. On Tuesday, data showed that the U.S. economy was stable despite recession fears, but the Fed will likely have to keep raising interest rates.
7. Oil prices rose Wednesday as overnight data indicated a larger-than-expected drop in U.S. stocks, signaling strong demand.
8. Investors will closely watch a panel discussion at the European Central Bank annual forum in Sintra, Portugal,. Central banks have maintained hawkish interest rate outlooks.
9. Stocks of Nvidia and AMD fell after news of Chinese AI chip limits.
10. General Mills expects a meager profit as demand is slowed by price increases.
11. Wall Street goes up at the end of the day because good economic news eases worries about a slowdown.
12. Oil prices stay steady as U.S. stocks drop, and people wait for Powell’s speech.
13. Google fires people who worked on its mapping app Waze.
14. A US judge says that Overstock can buy Bed Bath & Beyond for $21.5 million.
15. As the break from European rules ends, U.S. banks rush to get study fees.
16. Walgreens is worried about low spending by customers and a big drop in COVID sales.
17. U.S. stocks are going up because the big companies are coming back.
18. Slowing inflation in Canada makes it less likely that interest rates will go up in July.
19. The US bankruptcy court will look at J&J’s $8.9 billion talc deal.
20. Walgreens is worried about low spending by customers and a big drop in COVID sales.

GLOBAL NEWS 

1. S&P/ASX 200 was up 1.10% at the close of trading, lifting Australian stocks.
2. At the closing of trading, Japanese stocks were up; the Nikkei 225 was up 2.02%.
3. Nifty breaks through the 18,900-point barrier as Sensex and metals shine.
4. As more tourists visit Thailand, the World Bank increases its 2023 growth projection to 3.9%.
5. China’s industrial profits drop, intensifying the country’s economic doom
6. European markets increase as positive US data allays recession fears.
7. Asia shares are down, yen is avoided, and the euro is booming.
8. Nifty breaks through the 18,900-point barrier as Sensex and metals shine.
9. Bloomberg News: UBS will reduce the personnel at Credit Suisse by more than half.
10. China’s industrial profits drop, intensifying the country’s economic doom
11. Finance officials in Japan increase their warnings against currency depreciation.
12. China’s industrial profits drop, intensifying the country’s economic doom
13. Oil jumps on significant US stock declines, but rate hike worries persist
14. Prior to Powell, Asia FX declines, and Aussie falls due to CPI miss
15. Rising shop price inflation in the UK slows in June – BRC
16. Pakistan thinks that the IMF will decide on a bailout in the next few days.
17. European stocks go up a little bit because of a help from China, but fears of a rate hike keep gains in check.
18. The Competition Bureau says that Canada’s grocery business needs more players to keep inflation in check.

Economic Data

• The Consumer Confidence Index for June jumped to 109.7, which is higher than the average of 104.0, while May was changed from 102.3 to 102.5. Present Situation Index for June is 155.3, which is higher than May’s revised 148.9, and Consumer Expectations Index for June is 79.3, which is higher than May’s 71.5. Consumers expect inflation rate to be 6.0% in one year.
• May new home sales were very strong, going up by 12.2% month over month to 763K (the best since February ’22), which was well above the expected 675K and the previous month’s 680K. There were 6.7 months’ worth of new homes on the market in May, compared to 7.6 months in April, and the median sale price went down by 7.6% year over year to $416,300. May home sales were up 17.6% in the Northeast, 4.1% in the Midwest, 11.3% in the South, and 17.4% in the West.
• Goods that last Orders went up 1.7% more than expected (-1%) and 1.2% more than in April. Durables orders outside of transportation went up 0.6% vs. expectations (-0.1%) and went down 0.6% from April. Durables orders outside of defense went up 3.0% vs. April (-0.5%). Shipments of durables went up by 1.7% compared to April, when they went down by 0.6%.
•  S&P CoreLogic Case-Shiller Home Price Index ; The seasonally adjusted HPI Composite for 20 cities from the S&P CoreLogic Case-Shiller Home Price Index for April was +0.9%, which was higher than the +0.5% estimate and +0.4% in March (which was changed from +0.5%). HPI Composite for 20 cities, not adjusted for seasons: +1.7 percent, compared to +1.0 percent forecast and +1.6 percent before.
• The FHFA House Price Index for April was 0.7%, which was better than the expected +0.3% and March’s +0.5% (which was changed from +0.6%). On a year-to-year basis, the index rose 3.1%, compared to 3.7% the month before and 3.6% the month before that.
• The Richmond Fed Index for June came in at -7, which was better than what was projected (-12) and what was seen before (-15).

Global Economic data

• China ratings at ‘a+/a-1’; outlook steady S&P said China’s economy is recovering from 2022 covid lockdowns, but sluggish global demand and property overhang are slowing recovery. S&P expects China’s long-term ratings to remain steady while the economy recovers slowly.

Economic Calendar

• ·     7:00 AM ET                  MBA Mortgage Applications Data
• ·     8:30 AM ET                  Advance Goods Trade Balance for May
• ·     8:30 AM ET                  Wholesale Inventories for May
• ·     9:30 AM ET                  Fed’s Powell, ECB’s Lagarde, BOJ’s Ueda, BOE’s Bailey speak.
• ·     10:30 AM ET                Weekly DOE Inventory Data
• ·     1:00 PM ET                   US Treasury to sell $35B in 7-year notes.

Other Key Events:

·     Goldman Sachs Berlin Disruptive Technology Symposium, 6/27-6/28, in Berlin

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