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HomeNewsGlobal NewsDow future up 105 points, U.S. market news June 29th

Dow future up 105 points, U.S. market news June 29th

The Dow Futures contract was up 105 points, or 0.3%, the S&P 500 Futures were up 14 points, or 0.3%, and the Nasdaq 100 Futures were up 55 points, or 0.4%, as of 7:00 ET (11:00 GMT).

Today’s main U.S. market news-

  1. Futures move up as banks grow following the results of the stress test. 
  2. What’s influencing markets? Central bankers, Micron, and banks stress testing.
  3. Dow futures move higher as optimism is boosted by Micron and positive bank test results.
  4. Futures move up as banks grow following the results of the stress test.
  5. Fed’s Powell: Most U.S. policymakers anticipate two or more rate increases in the near future.
  6. Oil stabilizes following a spike as U.S. inventories decline
  7. Berkshire Hathaway, led by Warren Buffett, increases its position in Occidental Petroleum once more, driving up shares.
  8. As lenders pass the Fed’s stress tests, US bank stocks increase.
  9. Powell reiterates his hawkish position and predicts further rate increases.
  10. In Canada, recession wagers are increasing as sticky inflation suggests higher rates
  11. Dollar is in demand as Powell reiterates his bullish attitude.
  12. The US is considering additional export restrictions on AI chip computing power.
  13. U.S. stocks were mixed at the market’s closing, with the Dow Jones Industrial Average down by 0.22%.
  14. Today’s stock market: Tech rises but the Dow declines as Powell advocates for additional rate hikes
  15. US banks overcome upheaval to succeed in annual Fed health inspections
  16. Banks pass the Fed’s annual stress tests; Friday’s release of capital plans is anticipated.
  17. Micron Q3 performance and guidance exceeded expectations; it sees a bottom in the market for memory chips.
  18. BlackBerry announces surprising profit on the strength of cybersecurity
  19. Biden seeks to persuade Americans who are dubious of his economic strategy.
  20. Virgin Galactic is getting ready to take off on its first commercial rocket plane space voyage.
  21. Canadian Broadcasting Corp will be subject to a defamation action from WE Charity, a U.S. court determines.
  22. Nvidia expects China’s export restrictions to result in a permanent loss of opportunity.
  23. Ashland shares dropped after lowering Q3 estimates and announcing a new $1 billion stock buyback program.
  24. The US approves $15 billion for Poland’s Patriot and missile defence improvements.
  25. Commercial flights between the US and China will rise, according to a US official

GLOBAL NEWS 

  1. German inflation tops expectations with an increase in June.
  2. At market closing, German stocks rose, with the DAX up by 0.64%.
  3. At the market’s end, French stocks were up; the CAC 40 was up 0.98%.
  4. At market closing, Australian equities fell, with the S&P/ASX 200 down by 0.02%.
  5. At market closing, Japanese stocks were higher; the Nikkei 225 was up 0.12%.
  6. Brazil could alter its inflation target timetable at the CMN meeting.
  7. European shares were restrained on concerns about rate hikes; H&M rose on strong profit.
  8. Paysafe, Binance’s European banking partner, will stop supporting
  9. Over 75% of Italians in the industrial heartland use digital banking. – BOI
  10. US safety downgrading cost Mexico Airlines more than $1 billion, according to an industry leader
  11. New EU data restrictions are criticised by businesses, and a consumer group sees missed opportunities.
  12. Vietnam’s Q2 GDP growth quickens, but a slowdown is imminent.
  13. Toyota’s May sales increase globally as the components supply crisis subsides.
  14. Over 75% of Italian industrial regions now use digital banking – BOI 
  15. Toyota’s May sales increase globally as the components supply crisis subsides.
  16. Chinese PMIs are expected as Asian stocks rise despite concerns about rate hikes.
  17. The World Bank approves $700 million for Sri Lanka, which is in turmoil.

Economic Data

  • Initial jobless claims for state unemployment benefits dropped 26,000 to a seasonally adjusted 239,000 for the week ended June 25, the Labor Department said on Thursday. Economists polled by Reuters had forecast 265,000 claims for the latest week.
  • Gross domestic product increased at a 2.0% annualised rate last quarter, the Commerce Department said in its third estimate of first-quarter GDP on Thursday. That was revised up from the 1.3% pace reported last month.
  • The May international trade in goods (advance) deficit decreased to -$91.13 billion, down from the consensus estimate of -$92.5 billion and the revised figure of -$97.1 billion in April. May’s exports of products totaled $162.8 billion, $1.0 billion less than April’s exports, and May’s imports totaled $254.0 billion, $6.9 billion less than April imports.
  • May wholesale inventories (advance) decreased by -0.1% to $912.9B, falling short of expectations for a -0.2% contraction and April’s revised -0.3% decline. Retail inventories increased by 0.2% in April but by 0.8% in May to reach $778.7 billion. Year over year, retail inventories increased by 7% in May.
  • US mortgage applications for home purchases increased for a third week despite the continued high cost of borrowing; the mortgage applications index increased by 3.0%, the buy index by 2.8%, and the refinance index by 3.3% as the 30-yr mortgage rate increased by 2 basis points to 6.75%.

Global Economic data

  • German inflation’s rise in June; On Thursday, the German statistics agency reported that harmonised German consumer prices grew 6.8% year-over-year in June.
  • Spain’s 1.6% inflation and Italy’s 6.7% decreased substantially. Friday brings French and eurozone inflation numbers. Reuters economists estimate euro zone inflation to drop to 5.6% in June from 6.1% in May.
  • The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 14.4 vs 15.1 last week. Bulls fall to 41.9% from 42.9%, Neutrals rise to 30.6% from 29.4%, Bears fall to 27.5% from 27.8%.
  •  Sweden’s central bank lifted its key policy rate to 3.75% from 3.50%, as expected, and signaled a further hike later in the year as it continues to fight stubbornly high inflation.

Economic Calendar

  •    6:00 AM ET                  Fed’s Bostic Speaks on US Economic Outlook
  •      8:30 AM ET                  Weekly Jobless Claims
  •      8:30 AM ET                  Continuing Claims
  •      8:30 AM ET                  Gross Domestic Product (GDP) Q1-Final
  •      8:30 AM ET                  Consumer Spending for Q1-Final
  •      8:30 AM ET                  GDP Price Deflator for Q1-Final
  •      8:30 AM ET                  PCE Prices Final for Q1
  •      8:30 AM ET                  Core PCE Prices Q1-Final
  •      10:00 AM ET                Pending Home Sales M/M for May
  •      10:30 AM ET                Weekly EIA Natural Gas Inventory Data

Other Key Events:

  China NBS Manufacturing PMI for June

  RBC Capital UK Mid-Cap Financials Investor Day, 6/29 in London

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