The Dow Futures contract was down 10 points, or 0.1%, at 06:55 ET (10:55 GMT; S&P 500 Futures was trading just 1 point higher; and Nasdaq 100 Futures was up 4 points, or 0.1%.

Today’s main U.S. market news-

1. Following jobless numbers and the Fed meeting, Dow futures decline 10 points.
2. Fed rate projections and GameStop’s CEO firing are the two main market-movers.
3. Futures are quiet as bond rates increase due to rate concerns.
4. As traders assess the rate outlook, the dollar declines from near three-month highs.
5. Tesla is reportedly considering constructing a 4.5 billion euro auto factory in Spain.
6. GameStop shares plummet in premarket trade on CEO Furlong’s dismissal
7. Lucid, a US premium EV manufacturer, will soon sell in China.
8. S&P 500 and Nasdaq close lower as investors profit from the most recent megacap rise.
9. As investors get ready for the Fed meeting and inflation data, U.S. markets are divided.
10. Today’s stock market concludes with a stronger Dow as an energy boom offsets a tech slump.
11. GameStop declines as Matt Furlong is removed as CEO; Q1 results fall short of expectations.
12. TikTok wants to do $20 billion worth of e-commerce this year, according to Bloomberg News
13. Analysis: US SEC target on Coinbase, Binance warns crypto exchanges
14. Targets of an EU crypto advertising complaint include Instagram, YouTube, TikTok, and Twitter.
15. Meta adds WhatsApp’s Channels broadcasting feature.
16. GameStop fires CEO and promotes Cohen as sales decline once more.
17. According to Citi, “resilient supply” might lead to a 50% drop in global gas prices.
18. Fuel inventories rise as Memorial Day approaches as U.S. crude supplies decline, according to the EIA
19. As tech equities increase, Nasdaq drives Wall Street gains.
20. The US ambassador claims that China’s targeting of US companies has political motivations.
21. Blinken is to visit China for negotiations in the upcoming weeks, according to a US official
22. The U.S. trade deficit grew significantly in April.
23. Following pricing increases, Campbell Soup’s third quarter earnings exceeded expectations.  
24. In April, exports from Canada reached all-time highs.
25. Yellen claims the U.S. economy is strong, but some regions are slowing.

GLOBAL NEWS 

1. Asian markets continue to decline; Straits Times and Nikkei decline
2. The Bank of Canada increases rates to 4.75%, the highest level in 22 years.
3. The Indian markets have a flat start, according to SGX Nifty.
4. Japan’s GDP expanded more than anticipated in Q1
5. The Indian central bank maintains rates but claims that inflation is still too high.
6. The new Pakistani budget is essential to obtaining IMF board approval.
7. May saw a 39-month high for Thai consumer confidence thanks to tourism.
8. StanChart is cutting positions to reduce costs – Bloomberg News
9. According to an EU court expert, Amazon should not pay $268 million in back taxes to Luxembourg.
10. May saw a surge in passenger car sales in China thanks to incentives and new models.
11. Shares decline as Canadian bond markets reassess interest rate expectations.
12. Yuan at 6-mth low as state banks lower rates as Asia’s FX weakens
13. Oil holds steady despite conflicting U.S. and Chinese demand signals.
14. The largest state banks in China reduced deposit rates.
15. Asian shares fall as investors worry about Fed increases
16. Australian exports decline, and the April trade surplus falls short of forecasts.
17. Japan’s Q1 GDP increases as business spending increases.
18. Dollar stable as traders examine the Fed and the outlook for global interest rates
19. Japan’s current account has been positive for three months in a row.
20. According to a Reuters poll, the RBA will increase the cash rate one more time this year to 4.35%.
21. Turkish lira hits record low; further losses are probably to come
22. CNN’s CEO Chris Licht is reportedly leaving.

Economic Data

Light day for economic statistics, although the April trade deficit in the United States was (-$74.6B) compared to consensus (-$75.2B) and deficit (-$60.6B); April goods deficit $96.11B, services surplus $21.56B; overall, April exports -3.6% vs March +1.8%, imports +1.5% vs March -1.6%. U.S. exports in April were $249.02 billion compared to imports of $323.57 billion in March.

Global data

Poor quality of air grips the Northeast; As of late Wednesday, there were 137 wildfires in Quebec, 83 in British Columbia, 64 in Alberta, 31 in Ontario, and 21 in the Northern Territories. The Northeast is suffering from poor air quality.

The bull-bear spread; According to the American Association of Individual Investors (AAII) weekly poll, the bull-bear spread increased to 20.2 from -7.7 the previous week. Neutrals drop to 31.2% from 34.1%, Bears drop to 24.3% from 36.8%, while Bulls increase to 44.5% from 29.1%.

Japan’s GDP increased by a more robust-than-anticipated 0.7% (QoQ) to reach 1.9% YoY. The increase was driven by domestic demand (1.0%), while net exports decreased growth (-0.3%) as exports fell 4.2%.

Treasury Secretary Yellen; ‘Issues’ in commercial real estate that might put burden on banks, says Treasury Secretary Yellen; Well, Yellen remarked, “I do expect that there will be concerns with regard to commercial real estate. “There is no doubt that the demand for office space has changed, particularly in an environment of higher interest rates, since we’ve seen such a big change in attitudes and behaviour toward remote work.” — Marketwatch

China’s May exports decreased by 7.5% year over year compared to the consensus estimate of -0.4%; May imports decreased by 4.5% year over year compared to the estimate of -8.0%; and May’s trade balance was $65.8 billion vs the estimate of $92 billion.

Turkey’s lira plunged As traders claimed that state lenders had stopped dollar transactions in order to defend it, the Turkish Lira sank to a record low and is now the worst-performing currency when compared to expanded majors, according to Bloomberg.

Economic Calendar

• ·     8:30 AM ET                  Weekly Jobless Claims
• ·     8:30 AM ET                  Continuing Claims
• ·     10:00 AM ET                Wholesale Inventories M/M for April
• ·     10:30 AM ET                Weekly EIA Natural Gas Inventory Data

Other key Events

• ·     Apple (AAPL) Worldwide Developers Conference, 6/5-6/9
• ·     Bank America Global Tech Conference, 6/6-6/8, in San Francisco, CA
• ·     Deutsche Bank Global Consumer Conference, 6/6-6/8, in Paris
• Deutsche Bank Basic Materials, Industrials & Building Products Conference, 6/7-6/8, in NY
• ·     NAREIT REITweek, 6/6-6/8, in New York
• ·     RBC Capital Consumer Day 6/8, in New York
• ·     TD Cowen Sustainability Week 2023 (virtual), 6/6-6/9
• ·     William Blair 43rd Annual Growth Stock Conference, 6/6-6/8, in Chicago, IL
• ·     China CPI, PPI for May

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