The Dow futures contract was down 65 points, or 0.2%, at 06:55 ET (10:55 GMT), while the S&P 500 futures were down 4 points, or 0.1%, and the Nasdaq 100 futures were down 3 points, or 0.1%.

Today’s main U.S. market news-

1. What’s influencing markets are the Moody’s Coinbase outlook and Chinese inflation data?
2. Dow futures lose 65 points but regaining ground before an important Fed meeting.
3. China saw the steepest decline in factory gate prices.
4. After U.S. regulators revealed a lawsuit against the cryptocurrency exchange, Moody’s downgraded Coinbase’s (NASDAQ:COIN) rating. 
5. Dollar recovers from severe losses; Fed meeting is the main event
6. Dollar drops after a spike in US unemployment claims; Fed is the main concern
7. Binance.US will stop accepting dollar deposits following SEC crackdown
8. GM accepts Tesla’s EV charging technology, to the delight of Wall Street
9. DocuSign Q1 results beat forecasts, and stock price rises
10. Modern Mining Technology announces a 2 million share IPO at $5 per share.
11. In places with low air quality, Amazon and Target alter deliveries.
12. AstraZeneca and Quell sign a $2 billion deal to explore cell treatments.
13. Weekly US unemployment claims are at a 1-1/2-year high, but experts advise caution
14. Weekly jobless claims in the US rise more than anticipated.
15. As investors wait for the Fed meeting, U.S. markets are fluctuating.
16. Dollar declines as unemployment claims rise

GLOBAL NEWS 

1. China saw the steepest decline in factory gate prices
2. In May, the annual factory gate price decline was a staggering 4.6%.
3. European equities decline following Chinese data casts doubt on the comeback.
4. Asian equities gain on Fed bets to stop, but China lags due to low inflation.
5. European shares are flat, and Croda drops after a profit warning.
6. Australian equities closed the day higher, with the S&P/ASX 200 rising by 0.32%.
7. Nikkei 225 rose 1.97% at the closing of trading, lifting Japanese stocks.
8. France intends to reduce the tax gap that benefits AirBnB
9. China’s central bank is optimistic about Q2 GDP growth and confidence in its 2023 goals.
10. UBS and the Swiss government concur on a loss guarantee for Credit Suisse
11. According to the governor of the central bank, China’s CPI will climb in H2.
12. European shares are flat, and Croda drops after a profit warning.
13. BOJ’s Ueda signals a change in business pricing and an increase in inflation.
14. European equities decline following a Chinese data casts doubt on the rebound
15. As Fed pause bets boost optimism, global shares increase
16. Asian equities gain on Fed bets to stop, but China lags due to low inflation.
17. As Chinese inflation disappoints, the dollar stabilizes in Asia FX
18. Oil prices decline as dismal Chinese data raises demand worries
19. Chinese PPI drops to a 7-year low in May as CPI inflation continues to decline.
20. As the dollar plummets due to Fed wagers to stall, gold and copper prices rise.
21. Increasing factory deflation in China as demand declines

Economic Data

Weekly Unemployed Claims increased to 261K in the most recent week compared to a consensus estimate of 235K and 233K the week before; the 4-week moving average increased to 237,250 from 229,750; continuous claims decreased to 1.757M from 1.794M the week before and an estimated 1.8M; and the US insured unemployment rate remained at 1.2%.
Wholesale inventories for April were revised to (-0.1%) from (-0.2%); wholesale sales for April were revised to +0.2% (consensus +0.4%) from (-2.2%); and the stock-to-sales ratio for April was updated to 1.40 months from 1.41 months.

Global data

China May Annual CPI +0.2% vs. est. +0.3% (prior +0.1%); Monthly CPI fell (-0.2%) vs. est. (-0.1%) and prior fell (-0.1%); the annual PPI fell (-4.6%) vs. est. (-4.3); the decline in food prices narrowed by 0.3 PPs to 0.7% m/m due to seasonal factors, contributing to a decrease of approximately 0.12 percentage points in m/m CPI. Food prices drop results in an approximately -0.13 PPs decrease.

Economic Calendar

• ·     1:00 PM ET                   Baker Hughes Weekly rig count data

Other Key Events

• ·     Apple (AAPL) Worldwide Developers Conference, 6/5-6/9
• ·     TD Cowen Sustainability Week 2023 (virtual), 6/6-6/9

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