Stock market live updates: Futures flat, last day of June, Powell testimony ahead
Tayfun Coskun | Anadolu Agency | Getty ImagesThis is a live blog. Please check back for updates.7:38 am: Biden tells donors he will scrap most of Trump's tax cutsPresumptive Democratic nominee Joe Biden told potential donors his administration would roll back many of President Donald Trump's tax cuts,
telling them "a lot of you may not like that." "We have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together," Biden said. "But I think the country is ready." —
Imbert7:35 am: Market's month & quarter in reviewIt's the final trading day of June, and the final trading day of the second quarter. Here's where the market stands.The Dow is up 0.84% this month, on pace for its third positive month in a row
The Dow is up 16.78% this quarter, on pace for its best quarterly performance since the fourth quarter of 1998 when it gained 17.07%, and fifth positive quarter in sixFor the first half of 2020 the Dow is down 10.31%The S&P 500 is up 0.29% this month, on pace for its third positive month in a row
The S&P is up 18.13% this quarter, on pace for its best quarterly performance since the fourth quarter of 1998 when it gained 20.87%, and fifth positive quarter in sixFor the first half of 2020 the S&P is down 5.5%The Nasdaq Composite is up 4.05% this month, on pace for its third straight positive month
The Nasdaq Composite is up 28.23% this quarter, on pace for its best quarterly performance since the fourth quarter of 2001 when it gained 30.13%, and second positive quarter in threeThe Nasdaq Composite is up 10.05% for the first half of 2020The Russell 2,000 is up 1.95% this month, on pace for its third positive month in a row
The Russell 2,000 is up 23.25% this quarter, on pace for its best quarterly performance since the first quarter of 1991 when it gained 29.37%, and second positive quarter in threeThe Russell 2,000 is down 14.82% this yearSeven out of 11 sectors are negative for June, led to the downside by utilities. Tech is the best performer
All 11 sectors are positive for the quarter, led by consumer discretionary, which is up 30.32% and on pace for its best quarterly performance everFor the year, nine out of 11 sectors are negative, led to the downside by energy, which has shed 38.38%. Tech is the top performer after gaining 12.06%.
– Hayes, StevensMicrontraded more than 5% higher in the premarket after the chip manufacturer posted better-than-expected results for the previous quarter. The company posted an adjusted profit of 82 cents per share, topping a Refinitiv estimate of 77 cents. Revenues rose to $5.44 billion, beating an estimate of $5.31 billion. Micron also issued better-than-expected revenue guidance for the current quarter. —
ImbertChinas's official Purchasing Manager's Index came in at 50.9 for June, beating expectations and showing a growing sector. The expectation was for a reading of 50.4, according to economists polled by Reuters. In PMIs, readings above 50 represent expansion. A private survey PMI from Caixin and IHS Markit is scheduled to be released later this week. —
Pound, Tan7:20 am: FedEx rises ahead of earningsShares ofFedExrose 1% in premarket trading as the company prepares to release its fourth quarter earnings results after the market closes on Tuesday. According to consensus estimates from FactSet, analysts are expecting the company to earn $1.58 per share on $16.41 billion in revenue. In a recent note to clients UBS said it's expecting a "very weak" report for the shipping company, although the firm still has a buy rating on the stock. "FDX's potential for multi-year margin improvement and EPS growth can make it attractive to investors," UBS said. Shares of FedEx are down 11% this year. –
Stevens7:20 am: Stock futures flatStock futures pointed to a flat open in early trading Tuesday following a strong rally in the previous session. Futures on the Dow Jones Industrial Average futures dipped 40 points, implying a loss of 10 points at the open. S&P 500 and Nasdaq-100 futures traded just below the flat line. Tuesday's session marks the last day of June and the second quarter. Investors will monitor Federal Reserve chair Jerome Powell and Treasury Secretary Steven Mnuchin's testimony before the House Financial Services Committee at 12:30 p.m.—
Li— CNBC's Fred Imbert, Christopher Hayes and Huileng Tan contributed reporting.Subscribe tofor exclusive insights and analysis, and live business day programming from around the world. Read more: CNBC »
Be sure to listen in to the Powell testimony. Stock market Futures flat. My stocks futures to hell ☹️ interesting
U.S. stock futures sink after Friday's 700-point slide by the DowU.S. stock index futures fell late Sunday, after the Dow sank more than 700 points Friday. Dow Jones Industrial Average futures undefined were down around... -150 points in the DOW isn’t sinking! It’s probably going to gap up 300 points in the morning. Again... futures are irrelevant in this market... Last week we saw majorly red futures and had a 700pt gain... two weeks ago we saw a 1000pt futures and it almost went red... Totally irrelevant, stop trying to push a fake narrative Don’t worry, Fed is there to pump you up!
Stock futures drop as U.S. coronavirus cases surge to record levelsU.S. stock futures fell as coronavirus cases keep surging in the U.S., stoking concerns about the economic reopening and recovery. CNBC will have their Wall Street cheerleaders talking up the stock market first thing in the morning. of course But but trumpers said death rate is going down so we should ignore this second wave....
U.S. Stock Futures Point to Week of Choppy TradingU.S. stock futures waver, suggesting another week of choppy trading amid concerns that rising coronavirus cases could delay the global economic recovery What percentage of Americans own stock, again? If there's ever been proof that the stock market and the economy aren't the same thing, it's now. 45 mil out of work and stocks not cratering 500k of 7.8 billions....in 6 months = LOL LOL LOL
As Trump campaign takes stock of disastrous June, is the president’s heart in re-election?Former Democratic Strategist James Carville questioned the president’s resolve to win a second term as the coronavirus pandemic deepens and a potential new scandal emerges over the Russian military in Afghanistan. Irresponsible He's going to be desperate to now! Soon as he's out of the Oval, he's gonna be looking over his shoulder the rest of his life. If Iran can grab him... they will !!!
Workhorse stock price surges 521% in June on electric vehicle hype - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Stock market outlook: Buy 'reopening' stocks despite crisis, Tom Lee says - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 'Renowned strategist Tom Lee' You misspelled perma-bull.