Dow futures rise despite hotter inflation data


BY THE NUMBERS

Dow futures rose Thursday despite a hotter-than-expected report on shopper inflation. The Dow logged its third straight session of losses Wednesday. In a relatively muted June, the 30-stock common was nonetheless lower than 1% from final month’s report shut. The S&P 500, which additionally dipped Wednesday, remained 0.3% shy of its May report excessive shut. The Nasdaq broke a three-session profitable streak, however Wednesday’s modest decline nonetheless saved the tech-heavy index inside 1.6% from its late April report shut. (CNBC)

* For CNBC Pro subscribers: Today’s biggest analyst calls on Zoom, Delta, UPS, Wingstop

The 10-year Treasury yield ticked increased Thursday, trading around 1.5%, after the federal government launched its red-hot May shopper worth index. Headline CPI rose a greater-than-expected 5% on a year-over-year foundation, the best price since sky-high power costs spiked inflation readings in August 2008. The Federal Reserve, which has mentioned it believes hotter inflation shall be transitory, meets subsequent week. The authorities additionally reported a new pandemic-era low of 376,000 preliminary jobless claims for final week. (CNBC)

Oil prices rose Thursday a day after slipping on data indicating weak U.S. driving season gasoline demand as buyers eyed upcoming U.S. financial data. U.S. West Texas Intermediate oil futures rose to over $70 per barrel, staying close to its highest since Oct. 2018. (Reuters)

Homeowners with mortgages noticed their fairness jump by 20% within the first quarter from a 12 months earlier. This represents a collective money acquire of near $2 trillion. Per borrower, the common acquire was $33,400. Record-low mortgage charges for a lot of final 12 months solely added to the shopping for frenzy and helped gasoline the worth features. (CNBC)

IN THE NEWS TODAY

Shares of GameStop (GME) dropped roughly 6% within the premarket, the morning after the online game retailer named former Amazon govt Matt Furlong as its new CEO. GameStop additionally named one other former Amazon govt, Mike Recupero, as CFO. (CNBC)

GameStop is trying to shift from a largely brick-and-mortar enterprise to extra of a web based operation. Chewy co-founder Ryan Cohen, who took a stake in GameStop final 12 months and pushed the brand new technique, grew to become chairman. GameStop sales rose 25% within the fiscal first quarter on a smaller-than-expected per-share loss. Shares of the unique Reddit-favored meme inventory have soared 1,500% in 2021. (CNBC)

Clover Health (CLOV), Wendy’s (WEN), WWE (WWE), and Clean Energy Fuels (CLNE) are among the many latest meme shares. Insurance supplier Clover rose 1.8% within the premarket after a 23.6% drop Wednesday. Wendy’s gained 1.8% after closing down 12.7%. WWE rose 2.4% premarket after an 11% bounce. Clean Energy Fuels rallied 5.6% in premarket buying and selling after a 31.5% surge Wednesday. (CNBC)

* Virtu CEO says meme stock frenzy not solely driven by a ‘band of retail traders’ (CNBC)

Brazil’s JBS, the world’s largest beef provider, ended up paying the ransomware group that breached its pc networks about $11 million. The firm was hacked in May by REvil, considered one of various Russian-speaking gangs, resulting in plant closures. (NBC News)

Goldman Sachs (GS) is making its U.S. workers report whether or not they’ve taken one of many Covid-19 vaccines, in line with an inner memo despatched this week. Employees should inform the New York-based financial institution by midday Thursday on their standing, in line with the memo. (CNBC)

President Joe Biden, assembly with leaders of the rich G-7 democracies on his first abroad journey since taking workplace, is predicted to unveil plans Thursday for the U.S. to donate 500 million additional vaccine doses across the globe over the following 12 months. The president may even embrace a direct request to his fellow G-7 leaders to do the identical. (AP)

While Covid eases within the U.S., the pandemic has reached new ranges of devastation in lots of nations. India reported on Thursday a daily record of more than 6,000 deaths from the illness. (CNBC)

Moderna (MRNA) said it’s asked the FDA to develop the emergency use authorization of its Covid vaccine in adolescents ages 12 to 17. Pfizer (PFE) and German associate BioNTech (BNTX) were cleared final month to make use of their vaccine for 12-to-15-year-olds. (CNBC)

Keystone XL was halted by proprietor TC Energy after President Joe Biden this 12 months revoked a key allow wanted for a U.S. stretch of the 1,200-mile challenge. The pipeline, delayed for the previous 12 years as a result of opposition from numerous teams, was anticipated to hold 830,000 barrels per day of Alberta oil sands crude to Nebraska. (Reuters)

A small team of workers will find something new of their 401(okay) plan beginning in July: The choice to spend money on crypto. ForUsAll Inc., a 401(okay) supplier, introduced earlier this month a take care of the institutional arm of Coinbase Global. (WSJ)

* Bitcoin rallies after El Salvador passes law to adopt it as legal tender (CNBC)
* China arrests over 1,100 in crackdown on crypto-related money laundering (CNBC)

STOCK TO WATCH

RH (RH) surged 8.4% in premarket buying and selling after it reported quarterly revenue of $4.89 per share, above the $4.10 a share consensus estimate. The residence furnishings retailer formerly-known as Restoration Hardware additionally reported better-than-expected income and raised its full-year outlook.

Signet Jewelers (SIG) surged 6.3% in premarket buying and selling after it trounced a $1.27 consensus estimate with quarterly earnings of $2.23 per share. The jewellery retailer’s income additionally beat estimates as same-store gross sales greater than doubled from a 12 months earlier. Signet raised its full-year income forecast as nicely.

United Airlines (UAL) is reportedly in advanced talks to purchase a considerable variety of massive narrow-body jets that would come with not less than 100 Boeing (BA) 737 Max jets. People acquainted with the matter advised Bloomberg the talks are a part of a broader fleet revamp at United. Boeing shares added 1% in premarket buying and selling.

Tesla (TSLA) plans to launch its new Model S Plaid in the present day at its Fremont, California, plant, with the occasion set for 10 p.m. ET. The high-end model of the Model S will value just below $120,000 and has a projected driving vary of 390 miles.

Roblox (RBLX) faces a copyright infringement lawsuit from a gaggle of music publishers. The online game platform firm is accused of letting builders insert music gamers into video games that play copyrighted music with out permission or fee.

Verint Systems (VRNT) reported quarterly revenue of 44 cents per share, beating the 35 cents a share consensus estimate. The buyer relationship software program firm’s income additionally got here in above analysts’ forecasts and Verint raised its full-year steering.

WATERCOOLER

Seven is a magical number for considered one of Bel-Air’s priciest spec houses. The glass and marble palace situated at 777 Sarbonne Road in Los Angeles hit the market final month with an asking worth of $87,777,777. The triple sevens in its deal with and price ticket are only the start. (CNBC)

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