STOCKS/ECONOMY
-Stock futures are higher after Thursday's 404-point gain for the Dow, 0.8 percent rise for the S&P 500, and a 1 percent rally for the Nasdaq. Investors are reacting to another inflation report this morning, as well as continuing to quietly cheer the ceasefire that's been holding in the Middle East.
-The PCE price index for May came in up 0.1 percent, as expected. The PCE is typically the inflation data that the Fed looks at most closely.
-The yield on the 10-year Treasury bond is at 4.25 percent.
-Gold is down to the $3,289 per ounce level. Bitcoin is at the $106,900 level.
-Asian markets closed mixed today. The Nikkei rallied 1.4 percent higher, the Hang Seng fell 0.2 percent, and the Shenzhen gained 0.3 percent.
OIL/ENERGY
-U.S. crude prices are up and at the $65 a barrel level.
-Gasoline prices are down to $3.20 a gallon, national average.
TRADE TRIUMPHS
-China and the U.S. have confirmed more details of their trade agreement, including a deal to make sure Chinese rare earths materials keep flowing to U.S. companies. That's particularly good news for U.S. automakers, who rely on rare earths for vehicle batteries. All the major U.S. automakers are up in the premarket, led by Chrysler/Jeep parent Stellantis (STLA), whose shares are up 1 percent.
-The E.U. is agreeing to buy more U.S.-made defense systems, which will help pave the way for a larger trade deal with the U.S. Most U.S. defense contractors' shares are higher in the premarket, led by Boeing (BA), whose shares are up 1 percent.
SNEAKER SURGE
-Nike (NKE) reported better than expected quarterly profits and revenues, and says the worst of the costs from its turnaround efforts seem to be gone. Its shares are up 11 percent in the premarket.
BITCOIN TO AI
-AI company CoreWeave (CRWV) is reportedly in talks to buy bitcoin miner Core Scientific (CORZ), as the AI-bitcoin convergence continues in the tech sector. Core Scientific shares are up 6 percent in the premarket. CoreWeave shares are up 2 percent.
Share this post