July 13, 2024

Westside People

Complete News World

5 things to know before the stock market opens on Tuesday, June 7

Here are the top news, trends and analysis that investors need to start their trading day:

1. Wall Street prepares to open lower as bond yields remain high

Traders work on the floor of the New York Stock Exchange, June 6, 2022.

Source: NYSE

US stock futures It fell on Tuesday, with bond yields rising Play spoiler again. Sentiment was also hurt on shares targeting More than 8% drop in the primary market with a profit warning.

  • The Dow Jones Industrial Average He gave up almost all of Monday’s gains of over 300 pips by the close as benchmark 10-year treasury bond yield Topped 3%, and reached Highest level in nearly a month.
  • The Standard & Poor’s 500 and the Nasdaq They were able to hold more of their gains on Monday compared to the Dow, to finish 0.3% and 0.4% higher, respectively.
  • Despite strong gains in the week leading up to Memorial Day, last week’s losses kept the Dow and S&P 500 in strong corrections and the Nasdaq in a bear market, building on declines from previous all-time highs.

2. Target stocks sink after the retailer warns of profits

A person walks past a Target store in Washington, D.C., on May 18, 2022.

Stephanie Reynolds | AFP | Getty Images

target warning On Tuesday, those profits will take a short-term hit as the retailer notes unwanted items, cancels orders and takes aggressive steps to get rid of extra inventory. Target expects operating margin for the second quarter of the fiscal year to be around 2%. That’s below expectations it gave less than three weeks ago when it reported a bigger profit loss in its fiscal first quarter, sending the stock down nearly 25% in its worst one-day performance on Wall Street since 1987.

3. Kohl’s Jumps After Entering Sale Talks With Vitamin Shoppe’s Owner

The Kohl logo is displayed on the outside of Kohl’s store on January 24, 2022 in San Rafael, California.

Justin Sullivan | Getty Images

kohl Shares rose nearly 10% in the market on Tuesday, in the morning after the supermarket chain said that I entered into exclusive sale negotiations With the retail contract behind The Vitamin Shoppe and Pet Supplies Plus. franchise group It suggests buying Kohl’s for $60 per share, more than a 40% premium to Monday’s close. franchise group It’s working with Oak Street Real Estate Capital to fund the deal mostly through real estate, according to a person familiar with the matter.

4. Yellen begins two days of her testimony on Capitol Hill on inflation

Janet Yellen, US Treasury Secretary, delivers the Tommaso Padua-Sciopa lecture at the Brussels Economic Forum in Brussels, Belgium, on Tuesday, May 17, 2022.

Valeria Mongli | Bloomberg | Getty Images

Ahead of Friday’s reading of consumer prices for May, inflation is taking center stage on Capitol Hill this week as Treasury Secretary Janet Yellen He testifies before the Senate Committee on Tuesday and the House Committee on Wednesday. Yellen, former Federal Reserve Chair, faces tough questions on how the Biden administration is handling the economy after it was wrong about inflation being temporary. High inflation forty years ago pushed the national average gallon of gas to another record, just 8 cents shy of $5, According to AAA.

5. Senators introduce bipartisan bill to regulate cryptocurrency

The US Capitol Building in Washington, DC

Liu Ji | Xinhua News Agency | Getty Images

Sense. Kirsten Gillibrand, DN.Y. , and Cynthia Loomis, Republican of UW, on Tuesday a statement A bipartisan bill to create a regulatory framework around encryption. The Lummis-Gillibrand bill, the product of months of collaboration on Capitol Hill, amounts to classifying the vast majority of digital assets as commodities. The Responsible Financial Innovation Act would enable the CFTC to regulate most existing digital assets. Lummis and Gillibrand would like to work on developing their case into blockchain and crypto havens.

– CNBC channel Tanaya MachelAnd the Melissa RybkoAnd the Lauren Thomas And the Thomas Frank As well as Reuters contributed to this report.

open an account now For the CNBC Investing Club to follow Jim Cramer’s every arrow move. Follow the actions of the wider market like a pro CNBC PRO.

See also  LGBTQ brand creator 'relieved' after Target pulls his items from shelves due to backlash