Here are five things you need to know on Monday, June 7th:
1. –Equity futures fall as Wall Street attaches great importance to inflation and taxes
Stock futures fell on Monday after Wall Street rebounded last week and closed after employment statistics said the Federal Reserve had eased concerns about curtailing financial support.
Contracts related to the Dow Jones Industrial Average fell 18 points and S & P 500 futures fell 7 points. Nasdaq futures fell 44 points. Investors have considered the impact of the 15% global corporate tax agreement secured by the G7 over the weekend on tech giants.
Stock price rises on Friday High-tech stocks soared after the US added less jobs to salaries in May, and investors believe the Federal Reserve Board will not immediately cut $ 120 billion in monthly asset purchases. The S & P 500 closed at 4,229, just below its all-time high.
The Dow rose 0.7% in the week, the S & P 500 rose 0.6%, and the Nasdaq rose 0.5%.
This week Wall Street will wait Thursday for a report on consumer prices for more signs of inflation risk. The Federal Reserve Board (FRB) has announced a pandemic of the new coronavirus. It claims that the surge in inflation that accompanies the economic recovery from Wall Street is temporary.
Treasury Secretary Janet Yellen said President Joe Biden should push for a $ 4 trillion spending plan, even if it caused a surge in inflation next year. She also said in an interview with Bloomberg. He said a slightly higher interest rate would be positive.
“If interest rates rise a little
Environment It actually benefits the points of society
Yellen told Bloomberg.
2. –Calendar of the Week: Consumer price Index, GameStop Revenue
America Economic calendar There is little data on Monday, but later in the week you’ll see information about consumer prices, consumer sentiment, and unemployment claims.
Revenue from Coupa Software is expected on Monday (Coup d’etat)- Get the report And stitch correction (Fixed)- Get the reportA report from GameStop is scheduled for the second half of the week. (GME)- Get the report, Chewy (CHWY)- Get the report, Dave & Busters (play)- Get the report And Signet Jeweler (Sig)- Get the report..
3. –Apple’s WWDC –What to expect
New hardware may also be announced, but according to Apple Maven Daniel Martins, these announcements are rarely made at developer conferences.
Should I buy Apple stock before WWDC?
However, Morgan Stanley analyst Katie Huberty claimed that Apple was likely to announce at least one new MacBook model, MacRumors reported.
“In the last 12 months, Apple has introduced the new M1-powered Macs (MacBook Air, MacBook Pro 13, Mac Mini), as well as the high-end 12.9-inch iPad Pro with the M1 chip,” Huberty said. writing. “We expect this momentum to continue until WWDC 2021, and based on our research, we believe Apple is likely to launch a new MacBook with in-house designed silicon.”
4. –The FDA’s decision on Alzheimer’s disease treatment is expected to increase biogen
Biogen (BIIB)- Get the report Pre-market trading was up on Monday as investors waited for the Food and Drug Administration’s decision. aducanumab Alzheimer’s drug..
If approved, aducanumab will be the first approved treatment for Alzheimer’s disease, a memory-destroying disease.
Analysts disagree on whether clearance is allowed. Whatever the FDA’s decision, the impact on Biogen’s inventory can be enormous, they said.
JPMorgan Chase analyst Cory Kasimov states that this is “the mother of all binary events.” If rejected, Biogen shares could fall to $ 200, and if approved, could rise to $ 450, he said.
Mizuho analyst Salim Saeed estimated that stock prices could rise to about $ 400 or fall to about $ 200, depending on the FDA’s decision.
Biogen’s share price rose 2.86% to $ 294.33 in pre-market trading.
5. –El Salvador may adopt Bitcoin as fiat currency
President Nayib Bukele of El Salvador Bill to make Bitcoin legal tender Along with the US dollar in Central American countries.
“Next week, we will send Congress a bill to turn Bitcoin into legal tender in El Salvador,” he said in a video broadcast of the Bitcoin 2021 conference in Miami. “In the short term, this will help create jobs and provide financial inclusion to thousands of people outside the formal economy. In the medium to long term, this small decision will put humanity in the right direction, at least a little. I hope it helps to push you forward. “
Bitcoin It fell slightly on Monday, down 0.29% to $ 36,102. The world’s largest cryptocurrency hit a record high of over $ 64,000 in mid-April.
“Bitcoin has a market capitalization of $ 680 billion,” Bukele said in a Twitter thread, arguing that if 1% of cryptocurrencies were invested in El Salvador, GDP would increase by 25%. #Bitcoin It’s the fastest growing way to reach 10 million potential new users and send $ 6 billion annually.
According to the US State Department, remittances from Salvador citizens working in the United States account for more than one-fifth of El Salvador’s gross domestic product.