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Here are the top news, trends and analysis that investors need to start their trading day:
1. Stock futures flat after inflation data, ahead of Fed meeting
US stock futures were flat on Tuesday after a hotter government report on wholesale prices, which could fuel inflation fears. After a sharp rise in consumer prices last week, investors will be waiting for signals from the Federal Reserve on inflation tolerance when the June two-day meeting of central bank policy makers ends on Wednesday.
The latest Fed survey by CNBC of Wall Street economists, fund managers and strategists shows that they believe the tapering off of massive Covid-era bond buying by the Fed won’t start until January and that the first rate hike from near-zero levels won’t happen until Nov. 2022.
Against this back drop, the Nasdaq started the week with gains that pushed the tech-heavy index above its record closing level in late April. The S&P 500 made minor gains and another record close. Dow broke a two-day winning streak. The 30-share average was 1.1% away from its last record close in early May.
2. Government reports hot product prices, cold retail sales 3. US and EU resolve 17-year dispute between Boeing and Airbus; Customs duty suspension
US President Joe Biden (left) and French President Emmanuel Macron (centre) speak with European Commission President Ursula von der Leyen after a family photo at the start of the G7 summit in Carbis Bay, Cornwall on June 11, 2021.
Patrick Simansky | AFP | Getty Images
The European Union and the United States have resolved a 17-year dispute over government subsidies to aircraft makers Boeing and Airbus. The two sides agreed to suspend customs duties resulting from the dispute for a period of five years. “This really opens a new chapter in our relationship as we are moving from litigation to cooperation in aircraft – after 17 years of disagreement,” said European Commission President Ursula von der Leyen. CNBC reported last week that the European Union is pressing Biden’s White House to reach an agreement to end reciprocal tariffs on the issue, which were imposed during the administration of former President Donald Trump.
4. Biden heads to Geneva to meet Russian President Putin
This set of files created on June 7, 2021 shows then-Democratic presidential candidate Joe Biden speaking about reopening the country during a speech in Derby, Pennsylvania, on June 17, 2020, and Russian President Vladimir Putin delivers a speech during a meeting with Russian athletes and team members, who They will participate in the upcoming Winter Olympics in Pyeongchang 2018, at the Novo-Ogaryovo State Residence outside Moscow on January 31, 2018.
Jim Watson | AFP | Getty Images
President Joe Biden, who this week meets with European allies at the G7 summit in the United Kingdom and the NATO summit in Belgium, is scheduled to meet Wednesday in Geneva with Russian President Vladimir Putin. This will be the third time that Geneva hosts the leaders of the United States and Russia for talks. The first, in 1955, included President Dwight Eisenhower and Soviet leader Nikita Khrushchev. Thirty years later, he met there President Ronald Reagan and his Soviet counterpart Mikhail Gorbachev. Both meetings made progress toward defusing the tension. This time around, there are hopes that the Biden-Putin meeting will lead to a modest improvement in the current chill between the United States and Russia on issues such as Ukraine, human rights and cyberattacks.
5. US close to 600,000 cumulative deaths from Covid-19
A woman and child look at the “Lost Memorial Label,” as US deaths from the coronavirus disease (COVID-19) are expected to exceed 600,000, at Greenwood Cemetery in Brooklyn, New York, US, June 10, 2021.
Brendan McDermid | Reuters
With daily new Covid cases and deaths in the US drastically declining along with high vaccination rates, the nation was on the verge of recording a total of 600,000 deaths from the disease. This is the highest number of Covid deaths in any country, according to data compiled by Johns Hopkins University. With nearly 33.5 million cases, the United States also has the highest number of total infections in the world. However, with the sudden increases in Brazil and India, those countries follow the United States in total deaths, with more than 488,200 in Brazil and about 377,000 in India. In terms of cumulative infections, it flips: India ranked second with nearly 29.6 million and Brazil third with nearly 17.5 million.
The Associated Press contributed to this report. Follow all the market moves like a pro on CNBC Pro. Get the latest news on the pandemic with CNBC’s coverage of the coronavirus.
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