U.S. stock futures were flat Tuesday after a hotter government report on wholesale prices, which could stoke inflation fears. Following last week’s spike in consumer prices, investors will be awaiting signals from the Federal Reserve on its inflation tolerance when the two-day June meeting of central bank policymakers ends Wednesday. (CNBC)
Against that back drop, the Nasdaq started the week with a gain that pushed the tech-heavy index above its late-April record close. The S&P 500 notched a slight gain and another record close. The Dow broke a two-day winning streak. The 30-stock average was 1.1% away from its most recent record close in early May. (CNBC)
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The 10-year Treasury yield ticked higher Tuesday, trading around 1.5%, after the May producer price index rose a hot 6.6% year over year, the largest 12-month increase on record. May retail sales dropped a greater-than-expected 1.3%. (CNBC)
CNBC’s latest Fed survey of economists, fund managers and Wall Street strategists shows that they believe the tapering of the Fed’s massive Covid-era bond buying won’t start until January and the first interest rate hike from near zero levels won’t happen until November 2022.
IN THE NEWS TODAY
In his final days in office, former President Donald Trump pressured top Department of Justice officials to challenge his election loss to President Joe Biden, the House Oversight Committee said Tuesday. The panel shared a cache of more than 200 pages of newly released documents. (CNBC)
The EU and the United States have resolved a 17-year dispute concerning government subsidies for their respective aircraft makers Boeing and Airbus. The two sides agreed to suspend for five years trade tariffs that stem from the dispute, which were imposed during the Trump administration. (CNBC)
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Biden, who’s been meeting this week with European allies at a G-7 summit in the U.K. and a NATO summit in Belgium, is set to meet Wednesday in Geneva with Russian President Vladimir Putin. It will be the third time Geneva has hosted U.S. and Russian leaders for talks. (AP)
As daily new Covid cases and deaths in the U.S. drop dramatically along with high vaccination rates, the nation was on the verge of recording a total of 600,000 fatalities from the disease. That’s the most Covid deaths of any country, according to data compiled by Johns Hopkins University.
