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Waiting on must-see happenings

Posted June 24, 2024 at 9:30 am
Patrick J. O’Hare

This new week looks poised to start on a mixed and flattish note. Sounds rather boring but this week in totality will be anything but boring as it features several must-see happenings:

  • Earnings reports from Carnival (CCL), FedEx (FDX), General Mills (GIS), Micron (MU), Walgreens Boots Alliance (WBA), and Nike (NKE)
  • A $69 billion 2-yr note auction (Tuesday), a $70 billion 5-yr note auction (Wednesday), and a $44 billion 7-yr note auction (Thursday)
  • The release of the Fed’s annual stress test results for banks (Wednesday)
  • The Biden-Trump presidential debate (Thursday)
  • The release of the May Personal Income and Spending Report, which includes the PCE Price Indexes (Friday)
  • The newly reconstituted FTSE Russell indexes will take effect after the market close on Friday
  • Lots of Fedspeak (throughout the week)

Today, however, lacks any marquis billing to excite the masses. There isn’t any economic data of note; meanwhile, there is a smattering of corporate headlines that are of interest but are not necessarily exciting from a market-moving standpoint:

  • The EU commission sent preliminary findings to Apple (AAPL) and opened an additional non-compliance investigation against Apple under the Digital Markets Act.
  • Apple (AAPL) and Meta (META) discussed an artificial intelligence partnership, according to The Wall Street Journal.
  • U.S. prosecutors are recommending the Department of Justice bring criminal charges against Boeing (BA), according to Reuters.
  • Alnylam Pharmaceuticals (ALNY) is up 36% after reporting positive Phase 3 trial data for vutrisiran, an RNAi therapeutic for the treatment of ATTR amyloidosis with cardiomyopathy.
  • Sonoco Products (SON) is acquiring Eviosys for ~$3.9 bln.
  • Goldman Sachs has initiated IBM (IBM) with a Buy rating.

Then, of course, there is the NVIDIA (NVDA) watch. Shares of NVDA, which dropped 4.0% last week, are down 2.1% in pre-market trading on no news. Some modest gains in other mega-cap stocks have acted as an offset.

Currently, the S&P 500 futures are down three points and are trading fractionally below fair value, the Nasdaq 100 futures are down 54 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are up 67 points and are trading 0.2% above fair value.

Elsewhere, the Treasury market is also little changed. The 2-yr note yield is up one basis point to 4.74% and the 10-yr note yield is unchanged at 4.26%.

The waiting and watching isn’t exclusive to the stock market.

Originally Posted June 24, 2024 – Waiting on must-see happenings

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