Manage episode 294492180 series 2917102
U.S. stock futures point to a flat open. Markets are definitely in wait-and-see mode.
Here's what is happening in the markets today, Tuesday, June 8th.
Investors are focused on inflation data in the week ahead, with May’s Consumer Price Index (CPI) scheduled to be released Thursday. In April the CPI rose 4.2% from the previous year, the fastest increase since 2008. If prices continue to rise it could cause the Federal Reserve to step back from its easy policies.
All eyes are on the next FOMC meeting scheduled for June 15-16 as investors look for what Fed officials will say about inflation and monetary policy. Recent comments by officials suggest the Fed is beginning to prepare markets for tapering its asset purchases.
This morning, major websites like Reddit and global news websites including the FT, New York Times and Bloomberg experienced an intermittent outage and displayed a 503 error message. It came as U.S. cloud computing services provider Fastly (FSLY) experienced a technical issue.
It said on its website at 5:58 a.m. ET that it was investigating a technical issue. At 6:44 a.m. ET, Fastly said the issue had been identified and “a fix is being implemented.”
Amazon, Twitter, PayPal, Spotify, Twitch, the BBC and The Guardian were also affected. Fastly fell 3% in premarket trading.
Meme stocks continued their rally Monday. AMC Entertainment (AMC) jumped 14.8%, and BlackBerry (BB) and GameStop (GME) shares also popped double-digits. The SEC said Monday it’s watching the SEC is watching the ongoing volatility in the market for "disruptions, manipulative trading or other misconduct". They also vowed to protect retail investors.
Six AMC executives made more than $8 million in total after selling 150,000 shares last week, filings with the SEC show.
Stitch Fix (SFIX) lost 18 cents per share for its first quarter, smaller than the 27 cents a share loss that analysts were anticipating. Revenue came in above estimates, too. Stitch Fix also issued an upbeat forecast. Shares soared 14.8% in premarket action.
Bitcoin fell under $33,000 this morning related to concerns over crypto security after the DOJ recovered more than half of the $4.4M ransom paid to hackers that targeted Colonial Pipeline. Court documents said investigators were able to access the password for one of the hackers’ bitcoin wallets.
Big news: The FDA cleared the first new treatment for Alzheimer's in nearly two decades on Monday, sending shares of maker Biogen (BIIB) up 38% and adding $16.5B in market value. Biogen’s drug Aduhelm slows down the memory-robbing disease Alzheimer. It’s an expensive drug though: The costs are about $56,000 a year per patient.
Apple (AAPL) kicked off its annual WWDC conference for developers yesterday. Some key announcements:
FaceTime updates: Video calls will get screen sharing capabilities, integrations with other apps like social media, and crisper audio. Users will also be able to schedule and send links to FaceTime calls (even to their Android friends).
Focus tech: To help you stay on task from 9–5, Apple will let users batch notifications and order them by priority, add a Focus mode to limit interruptions from non-work-related apps and friends, and add work, sleep, or do not disturb statuses to their Messages app.
Other highlights: Uploading your ID to Apple Wallet to use for TSA screening. Unlocking your car or front door from an iPhone. Fancier maps. And trusted contacts to get you back into iCloud after you forget your new password.
The Amazon (AMZN) Founder Jeff Bezos is launching himself into space. In an Instagram post, Bezos said that he and his brother would be onboard Blue Origin's first mission, set for liftoff on July 20.
That leaves only one seat open. So if you've been looking to get some Bezos facetime to pitch your startup idea, you can bid for New Shepard's final seat through Saturday.
As of yesterday, the highest bid to sit sandwiched between the Bezos brothers for an 11-minute space flight reaching an altitude of 62 miles: $2.8 million.
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