Home / Business / The futures come down, on the last day of June, Powell’s testimony in sight

The futures come down, on the last day of June, Powell’s testimony in sight



The New York Stock Exchange building (NYSE) is seen with the Fearless Girl Statue during the Covid-19 pandemic in Lower Manhattan, New York City, the United States, on May 26, 2020.

Tayfun Coskun | Anadolu Agency | Getty Images

This is a live blog. Check back for updates.

8:07: some banks are silent on capital plans, dividends

Major banks announced their dividend plans and stress capital reserves on Monday evening following the Federal Reserve̵

7;s stress test. However, some smaller banks have not reported their plans. PNC Financial has not submitted an update to the Securities and Exchange Commission, according to the regulator’s website. Capital One reported its stress capital reserve but did not mention dividends in the press release. –Pound

7:49: Powell and Mnuchin will testify before the House Financial Services Committee

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify before the House Financial Services Committee at 12:30. Tuesday. The joint hearing will focus on the Fed and Treasury response to the coronavirus pandemic. In observations prepared before the hearing, Powell said that despite a recent surge in economic activity as blockade measures are loosened in the world’s largest economy, the outlook is “extraordinarily uncertain” and will be based on containment of the virus and on government support for recovery. “Complete recovery is unlikely until people are confident that they can safely recover in a wide range of activities,” said Powell. “The path will also depend on political action taken at all levels of government to provide relief and support recovery for as long as necessary.” –There

7:46: Wells Fargo down, other banks rise after the capital plan announcements

7:38: Biden tells donors that he will get rid of most of Trump’s tax cuts

7:35: month and quarter of the market under review

It is the last trading day of June and the last trading day of the second quarter. Here’s where the market is located.

  • The Dow rose 0.84% ​​this month, in line with its third consecutive positive month
  • The Dow grew 16.78% in this quarter, in line with its best quarterly performance since the fourth quarter of 1998 when it gained 17.07% and the positive fifth quarter in six
  • For the first half of 2020 the Dow fell by 10.31%
  • The S&P 500 rose 0.29% this month, in line with its third consecutive positive month
  • S&P rose 18.13% this quarter, in line with its best quarterly performance since the fourth quarter of 1998 when it gained 20.87% and the positive fifth quarter in six
  • For the first half of 2020, the S&P fell 5.5%
  • The Nasdaq Composite rose 4.05% this month, in line with its third consecutive positive month
  • The Nasdaq Composite rose 28.23% this quarter, in line with its best quarterly performance since the fourth quarter of 2001 when it gained 30.13% and the positive second quarter in three
  • Nasdaq Composite grew 10.05% in the first half of 2020
  • Russell 2,000 grew 1.95% this month, in line with its third consecutive consecutive month
  • Russell 2,000 rose 23.25% in this quarter, in line with its best quarterly performance since the first quarter of 1991, when it gained 29.37%, and the second quarter was positive in three
  • Russell 2,000 is down 14.82% this year
  • Seven out of 11 sectors are negative for June, brought down by utilities. Technology is the best
  • All 11 sectors are positive for the quarter, driven by consumer discretion, which grew by 30.32% and in line with the best quarterly performance ever
  • For the year, nine out of 11 sectors are negative, bringing energy down, which has lost 38.38%. Technology performs best after gaining 12.06%. – Hayes, Stevens

7:30 am: Micron shares jump after earnings

Micron traded more than 5% more in the premier market after the chip maker performed better than expected in the previous quarter. The company reported an adjusted profit of 82 cents per share, surpassing a Refinitiv estimate of 77 cents. Revenue rose to $ 5.44 billion, beating an estimate of $ 5.31 billion. Micron also released a better-than-expected revenue guide for the current quarter. –Imbert

7:25 am: China claims that its manufacturing sector expanded in June

The Chinas official purchasing manager index hit 50.9 for June, beating expectations and showing a growing sector. The expectation was a reading of 50.4, according to economists interviewed by Reuters. In SMEs, readings above 50 represent an expansion. A private PMI survey of Caixin and IHS Markit is slated to be released later this week. – Pound, Tan

7:20: FedEx rises ahead of earnings

FedEx shares rose 1% in primary market trading as the company prepares to release fourth quarter earnings results after the market closes Tuesday. According to FactSet consensus estimates, analysts predict that the company will earn $ 1.58 per share out of $ 16.41 billion in revenue. In a recent note to customers UBS said it expected a “very weak” relationship for the shipping company, although the company still has a stock purchase rating. “FDX’s potential for improving the multi-year margin and EPS growth can make it attractive to investors,” said UBS. FedEx shares fell 11% this year. – Stevens

7:20: futures on flat stocks

Stock futures pointed to a decline in the early trading days on Tuesday after a strong rally in the previous session. Futures on the Dow Jones Industrial Average increased 40 points, which implies a loss of 10 points outdoors. The S&P 500 and Nasdaq-100 futures were trading just below the flat line. Tuesday’s session marks the last day of June and the second quarter. Investors will monitor testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin before the House Financial Services Committee at 12:30 – There

– Fred Imbert, Christopher Hayes and Huileng Tan of CNBC contributed to the report.

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