Here are the top news, trends, and analysis investors need to start their trading day:
1. Dow tries to avoid its first five-session losing streak since January
US stock futures fell on Friday as the Dow tried to avoid its first five-day losing streak since January. Thursday was the second consecutive day down 200 points after the Federal Reserve meeting. At the close of trading on Thursday, the average of 30 stocks for the week was down nearly 2%. The S&P 500, which was tracking a more modest weekly decline, fell for the third straight year on Thursday. The Nasdaq bucked Thursday’s downtrend, rising nearly 0.9% and breaking a two-session losing streak. The Nasdaq was only 13 points away from Monday’s record close. The S&P 500 was less than 1% from its record high on Monday. The Dow was up more than 2.7% since its last record high in early May.
Trader on the New York Stock Exchange.
2. 10-year yields continue to give up Wednesday’s Fed-driven rise
Federal Reserve Chairman Jerome Powell speaks during a hearing of the Senate Banking Committee on Capitol Hill, Washington, Jan.
Al Drago | Swimming pool | Reuters
The US 10-year Treasury yield continued to ditch the Fed-driven surge to nearly 1.6% Wednesday, trading at around 1.49% on Friday. Yields fell despite the Fed raising inflation expectations after its two-day June meeting that ended Wednesday afternoon. The Fed also announced two rate hikes for 2023 after saying in March that it hadn’t seen any hikes until at least 2024, giving the economy more room to recover from the depths of the Covid pandemic.
3. Many commodities recover a day after a sharp decline
Many commodities rebounded on Friday, a day after falling sharply as China took steps to cool rising prices. These declines resulted in months-long gains and weighed on stocks. On Thursday, the declines in commodities were widespread, with platinum futures falling more than 11%, along with declines of nearly 6% in corn futures and 4.8% in copper futures.
A Chinese government agency on Wednesday announced a plan to release some of its key metal reserves. Commodities often perform inversely against the dollar as they are mostly valued worldwide in the US currency, which has been gaining in value since the Fed’s decisions this week.
4. Warnings about Covid from a British study, England’s chief medical officer
Paramedics arrive at the emergency room at Sharp Memorial Hospital in San Diego, California with a patient with Covid-19.
Bing Guan | Bloomberg | Getty Images
A new UK study looked at brain imaging before and after coronavirus infections, specifically looking at the potential effects on the nervous system. “In short, the study suggests there could be long-term brain tissue loss from Covid, and that would have some long-term ramifications,” said Dr. Scott Gottlieb told CNBC “The News with Shepard Smith”. The destruction of brain tissue could explain why Covid patients have lost their sense of smell, he said.
Hounslow, London, which on Thursday 27 May 2021 has become one of the UK’s biggest hotspots for the variant of the coronavirus first identified in India.
Tejas Sandhu | MI news | NurPhoto | Getty Images
England’s chief medical officer warned that it would likely be five years before Covid vaccines that could highly “hold the line” against a number of coronavirus variants. By then, Chief Medical Officer Chris Whitty said new vaccination programs and booster vaccinations were needed. Another relaxation of lockdown restrictions in England was delayed this week due to a surge in cases of the Delta variant, first discovered in India.
5. Biden signs law making June thenth a public holiday
U.S. President Joe Biden is applauded as he picks up a pen to sign the June National Independence Day bill while Vice President Kamala Harris stands in the East Room of the White House in Washington on June 17, 2021.
Carlos Barria | Reuters
Most federal employees will celebrate Friday June 10th because the public holiday that marks the end of slavery in the United States falls on a Saturday this year. The New York Stock Exchange won’t close for June th this year, but it will consider closing in 2022. On Thursday, President Joe Biden signed an act that made the June thenth the 19th day in 1983. June 10th marked the day in 1865 when Union soldiers arrived in Galveston, Texas and officially ended slavery in the state . It happened more than two years after then President Abraham Lincoln issued the Emancipation Proclamation.
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Disclosure: Dr. Scott Gottlieb is a CNBC employee and a member of the board of directors of Covid vaccine maker Pfizer, genetic testing startup Tempus, health technology company Aetion, and biotechnology company Illumina. He is also co-chair of Norwegian Cruise Line Holdings ′ and Royal Caribbean’s Healthy Sail Panel.