Here is what you need to know on Wednesday, June 16:
Equity markets remain on hold until the Fed meeting later on Wednesday. Speculation and concern have been mounting over talk of tapering and penciling in earlier than expected interest rate rises. The recent data sets of US PPI and retail sales have given further fuel to bears but despite this VIX and yields remain subdued.
Meme stocks suffer from the risk of profile on Tuesday. Perhaps the retail bunch are also nervous over Fed policy. More likely, nothing can go up forever, and the rally eventually had to run out of steam. Some new toys are found with Arrival (ARVL) surging 20% in Wednesdays premarket and AMC still registering gains as another big options expiry looms on Wednesday.
European markets are flat with only the Dax showing any interest in moving, down 0.1%.
US futures are also flat, the Nasdaq being the biggest mover up 0.1%, everything on hold!
Wall Street top news
President Biden and President Putin to meet in Geneva.
UK says it is extremely worried over Northern Irish protocol.
Regeneron (REGN) drug cocktail reduces risk of death in patients with severe covid, Oxford university study.
Roblox (RBLX) shares fall in premarket as daily active users number disappoints.
LaZboy (LZB) not so lazy as results beat estimates, but shares fall due to supply issues.
EBAY to sell South Korean operation for $3.6 billion-CNBC.
Johnson & Johnson (JNJ): FDA clears 15 million doses produced at Emergent Bio (EBS) plant.
Southwest (LUV) suffers a computer glitch on Tuesday following one earlier. Hundreds of flights reportedly canceled or delayed.
TAL Education, New Oriental Education (EDU) fall in premarket on reports China is to impose tough new restrictions on the industry.
Corcept Thera (CORT) jumps 5% in premarket, perhaps on director Leonard Baker's purchasing 150,000 shares in a Form 4 SEC filing on Tuesday.
Rambus (RMBS) $100m accelerated buyback initiated.
Upgrades, downgrades, premarket movers
Source: Benzinga Pro
Economic releases
The author is long AMC puts and RIDE calls.
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