Here is what you need to know on Monday, June 27:

Equity markets got their rally last Friday as the University of Michigan reading hit a record low. Let us pause and evaluate that statement for a while just to wonder what a strange world we live in. We have not yet entered a recession, but it looks like we will. A major sentiment reading drops to a record low, and yet equities go on a major rally. Interesting times indeed, but it is more to do with the bond market reaction with equities just tagging along for the ride. Bond yields fell, and so interest rate-sensitive equities moved higher. This meant naturally enough that the Nasdaq was the biggest winner, while energy stocks got hit again. The logic is similar: a global recession will dent oil demand and so mean lower oil prices and lower corporate profits. 

The dollar is flat at 104.20, Gold is at $1,830, and Bitcoin is $21,200. Oil is $108.

See forex today

European markets are higher: Eurostoxx -0.2%, FTSE +0.2% and Dax +0.7%.

US futures are higher: S&P ++0.4%, Dow +0.3% and Nasdaq +0.6%.

Wall Street (SPY) (QQQ) top news

S&P cuts EU growth forecasts.

Iran nuclear talks to restart this week.

Russia said to default on international debt.

Durable goods higher than expected, 0.7% versus 0.1% forecast.

Coinbase (COIN): Goldman says sell COIN as crypto activity falls.

Spirit Airlines (SAVE) said to accept an increased offer from Frontier (ULCC).

BioNTech (BNTX) and Pfizer (PFE) say the omicron booster works better than the original.

Digital World Acquisition (DWAC) says additional subpoenas were issued about the registration statement.

Walgreens (WBA): India's Reliance Industries is said to be interested.

Autozone (AZO) was upgraded by Goldman Sachs.

Newmark Group (NMRK): NY Post reports on a possible merger with Cushman & Wakefield.

Altria (MO): Juul wins temporary stay on FDA ban.

ETSY was downgraded by Needham.

Chewy (CHWY) was upgraded by Needham.

Nutex Health (NUTX) joins Russell 2000 and 3000 indices.


Upgrades and downgrades


Economic releases

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