Here are five things you need to know for Tuesday June 22nd:
1. Stock futures rise ahead of Fed Powell’s testimony
Stock futures traded modestly higher Tuesday, ahead of Federal Reserve Chairman Jerome Powell’s testimony, who is expected to tell Congress that the economy has shown “sustained improvement” but that the recovery has accelerated inflation.
Contracts linked to the Dow Jones Industrial Average rose 16 points, S&P 500 futures rose 4 points, and futures on the tech-heavy Nasdaq gained 35 points.
The benchmark ten-year government bond yield fell to 1.484% early Tuesday.
“The widespread vaccination, along with unprecedented monetary and fiscal measures, has been a major driver of the recovery. Activity and employment indicators have continued to strengthen, and real GDP appears to be well on track this year to see its fastest increase in decades, “Powell said in written comments ahead of a House hearing on Tuesday.
“Much of this rapid growth reflects the continued recovery in activity from low levels,” added the Fed chief.
Powell said inflation had risen “noticeably” over the past few months, but reiterated that rising price pressures will only be temporary and eventually return to the central bank’s 2% target.
Powell’s remarks follow a Fed Political Committee meeting last week when officials signaled they could raise interest rates and start curbing asset purchases sooner than expected.
The Fed’s restrictive stance led to a sell-off on Wall Street. But stocks rallied Monday – the S&P 500 gained 1.4% – to offset much of last week’s losses.
2. Tuesday Calendar: Powell Statement, Existing Homes Sale
The U.S. economic calendar on Tuesday includes existing home sales for May at 10 p.m. ET.
Federal Reserve Chairman Jerome Powell will appear before the House of Representatives Coronavirus Crisis Subcommittee at 2 p.m.
Grain ferry (KFY) – Get the report, the management consultancy, is expected to publish quarterly results on Tuesday.
3. Bitcoin drops below $ 32,000
Bitcoin fell below $ 32,000 early Tuesday, increasing the prospect of a steeper sell-off if the world’s largest cryptocurrency tops $ 30,000.
“We will most likely continue within the
$ 30,000 to $ 40,000 is enough and hopefully $ 30,000 will hold up as
the low of the year ”, Antoni Trenchev, co-founder of crypto
Lender Nexo in London, Boomberg said. “If not, we should reconsider $ 25,000 and even $ 20,000 before the next increase.”
As of early Tuesday, Bitcoin was at $ 31,633, down 1.77%. It and other digital currencies were cracked down on in China.
Bitcoin fell to a two-week low on Monday after a report said the Agricultural Bank of China, one of the country’s largest banks, issued a statement describing a ban on banning customers from doing business in cryptocurrencies to do.
Are you expecting a “rocky” price action on Bitcoin? Headwind Cramer watches
4. – Flashlight energy extends the gains Ga
Flashlight energy resources (TRCH) – Get the report expanded earnings Tuesday after jumping to a record high in the previous session when the oil and natural gas developer was touted as a potential short squeeze on retail forums.
The stock rose 5.34% to $ 10.45 in early trading on Tuesday. It rose more than 58% on Monday and has gained 1,311% so far in 2021.
Torchlight said Monday it agreed to extend the date to June 30th by which it must complete its merger with Canada’s metamaterial.
5. Delta plans to hire 1,000 more pilots by next summer
Delta Airlines (OF THE) – Get the report plans to hire more than 1,000 pilots by next summer as the travel industry bounces back, according to reports from Bloomberg and Reuters.
Domestic vacation travel will return to pre-pandemic volumes
this month, Delta operations manager John Laughter said in one
Memo to flight operations staff on Monday, Bloomberg reported. He added that travel restrictions
across the Atlantic should ease in the second half of the year.
Bloomberg noted that Delta had 12,940 pilots at the end of last year, which means the new additions would increase the number of pilots by about 8%.
Delta also said it expects to post a profit in June.
Delta shares rose slightly to $ 45.79 early Tuesday.