Stock futures fell after the record close of the S&P 500
Stock futures fell after another record close for the S&P 500 on Wednesday.
Contracts linked to the Dow Jones Industrial Average fell 96 points, S&P 500 futures fell 8 points and Nasdaq futures fell 26 points.
The S&P 500 was up just 0.03% on Tuesday, but still closed at another record. The broad market index is on track to end June with gains, which would mark its fifth consecutive monthly increase. The high-tech Nasdaq also ended Tuesday with an all-time close record.
A report on US consumer confidence for June rose to its highest level since the pandemic began last year. It was the stock’s fifth consecutive monthly win, with consumer optimism rebounding, “driven by expectations that trading conditions and its own financial outlook will continue to improve in the coming months,” said Lynn Franco, senior director of Economic Indicators. in the conference. Council.
Confidence in the recovery of the economy came as concerns persist that the Federal Reserve could withdraw support if inflation rises too high and that outbreaks of the highly contagious Delta variant of the coronavirus could block a global recovery.
For now, however, stocks have rallied on the prospect of a strong rally and the belief that the Fed will keep rates low for a while.
The 10-year benchmark government bond yield fell to 1.465% early Wednesday morning.
2.- Wednesday’s economic calendar: ADP National Employment Report
The US economic calendar for Wednesday includes ADP’s National Employment Report for June at 8:15 a.m. ET, Chicago PMI for June at 9:45 a.m., pending home sales for May at 10 a.m. and oil supplies for the week ending June 25 at 10:30 a.m.
The ADP report will serve as a precursor to the release of the official US employment report for June on Friday. Economists surveyed by FactSet expect the ADP report to say that private payrolls increased 550,000 during the month, down from the 978,000 increase in May, which was the fastest pace in nearly a year.
3.- Micron and Bed Bath & Beyond report the result
Earning reports from Micron Technology, Bed Bath & Beyond, General Mills and Constellation Brands are expected on Wednesday.
Jim Cramer of TheStreet said earlier this week that he will keep a close eye on Micron’s earnings.
“I think Micron is the most important because semiconductors really hang by a thread,” he said.
4. Didi raises $ 4.4 billion for IPO
Didi Global’s initial public offering cost $ 14 a share Tuesday night, bringing the Chinese public transportation giant about $ 4.4 billion.
The IPO gives the company a value of around $ 67 billion. Didi sold 317 million American Depositary Shares as part of the offering, up from 288 million originally planned.
At $ 4.4 billion, Didi would be the second-largest US listing for a Chinese company in history after Alibaba’s debut of $ 25 billion in 2014, according to the data.
compiled by Bloomberg.
Jim Cramer of TheStreet recently said Didi could be a good opportunity for speculators.
Didi shares will begin trading on the New York Stock Exchange on Wednesday under the symbol “DIDI.”
5. These stocks are worth owning, says Cramer.
Jim Cramer of TheStreet suggested that beginning investors should put their first $ 10,000 into an index fund. But after that, Cramer told his Mad Money viewers Tuesday night that there were better ways to make money.
The problem with owning everything, according to Cramer, is that it is not worth owning all the stocks. What is worth owning today? There are a dozen well-paying dividend stocks like Merck in the S&P 500. Cramer also identified stocks like Facebook, Paychex, Shopify, and Nvidia in “Mad Money” over the years.
Cramer’s Mad Money Roundup: Facebook, Merck, Nvidia
All of these actions made huge profits and all of them were hidden in plain sight. With a little time and research, investors can find those winners, Cramer explained.
Facebook and Nvidia are involved in Jim Cramer’s Action Alerts PLUS member club. Would you like to be notified before Jim Cramer buys or sells the shares? Find out more now.