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Asia-Pacific shares rise as buyers await China’s commerce knowledge for June

SINGAPORE — Shares in Asia-Pacific rose in Tuesday morning trade as investors awaited the release of China’s trade data for June.

The Nikkei 225 in Japan gained 0.55% in early trade while the Topix index advanced 0.57%. South Korea’s Kospi climbed 0.54%.

Shares in Australia also advanced as the S&P/ASX 200 edged 0.25% higher.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.1% higher.

On the economic data front, China is set to release its trade data for June at 11:00 a.m. HK/SIN on Tuesday.

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Overnight stateside, the major indexes on Wall Street rose to record closing highs.

The Dow Jones Industrial Average advanced 126.02 points to 34,996.18 while the S&P 500 gained about 0.35% to 4,384.63. The Nasdaq Composite climbed 0.21% to 14,733.24.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.214 as it struggled to return to levels above 92.7 seen last week.

The Japanese yen traded at 110.30 per dollar, still weaker than levels below 110 seen against the greenback last week. The Australian dollar changed hands at $0.7481, above levels around $0.745 seen yesterday.

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5 issues to know earlier than the inventory market opens Wednesday, June 30

Here are the top news, trends, and analysis investors need to start their trading day:

1. Wall Street will close the first half of 2021 with solid profits

Traders on the floor of the New York Stock Exchange, June 25, 2021.

Source: NYSE

US stock futures were flat on Wednesday, a day after the S&P 500 and Nasdaq hit record highs again. The Dow Jones Industrial Average, which was up more than 100 points early Tuesday, closed slightly higher and stayed around 1.4% off its record high in early May. The 10-year government bond yield ticked lower on Wednesday, trading around 1.46% on better-than-expected ADP job data.

At the beginning of the last day of June and the first half of the year, the S&P 500 led the most important benchmarks with an increase of 14.3% since the beginning of the year. The Nasdaq gained 12.7% over the course of the year. The Dow was up 12% in 2021, although it has lagged recently, seeing a slight monthly decline. The S&P 500 and the Nasdaq rose in June. All three benchmarks saw solid gains in the second quarter.

2. Bed Bath & Beyond’s revenues are impacted by turnaround costs

Shoppers exit a Bed Bath & Beyond store in New York.

Michael Nagel | Bloomberg | Getty Images

Bed Bath & Beyond shares rallied in the premarket on Wednesday after the retailer reported mixed results for the first quarter. Sales exceeded estimates, but profits were missed. Costs related to the company’s turnaround efforts, including marketing expenses, weigh on margins. The company raised its full-year sales forecast ahead of the important back-to-school shopping season. Stocks of Bed Bath & Beyond, which saw some strength in meme stock trading earlier this month, rose 68% at the close of trading on Tuesday in 2021.

3. Three companies will make their public debuts

A logo of the ride-hailing giant Didi Chuxing can be seen on a building in Hangzhou in the eastern Chinese province of Zhejiang.

STR | AFP | Getty Images

Didi Global is expected to start trading on the New York Stock Exchange on Wednesday after setting its IPO at $ 14 per share and raising $ 4.4 billion. That gives the China-based ride-hailing company an initial valuation of about $ 73 billion.

Digital advertising company Taboola will be launched on Wednesday following its merger with ION Acquisition Corp. 1, a special purpose vehicle for acquisitions, to start trading on Nasdaq. The SPAC transaction will raise $ 526 million when completed.

Clear, number 19 on CNBC’s Disruptors 50 list this year, is expected to trade on the NYSE on Wednesday after valuing its initial public offering of $ 31 per share and raising more than $ 400 million. Clear, known for its frequent flyer identification service, introduced the Health Pass during the Covid pandemic.

4. ADP publishes strong June private employment report

People walk past a Help Wanted sign in the Queens borough of New York City on June 4, 2021 in New York City.

Spencer Platt | Getty Images News | Getty Images

ADP reported Wednesday that U.S. company jobs rose 692,000 in June. That easily exceeds estimates. However, in May the value of positions in the private sector, while still strong, was revised significantly down to 886,000. During the Covid pandemic, the ADP report wasn’t a good indicator of what the government’s monthly employment report might be showing. Economists expect Friday’s job data to show that around 700,000 new jobs outside of agriculture were created in June. The country’s unemployment rate is expected to fall to 5.7%. Weekly jobless claims are published on Thursday.

5. When the real estate boom begins to fizzle out, mortgage demand falls

A sign advertising home loans for purchase or refinance with a Bank of America in New York.

Scott Mlyn | CNBC

High home prices are finally starting to take some of the boom out of the Covid-induced real estate boom. Mortgage demand fell 6.9% for the week, according to the Mortgage Bankers Association. That is the lowest level in almost a year and a half. Home purchase mortgage applications fell 5% weekly and 17% annually. That’s the slowest pace since early May 2020 when the lockdowns were in full effect. Refinancing requests decreased by 8% weekly and 15% annually.

– Reuters contributed to this report. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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Entertainment

June Finch, Virtuoso Dance Trainer With a Humane Contact, Dies at 81

June Finch, a dancer, choreographer and teacher who specialized in the technique of the choreographer Merce Cunningham, imparting it to generations of students, died on June 18 in a hospital in Manhattan. She was 81.

The cause was lung cancer, her niece Amy Verstappen said.

Known for her sophisticated sense of rhythm, egalitarian spirit and fierce devotion to the Cunningham technique — a system of movement that Cunningham developed to prepare the body for his complex choreography — Ms. Finch began teaching at the Merce Cunningham Studio in Manhattan in the late 1960s.

Often one of the first instructors people encountered in their study of Cunningham’s work, she trained hundreds of dancers who passed through the studio, including many who went on to join the illustrious ranks of the Merce Cunningham Dance Company. (Ms. Finch never joined the company herself.)

On March 30, 2012, three years after Cunningham’s death, as the school prepared to close, Ms. Finch taught the final class at its longtime home, on the light-filled top floor of the Westbeth Artists Housing complex in the West Village. About a hundred people came to dance and watch. “Thunderous applause greeted June when she entered to teach,” the choreographer Pat Catterson wrote in an account of the class for Dance magazine.

In the competitive environment of the Cunningham studio, where dancers were often vying for coveted spots in the choreographer’s company, Ms. Finch stood out for the attention she gave students regardless of their star potential. Ms. Catterson, who trained with Ms. Finch for decades beginning in 1968, said most teachers at the school did not offer individualized attention “unless you were company material in their eyes.”

“June was not like that,” Ms. Catterson said in a phone interview. “She was really there to teach everyone in the room.” That approach continued through her recent teaching at 100 Grand, a loft in SoHo where Ms. Finch offered Saturday morning classes until March 2020, when the pandemic forced her to stop.

The dancer Janet Charleston, also a respected teacher of Cunningham technique, attended those weekend classes, where no dancer was too seasoned to learn from Ms. Finch.

“It was so nice, after studying that technique for decades, that someone would still have this eagle eye and could give very, very experienced dancers really valuable feedback,” Ms. Charleston said. “She watched people like a hawk. She was just completely involved.”

In a concise letter of recommendation dated Jan. 9, 1989, Cunningham himself expressed a similar sentiment, summing up his esteem for Ms. Finch in a single sentence: “To Whom It May Concern: June Finch is a fine teacher, with a rare and direct concern for the individuals with whom she is working.”

June Gebelein was born on June 13, 1940, in Taunton, Mass., the youngest of three siblings. Her mother, Roberta (Seaver) Gebelein, did volunteer work for families in need. Her father, Ernest George Gebelein, ran a factory that made bags and boxes for silverware and was later the president of a bank. (His father was George Gebelein, a famed Boston silversmith.)

From ages 4 to 17, Ms. Finch studied ballet in Taunton and Provincetown. She also took piano lessons and, from her great-aunt, learned a bit of country folk dancing.

She attended Sarah Lawrence College in Bronxville, N.Y., where she earned bachelor’s and master’s degrees in dance, studying with the revered dance composition teacher Bessie Schonberg. She began training at the Cunningham Studio in 1965 and within a few years joined the faculty. From 1969 to 1977, she danced in the company of Viola Farber, a distinguished founding member of Cunningham’s company, who started her own troupe in 1968.

She married Caleb Finch, a scientist who also played fiddle in a bluegrass band, in 1965. Ms. Finch — whose deep, melodic voice was a hallmark of her classes — occasionally sang with the band. She and Mr. Finch, who is now a prominent researcher of human aging, divorced in the early 1970s, when he accepted a job in California and she chose to keep dancing in New York.

From 1977 to 1982, she created work as the artistic director of June Finch and Dancers. Reviewing an evening of her choreography at the Cunningham Studio in 1979, Jennifer Dunning of The New York Times called it “a program of fluid and elegant dance, performed by an equally elegant company of eight men and women.”

One of those women was the choreographer Elizabeth Streb, who first took a class with Ms. Finch in the mid-1970s. Ms. Streb said in an interview that students flocked to Ms. Finch in part because of her ability to get to the root of a technical problem, in a rigorous yet humane way. “She knew what part to fix that allowed everything else to come into line,” Ms. Streb said.

Ms. Finch also reached dancers outside of New York, teaching and staging Cunningham’s work at universities around the country and internationally. She spent summers throughout her life on Cape Cod, where she developed a small but dedicated student following and organized performances in Provincetown.

A dancer of small stature and impressive power, Ms. Finch performed with choreographers including Margaret Jenkins, Meredith Monk and Jeff Slayton, in addition to her work with Ms. Farber. Ms. Jenkins, who also taught for many years at the Cunningham studio, described Ms. Finch’s dancing as “wild and clear at the same time.”

As a teacher, Ms. Jenkins added, Ms. Finch was deeply loyal to Cunningham’s aesthetic but, within that loyalty, “inserted her own wit and precision and rhythm that was uniquely hers.”

Ms. Finch is survived by her sister, Peggy Sovek, and her brother, Robert Gebelein.

Jennifer Goggans, the program coordinator for the Merce Cunningham Trust and a former member of Cunningham’s company, recalled the inspiring, almost daunting force of Ms. Finch demonstrating movement in class. “I remember her going across the floor and bounding through space,” she said, “and thinking to myself, ‘How am I going to do that?’”

Students were also drawn to Ms. Finch’s nuanced musicality, which infused the exercises she taught.

“A rhythmic phrase, when it’s right, has an inevitability to it,” Ms. Catterson said, “and she really understood that.”

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World News

Jobs report June 2021:

Job growth leaped higher in June as businesses looked to keep up with a rapidly recovering U.S. economy, the Labor Department reported Friday.

Nonfarm payrolls increased 850,000 for the month, compared to the Dow Jones estimate of 706,000 and better than the upwardly revised 583,000 in May. The unemployment rate, however, rose to 5.9% against the 5.6% expectation.

The jobless rate increase came even though the labor force participation rate was unchanged at 61.6%. A separate figure that accounts for discouraged workers and those holding part-time jobs for economic reasons fell sharply to 9.8%, with the 0.4 percentage point decline putting the so-called real unemployment rate below 10% for the first time since March 2020.

Hiring accelerated as the second quarter morphed into a summer that will see a closer to return to normal for Americans held captive for the past year due to the pandemic-related restrictions.

As the data continues to point higher, economists are looking for GDP growth in the second quarter to approach 10%, a stunning continuation of a rebound helped by vaccines that have sharply reduced Covid-19 case rates along with hospitalizations and deaths.

Hospitality continued to be the prime beneficiary of the reopening as workers returned to jobs at bars, restaurants, hotels and the like.

The industry notched a gain of 340,000 amid easing restrictions across the country. That total included 194,000 in bars and restaurants, but still left the sector 2.2 million shy of where it was in February 2020 before the pandemic began.

Other notable gains came in education, which totaled 269,000 across state, local and private hiring, while professional and business services increased by 72,000 and retail added 67,000.

The other services industry added 56,000 jobs, including a gain of 29,000 in personal and laundry services, a subsector that has been seen as a proxy for the resumption of normal business activity. Social assistance added 32,000, while wholesale trade contributed 21,000 to the total and mining grew by 10,000.

Manufacturing edged up 15,000 for the month, though construction lost 7,000 positions despite a sizzling housing industry where new building has been held back by suppl shortages and what had been soaring lumber prices before the recent plunge.

This is breaking news. Please check back here for updates.

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World News

Nio shakes off chip scarcity with greater than 8,000 deliveries in June

Nio plans to begin deliveries of its ET7 electric sedan in 2022.

Evelyn Cheng | CNBC

BEIJING — Chinese electric car start-up Nio said Thursday it delivered more than 8,000 cars in one month for the first time.

The company delivered 8,083 vehicles in June, bringing the second-quarter total to 21,896 cars, according to a release. That quarterly figure came in on the high end of Nio’s forecast for deliveries of between 21,000 and 22,000 vehicles in the three months ended June.

Nio’s U.S.-listed shares are up 9% so far this year. The company has typically delivered more electric cars a month than two other U.S.-listed electric car start-ups, Xpeng and Li Auto. Their shares are up about 3.7% and 21%, respectively, so far this year.

The strong second-quarter performance came despite a decline in monthly deliveries in May from April — which the company had attributed to the global semiconductor shortage.

Nio’s June figures also brought deliveries for the first half of the year to more than 41,900, close to surpassing the total for all of last year of 43,728 cars.

However, the start-up’s deliveries still fall far short of industry giant Tesla, which delivered 184,800 vehicles worldwide in the first quarter alone.

Tesla’s shares are down more than 3.5% for the year so far.

Read more about electric vehicles from CNBC Pro

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5 issues to know earlier than the inventory market opens Thursday, June 24

Here are the top news, trends, and analysis investors need to start their trading day:

1. Dow will jump according to economic data ahead of the infrastructure meeting

The New York Stock Exchange welcomes Sprinklr (NYSE: CXM) to celebrate its IPO on June 23, 2021.

NYSE

Dow futures surged more than 150 points after a string of economic data before the bell and renewed hopes for an infrastructure deal at a meeting at the White House later Thursday. The market’s comeback rally paused on Wednesday despite the fact that the Nasdaq managed to hit another all-time high and was expected to rise on Thursday. With a broad group of stocks jumping in pre-trading hours, the S&P 500 should open at new highs as well. The Dow was still climbing out of last week’s hole. Ahead of Thursday’s session, it was 2.6% off its most recent record high in early May.

Andreessen Horowitz announced a new cryptocurrency-focused fund worth $ 2.2 billion on Thursday. The venture capital firm from Silicon Valley, founded by Marc Andreessen and Ben Horowitz, launched its first crypto fund three years ago in the so-called “crypto winter”. This year, Bitcoin’s value is up about 80% from its 2017 highs. The latest fund also comes at another bearish moment for Bitcoin.

2. Three major government economic reports before the bell

3. Bipartisan senators are pushing for a $ 953 billion infrastructure plan

Senator Joe Manchin (D-WV) speaks to news reporters before attending an infrastructure meeting on Capitol Hill in Washington on June 23, 2021.

Tom Brenner | Reuters

A bipartisan group of senators see Biden’s support for a $ 953 billion infrastructure plan at Thursday’s session. Government officials and democratic leaders viewed the proposal as a positive development. The President’s latest offer was a $ 1.7 trillion package. With Republicans opposed to Biden’s proposed corporate tax rate hike, the bipartisan group is looking for other ways to increase revenue. Biden rejected her idea of ​​allowing gas taxes paid at the pump to rise with inflation.

4. Eli Lilly is aiming for accelerated FDA approval for Alzheimer’s drug in 2021

An Eli Lilly and Company pharmaceutical manufacturing facility is pictured on March 5, 2021 at 50 ImClone Drive in Branchburg, New Jersey.

Facebook Facebook logo Sign up on Facebook to connect with Mike Segar Reuters

Eli Lilly’s shares rose 8% in the premarket on Thursday after the US drug maker announced it would file a market application for its experimental Alzheimer’s treatment under the FDA’s accelerated approval process later this year. Lilly said, “The safety, tolerability and effectiveness of donanemab are also being investigated in an ongoing late-stage study.” Earlier this month, three members of a key FDA advisory panel resigned over the agency’s controversial decision to approve Biogen’s new Alzheimer’s drug.

5. Team members vote on a major drive to unionize Amazon workers

The Teamsters will vote on a resolution on Thursday to step up efforts to organize Amazon employees. The e-commerce giant has long been the target of large unions trying to organize warehouse and delivery workers. Amazon defeated a senior union campaign in a huge warehouse in Bessemer, Alabama, in April. However, Amazon founder and CEO Jeff Bezos recently admitted that the company needs to get better from its people. The pandemic, the explosion of protests against Black Lives Matter last summer, and mounting concerns about job security have further fueled interest in the organization of Amazon warehouses.

– Reuters and The Associated Press contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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5 issues to know earlier than the inventory market opens Friday, June 25

Here are the top news, trends, and analysis investors need to start their trading day:

1. Wall Street is heading for its best week in months

A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan neighborhood of New York on April 16, 2021.

Carlo Allegri | Reuters

US stock futures rose Friday, the day after the S&P 500 and Nasdaq closed at record highs, fueled by President Joe Biden’s signing of an infrastructure deal with a bipartisan group of senators. The Dow also rose Thursday, gaining 322 points, or nearly 1%, heading for its best weekly gain since March. The 30-share average is about 1.6% off its record high in early May after last week’s worst weekly decline since October. The S&P 500 and Nasdaq had their best weeks since April.

  • Dow stock Nike rose 13% in the premarket and is likely to open at an all-time high. The athletic shoe and apparel giant topped estimates for quarterly earnings and sales late Thursday. Nike saw a 73% increase in direct sales through its apps and websites. Nike’s stock pop is responsible for much of the surge in the Dow futures.
  • Virgin Galactic is up 14% after the FAA was given the green light to fly passengers into space. “The commercial license we held since 2016 remains in place, but is now approved to carry commercial passengers when we are ready,” Michael Colglazier, CEO of Virgin Galactic, told CNBC.

2. The Fed’s most popular inflation indicator is hot

3. Infrastructure compromise includes $ 579 billion in new spending

US President Joe Biden speaks after a bipartisan meeting with US Senators on the proposed framework for the Infrastructure Bill on June 24, 2021 at the White House in Washington.

Kevin Lamarque | Reuters

The bipartisan infrastructure compromise includes $ 579 billion in new spending, of which $ 312 billion will be used on transportation projects such as roads, bridges and trains. The plan also puts $ 266 billion into non-transport infrastructure, including power, water and broadband internet improvements. Only $ 15 billion goes into infrastructure for electric vehicles and electric buses and public transportation, a fraction of what Biden originally proposed. How they should pay for all of this remains under discussion. The Democratic leaders on Capitol Hill want to pass the bipartisan framework along with a larger bill to address more of their priorities without a Republican vote.

4. The search for survivors of the building collapse in Florida continues

This aerial view shows search and rescue workers working on site after the partial collapse of the Champlain Towers South in Surfside, north of Miami Beach, on June 24, 2021.

Chandan Khanna | AFP | Getty Images

Biden has promised to provide federal aid, if requested, in finding survivors of a partial collapse of a beachfront condo outside of Miami. At least one person was killed and nearly 100 people are still missing. Officials did not know how many people were in the tower when it collapsed in Surfside at around 1:30 a.m. ET early Thursday morning. Florida Governor Ron DeSantis, who toured the scene, said the rescue teams would “do anything to save lives. Authorities did not say what might have caused the collapse.

5. Chauvin could be sentenced for decades on Floyd’s death

A woman reacts following the verdict in the trial of former Minneapolis Police Officer Derek Chauvin, convicted of the death of George Floyd, on April 20, 2021 at BLM Plaza in Washington, DC.

Evelyn Hockstein | Reuters

Former Minneapolis Police Officer Derek Chauvin is convicted Friday of the murder of George Floyd’s death in a case that sparked worldwide outrage and a racial reckoning in America. Legal experts predict that Chauvin, 45, could live to be 20 to 25 years old. He was convicted of accidental second degree murder, third degree murder, and second degree manslaughter. While he is widely expected to appeal, Chauvin is also facing trial on federal civil rights charges along with three other dismissed officials whose state trials are pending.

– The Associated Press contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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5 issues to know earlier than the inventory market opens Tuesday, June 22

Here are the top news, trends, and analysis investors need to start their trading day:

1. Wall Street looks stable after the comeback rally; GameStop pops

A view of the New York Stock Exchange building on Wall Street in downtown Manhattan in New York City.

Roy Rochlin | Getty Images Entertainment | Getty Images

US stock futures rose modestly on Tuesday, a day after the Dow recovered a large portion of its 3.5% decline from last week due to the shift in the Federal Reserve’s rate hike schedule. The 30-share average rose 586 points, or nearly 1.8%, earlier in the week. The S&P 500 gained 1.4%, within 1% of its record high. The Nasdaq was Monday’s relative underperformer, up 0.8%.

SELINSGROVE, PENNSYLVANIA, UNITED STATES – 01/27/2021: A woman walks past the GameStop store in the Susquehanna Valley Mall. An online group rocketed GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) shares to suppress short sellers.

Photo by Paul Weaver / SOPA Images / LightRocket via Getty Images

GameStop shares rose 9% in the premarket after the video game retailer and Original Meme stock completed a previously announced sale of 5 million common shares that raised more than $ 1.1 billion. GameStop said it will use the proceeds for general corporate purposes, as well as investing in growth initiatives and maintaining a strong balance sheet.

2. Fed Chairman Powell will testify before the House of Representatives

Federal Reserve Chairman Jerome Powell speaks at a virtual press conference in Tiskilwa, Illinois on December 16, 2020.

Daniel Acker | Bloomberg | Getty Images

10-year government bond yields have rebounded since last week’s Fed-driven surge and brief decline to Monday’s February low. The 10-year yield ticked lower on Tuesday to around 1.47%. Fed chair Jerome Powell is going to a House panel this afternoon, and investors will be looking for more clues to policymakers’ rising inflation outlook and clues to two rate hikes in 2023.

In prepared testimony, Powell said the economy was growing but facing ongoing threats from the Covid pandemic. He also noted that inflation has risen noticeably, but the repeated price pressures will be temporary. The Fed has kept short-term lending rates near zero while buying at least $ 120 billion worth of bonds every month.

3. Bitcoin falls again, breaking below the important $ 30,000 level

This illustration from May 19, 2021 shows the virtual currency Bitcoin in front of a stock chart.

Given Ruvic | Reuters

Bitcoin fell more than 8% on Tuesday and was trading below $ 30,000. China’s renewed crackdown on the cryptocurrency industry has wiped nearly $ 300 billion in value from the entire digital currency market since Friday. As Beijing expanded its shutdown of Bitcoin mining operations, China’s central bank urged financial institutions not to offer any services related to crypto activities. Bitcoin is down more than 50% from its all-time high in April near $ 65,000.

4. EU opens antitrust investigation into Google’s advertising unit

A logo outside the Google Store Chelsea in New York, May 28, 2021.

Victor J. Blue | Bloomberg | Getty Images

The European Commission on Tuesday launched a new antitrust investigation into Alphabet’s Google to investigate whether the tech giant prefers its own online display ad technology services. As part of the investigation, the EU executive will assess the restrictions that Google places on the access of advertisers, publishers and other third parties to access data on user identity and behavior. Earlier this month, the French competition authority fined Google $ 262 million for abusing its market power in online advertising.

5. NYC Democrats will vote in Tuesday’s mayoral election

Mayoral candidates Eric Adams (L) and Andrew Yang

Getty Images

New York City Democratic voters go to the polls Tuesday to vote for their party’s mayoral candidate. Eight candidates – including the former presidential candidate Andrew Yang and the alleged top candidate Eric Adams – hope to replace the Democratic mayor Bill de Blasio, who can no longer run due to term restrictions. Tuesday’s Democratic primary, the winner of which is heavily favored against the GOP candidate in the November general election, is the first time the city has used a ranked selection. Voters will list their preferences in order for up to five candidates. Official results are not announced for weeks.

– NBC News contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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5 issues to know earlier than the inventory market opens Monday, June 21

Here are the top news, trends, and analysis investors need to start their trading day:

1. The Dow is set to rise again after its worst weekly loss since October

Traders on the floor of the New York Stock Exchange.

Source: NYSE

Dow futures rebounded about 200 points on Monday after the 30-stock average posted its worst weekly drop since October as investors and traders sold on concerns the Federal Reserve might start rate hike earlier than expected. The Dow lost 533 points, or nearly 1.6%, on Friday, ending a five-session losing streak of nearly 3.5%. The S&P 500, which was down 1.3% on Friday, declined for four consecutive days, down 1.9% weekly. The Nasdaq was down less than 1% on Friday but only lost about 0.3% for the week.

Federal Reserve Chairman Jerome Powell during a House Financial Services Committee hearing in Washington on December 2, 2020.

Swimming pool | Getty Images News | Getty Images

The Fed raised its inflation forecast last Wednesday and announced two rate hikes for 2023. Fed chairman Jerome Powell said central bankers are considering scaling back their massive Covid-era bond purchases. Fed spokesmen will get a lot of attention this week, including Powell’s congressional statement on Tuesday. The US 10-year Treasury yield continued to decline from last week’s Fed-driven surge, trading just above 1.4% early Monday. It fell briefly to 1.354%, the lowest level since the end of February.

2. Bitcoin drops as China expands crackdown on crypto mining

A bitcoin mine near Kongyuxiang, Sichuan, China on August 12, 2016.

Paul Ratje | The Washington Post | Getty Images

Bitcoin fell 7% on Monday, trading below $ 33,000 for the first time in nearly two weeks after reports that China’s crackdown on cryptocurrency mining extended to southwestern Sichuan province. This follows similar developments in China’s Inner Mongolia and Yunnan regions, as well as calls from Beijing to end crypto mining amid concerns about massive energy consumption. The Communist Party-backed Global Times estimates that more than 90% of China’s bitcoin mining capacity has been shut down.

3. Prime Day begins as retailers face supply chain disruptions

Amazon’s Prime Day started on Monday. Prime Day 2020, postponed to October due to the pandemic, pulled in $ 10.4 billion, according to Digital Commerce 360, a 45% increase from the two-day event last year. This year’s Prime Day takes place as retailers grapple with widespread global supply chain disruptions. Several other major retailers – including Walmart, Target, Kohl’s, Macy’s, and Costco – are holding competing sales events this week.

4. American Airlines will cancel 100 more flights on Monday

American Airlines planes at LaGuardia Airport

Leslie Josephs | CNBC

As travel demand soars to pre-pandemic levels, American Airlines canceled 100 more flights on Monday after hundreds were scrapped over the weekend due to staff shortages, maintenance, and other issues. American said it was cutting its overall plan by about 1% by mid-July to take the pressure off operations. The airline made some of its recent problems due to scheduling complications stemming from the bad weather at its Charlotte and Dallas / Fort Worth hubs in the first half of June. American is also rushing to train any pilots it has put on leave between two state aid packages banning layoffs, as well as Airmen due for regular recurring training.

5th Tokyo Olympics to allow 10,000 local fans in the venues

Visitors try to take photos in front of the Olympic Rings monument in front of the Japan Olympic Committee (JOC) headquarters near the National Stadium, the main stadium for the 2020 Tokyo Olympics which is due to coronavirus disease (COVID-19) 2021) outbreak, in Tokyo, Japan, May 30, 2021.

Issei Kato | Reuters

The Tokyo Olympics will allow some local fans to compete in the Summer Games if they open in just over a month. Foreign fans were banned a few months ago. For all Olympic venues, the organizers set a capacity limit of 50% to a maximum of 10,000 fans. The decision contradicts the country’s top medical adviser, who recommended last week that the Olympics be the safest way to hold the Olympics without fans during the pandemic. Japan’s prime minister, who favored admitting fans, said ahead of the official announcement that local fans would be banned if conditions change. The Tokyo Games are slated to open on July 23rd.

Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics owns the U.S. broadcast rights to all Summer and Winter Games through 2032.

– CNBC’s Leslie Josephs and The Associated Press contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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5 issues to know earlier than the inventory market opens Friday, June 18

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Dow tracks for first five-session losing streak since January

Traders at the New York Stock Exchange.

Source: NYSE

U.S. stock futures fell sharply Friday as the Dow looked to be set up for its first five-session losing streak since January. Dow futures sank 300 points. Thursday was the second 200-point-plus down day in a row following the Federal Reserve meeting. As of Thursday’s close, the 30-stock average was off nearly 2% for the week. The S&P 500, tracking for a more modest weekly decline, fell Thursday for the third straight session. The Nasdaq bucked Thursday’s down trend, adding nearly 0.9% and breaking a two-session losing streak. The Nasdaq was within just 13 points of Monday’s record close. The S&P 500 was less than 1% from its record close Monday. The Dow was more than 2.7% from its latest record close in early May.

2. 10-year yield continues to bounce around after Fed-driven spike

Federal Reserve Chair Jerome Powell speaks during a Senate Banking Committee hearing on Capitol Hill, Washington, December 1, 2020.

Al Drago | Pool | Reuters

The 10-year Treasury yield to fluctuate after Wednesday’s Fed-driven spike to nearly 1.6%, trading Friday around 1.5%. Yields drifted lower despite rising inflation expectations from the Fed. The central bank on Wednesday afternoon also signaled two interest rate hikes in 2023. In March, policymakers said they saw no increases until at least 2024. Fed Chairman Jerome Powell has said he’s willing to let inflation run above the Fed’s traditional 2% target rate before adjusting policy in order to allow the economy more room to recover from the depths of the Covid pandemic.

3. Many commodities bounce one day after falling sharply

Many commodities bounced Friday, one day after falling sharply as China started to take steps to cool off rising prices. Those declines cut into months of gains and weighed on stocks. On Thursday, the drops 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 announced a plan Wednesday to release some of its reserves of key metals. Commodities often move inversely to the dollar since they are mostly priced globally in the U.S. currency, which has been strengthening since this week’s Fed decisions.

4. Warnings about Covid from U.K. study and England’s top medical officer

Paramedics arrive with a patient with Covid-19 at the emergency department of Sharp Memorial Hospital in San Diego, California.

Bing Guan | Bloomberg | Getty Images

A new U.K. study examined brain imaging before and after coronavirus infections and looked specifically at the potential effect on the nervous system. “In short, the study suggests that there could be some long-term loss of brain tissue from Covid, and that would have some long-term consequences,” Dr. Scott Gottlieb told CNBC’s “The News with Shepard Smith.” The destruction of brain tissue could explain why Covid patients lost their sense of smell, he said.

Hounslow, London, which has become one of the U.K.’s biggest hotspots for the variant of coronavirus first identified in India, on Thursday 27th May 2021.

Tejas Sandhu | MI News | NurPhoto | Getty Images

England’s top medical officer warned it would likely take five years before new Covid vaccines could “hold the line” to a very large degree against a range of coronavirus variants. Until then, Chief Medical Officer Chris Whitty said, new vaccination programs and booster shots would be needed. A further easing 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 a bill establishing Juneteenth as a federal holiday

U.S. President Joe Biden is applauded as he reaches for a pen to sign the Juneteenth National Independence Day Act into law as Vice President Kamala Harris stands by in the East Room of the White House in Washington, June 17, 2021.

Carlos Barria | Reuters

Most federal workers will observe Juneteenth on Friday because the new holiday marking the end of slavery in the U.S. falls on a Saturday this year. The New York Stock Exchange will not close for Juneteenth but will evaluate closing for it in 2022. On Thursday, President Joe Biden signed a bill establishing Juneteenth, celebrated on June 19, as the first new federal holiday since Martin Luther King Jr. Day in 1983. Juneteenth marks the day in 1865 when Union soldiers arrived 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 contributor and is a member of the boards of Covid vaccine maker Pfizer, genetic testing start-up Tempus, health-care tech company Aetion and biotech company Illumina. He also serves as co-chair of Norwegian Cruise Line Holdings′ and Royal Caribbean’s “Healthy Sail Panel.”