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

5 things to know before the stock 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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Explaining the risky inventory and bond market strikes this week following the Fed’s replace

Explaining the volatile stock and bond market moves this week following the Fed's update

The Federal Reserve embarked on a massive repositioning in global financial markets as investors reacted to a world where the Federal Reserve no longer guarantees that its policies will be restrained – or simple -.

The dollar gained the fastest in a year against a basket of currencies in two days.

Stocks were mixed globally on Thursday, as were bond markets. Many raw materials were sold out. The Nasdaq Composite was higher while the S&P 500 and Dow Jones Industrial Average fell. Tech gained and cyclical stocks fell.

The central bank delivered a strong message on Wednesday when Fed chairman Jerome Powell said officials had talked about curbing bond purchases and would at some point decide to begin the process of slowing purchases. At the same time, Fed officials added two rate hikes to their forecast for 2023 where there were previously none.

“It is the end of the utmost reluctance,” said Peter Boockvar, chief investment officer of Bleakley Global Advisors. “It’s not getting hawkish. It’s just that we’ve passed the peak of reluctance. This market reaction is like they’re already tapering off.”

Strategists say the Fed’s slight move toward policy tightening didn’t shock markets on Wednesday, but is likely to make them volatile in the future. The Fed essentially recognizes that the door is now open to future rate hikes.

It is expected to issue a more in-depth statement on the bond program later this year and then, within a few months, begin the slow process of bringing its $ 120 billion per month purchases to zero.

The yields on Treasuries with a shorter duration, such as the 2-year note, rose. Longer duration returns, such as the 10-year benchmark, fell. This so-called “flattening” is a trade when interest rates rise. The logic is that longer-term yields will fall as the economy may not do as well in the future with higher rates, and short-end yields rise to reflect expectations for the Fed rate hike.

US Treasuries with longer maturities, such as the 10-year, have been lower lately than many strategists had recently expected. That’s partly because they are very attractive to overseas buyers because of negative interest rates elsewhere in the world and the liquidity in US markets. The 10-year yield shot to 1.59% on the Fed news but was back down to 1.5% on Thursday afternoon. The returns move against the price.

Commodity-related stocks, such as energy and commodity stocks, fell sharply on Thursday afternoon. Energy was the worst performing sector in the S&P 500, down 3.5%. Materials lost 2.2%.

“It’s a massive flattening of the yield curve. It’s an interest-rate business and it’s the belief that the Fed will slow growth,” Boockvar said. “So you sell commodities, you sell cyclicals … and in a slow-growing economy, people want to buy growth. It all happens in two days. It’s just a lot of returns.”

Boockvar said the curve flattening was also quick. For example, the spread between 5-year and 30-year bond yields narrowed quickly and rose from 140 basis points to 118 basis points within two days.

“You are seeing an incredible breakdown in positioning in the bond market. I don’t think people thought the Fed would, ”said Rick Rieder, BlackRock’s CIO of Global Fixed Income.

“We thought the flattening trade was the right move when we saw some of the news from the Fed. That was something we jumped on pretty quickly. I have to say we’re letting some Treasuries go into this rally,” said Rieder opposite CNBC.

For equity investors, the shift in cyclical stocks stands in the way of a trade that was popular when the economy reopened. Financial stocks fell on the flatter yield curve, while REITs fell slightly higher. Technology stocks rose 1.2% and healthcare rose 0.8%.

“The result is higher volatility in the equity markets, which I think we have and will continue to have,” said Julian Emanuel, Head of Equity and Derivatives Strategy at BTIG. “Things changed yesterday. This whole idea of ​​data dependency – the market is going to trade it like crazy, especially given the fact that public participation remains very high and the stocks that the public is most interested in, high multiple-growth stocks, have led the way in the past Weeks as the bond market stayed in a range. “

Although Powell conceded that inflation was higher than the Fed expected, the central bank also sent its message that inflationary pressures may be temporary. The Fed raised its core inflation forecast for this year to 3%, but in its latest forecast for next year it was only 2.1%. Powell used the example of the rise and fall in wood prices to illustrate his view that inflation will not last.

However, Emanuel said it was difficult to tell if inflation is volatile and that clearing the pandemic has been difficult to predict. “Whether it’s the Fed or paid economists on the sell side or paid economists on the buy side, the ability to measure what’s going on in the economy really is nothing but … everywhere,” Emanuel said, adding that the inflation data were all hotter than expected.

He believes the market will be trading in a range for now, with the S&P 500 bottoming out at 4,050 and peaking at 4,250. The S&P 500 closed at 4,221 on Thursday, down just 1 point. The Dow was down 0.6% at 33,823 and the Nasdaq was up 0.9% to 14,161.

The focus now is on the Fed meeting at the end of July. This could add to volatility as investors wait to see if the Fed will reveal more details on tapering after this meeting. Many economists expect the Fed to use its annual Jackson Hole Symposium in late August as a forum to set out its plan for the bond program.

The bond purchases, or quantitative easing, were introduced last year to provide liquidity to the markets during the economic downturn that began last year. The Fed buys $ 80 billion worth of US Treasuries and $ 40 billion worth of mortgage paper every month. Rieder believes the Fed could curb purchases by $ 20 billion a month once it starts tapering. Then, once the Fed hits zero, it could consider when to raise rates.

Market expectations for rate hikes have improved, and the euro-dollar futures market sees four rate hikes by the end of 2023, according to Marc Chandler of Bannockburn Global Forex. Prior to the Fed’s announcement on Wednesday, futures showed expectations for about 2.5 rate hikes.

Strategists believe that part of the Fed’s response is temporary, reflecting investors who have been too marginalized on some positions. “I’m still a commodity cop,” said Boockvar. Commodities had already started falling before the Fed’s announcement after China announced plans to release metal reserves.

“The Fed had to master the inflation story. They did very, very little, but at least they did it, and they pushed inflation expectations and they saw a pullback,” he said. “The question is, can they hold out. Raising interest rates in two years or bringing them down at baby crotch won’t do it, but for at least two days they managed to calm things down.”

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

5 things to know before the stock 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.

— Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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.”

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5 issues to know earlier than the inventory market opens Thursday, June 17

5 things to know before the stock market opens Monday, June 14

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

1. Stocks will slide after the Fed-driven Wall Street decline

Dow futures fell more than 50 points on Thursday, the day after the 30-stock average closed at 265 points, or nearly 0.8%, as the Federal Reserve raised its rate hike schedule. The Dow was down 382 points on Wednesday afternoon during Fed Chairman Jerome Powell’s news conference that began at 2 p.m. ET 30 minutes after the central bank’s political statement and forecasts were released. Like the Dow, the S&P 500 and Nasdaq hit their daily lows around the same time. But their lower closings were less strict. The S&P 500 and Nasdaq were less than 1% off Monday’s record high. The Dow was more than 2% off its previous record high in early May.

Traders on the floor of the New York Stock Exchange.

Source: NYSE

2. Central bankers indicate two rate hikes for 2023, no QE change

The Fed left rates unchanged on Wednesday and made no mention of adjusting its massive quantitative easing program to buy Covid-era bonds. Looking ahead, central bankers announced two rate hikes for 2023. In March, they hadn’t expected any rate hikes until at least 2024. The Fed also raised its inflation expectation to 3.4% on Wednesday, a whole percentage point above the March forecast. The political statement following Wednesday’s session went on to say that inflationary pressures were “temporary”, although recent data on wholesale and consumer prices showed that inflation has not reached the pace it has seen in more than a decade. The yield on 10-year government bonds rose to around 1.57% on Thursday morning. It was just under 1.5% just before the Fed’s announcements.

3. Powell tells Jobs that inflation targets come a little faster

Federal Reserve Chairman Jerome Powell

Kevin Lamarque | Reuters

Powell said that progress toward the Fed’s dual employment and inflation targets was slightly faster than expected. Central bankers have raised their GDP expectations for this year from 6.5% previously to 7%. Their estimate of the unemployment rate remained unchanged at 4.5%. As further evidence that going back to business has helped get people back to work, the latest total number of initial government jobless claims is expected to drop to a new pandemic low of 360,000 for last week. The report will be issued Thursday at 8:30 a.m. ET. Two weeks ago, new applications for unemployment benefit went below 400,000 for the first time since March 2020.

4. 11 Republican Senators support bipartisan infrastructure plan

Senator Mitt Romney, a Republican from Utah, arrives for lunch on Capitol Hill in Washington, DC on Wednesday, June 16, 2021.

Sarah Silberner | Bloomberg | Getty Images

A bipartisan senatorial group working on a $ 1 trillion infrastructure compromise has more than doubled to 21 members, a key threshold that gives momentum to its push as President Joe Biden comes at a crucial time for his huge overseas legislative priority returns. Eleven Republican senators joined the effort. In the equally divided Senate, the conservative West Virginia Democrat Joe Manchin, who supports the bipartisan measure, has stressed that he wants to pass a package with GOP votes. Biden wants a bigger bill, more like he suggested in his $ 1.7 billion American job plan. Biden left Geneva after meeting with Russian President Vladimir Putin on Wednesday, saying he has not seen the bipartisan law, but his chief of staff believes there is “some room” for a deal with the Republicans.

5. CureVac fuels almost 50% after disappointing Covid vaccine data

A volunteer receives a dose of CureVac vaccine or a placebo during a study by the German biotech company CureVac as part of a test for a new vaccine against coronavirus disease (COVID-19) in Brussels on March 2, 2021.

Yves Herman | Reuters

CureVac shares plunged nearly 50% in the US premarket on Thursday, the morning after the German biopharmaceutical company released disappointing preliminary results for its Covid vaccine candidate. It showed a preliminary effectiveness of 47% against “any severity” disease, missed the main target and challenged the potential delivery of hundreds of millions of doses to the European Union. While late studies were conducted with the more than 90% effective Pfizer BioNTech and Moderna vaccines when the original version of the coronavirus prevailed, real data so far only indicated slightly weaker protection against the new variants.

– Associated Press and 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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5 issues to know earlier than the inventory market opens Wednesday, June 16

5 things to know before the stock market opens Wednesday, June 16

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

1. Equities look stable ahead of Fed meeting updates

Traders on the floor of the New York Stock Exchange.

Source: NYSE

US stock futures were flat ahead of the Federal Reserve’s two-day meeting on Wednesday afternoon. No monetary policy changes are expected, but Wall Street wants to know if the Fed still considers rising inflation to be temporary and if its latest assessment will lead to an earlier than expected rate hike and tapering of its massive bond buying program. On the first day of the Fed’s meeting and after another glowing inflation report, the S&P 500 and Nasdaq broke off their three-day winning streaks and broke off Monday’s record closing times. The Dow fell for the second straight year on Tuesday. The 30-share average was about 1.4% off its record closing price in early May.

2. Bond yields in the Fed hold pattern after the latest hot inflation data

June 2021, employees work in a factory for the production of trucks in Zhangjiakou in the northern Chinese province of Hebei.

STR | AFP | Getty Images

3. Last key economic data for the Fed to consider

New townhouses are being built in Tampa, Florida on May 5, 2021 while building materials are in high demand.

Octavio Jones | Reuters

Housing starts and permits for May, the final key economic data ahead of the Fed’s decision, are expected to be released at 8:30 a.m. ET. Economists expect new builds to rise by 3.9% to 1.63 million units a year. Housing starts fell 9.5% in April. Building permits fell 1.7% to 1.73 million in May, after a 0.3% increase in April. In addition to its policy statement, the Fed also publishes its quarterly summary of economic outlooks. According to CNBC’s latest Fed poll, economists, fund managers and Wall Street strategists see no throttling before January or the first rate hike of near zero by November 2022.

4th high-level Biden-Putin summit begins in Geneva

Russia’s President Vladimir Putin (L) and US President Joe Biden meet for talks at Villa La Grange.

Mikhail Metzel | TASS | Getty Images

As one of the most anticipated geopolitical events of the year, the meeting between US President Joe Biden and Russian President Vladimir Putin began in Geneva on Wednesday. The summit comes as relations between the two nations have deteriorated and the US accuses Russia of meddling in the elections and participating in human rights abuses and recent cyber attacks. Russia has always denied the multiple allegations, saying it was a victim of anti-Russian sentiment in the West. Biden meets Putin at G-7 and NATO summits after a whirlwind of American diplomacy with European allies.

5th study: Regeneron antibody cocktail can save hospitalized Covid patients

View of the corporate headquarters and research and development of Regeneron Pharmaceuticals on Old Saw Mill River Road in Tarrytown, New York.

Lev Radin | LightRakete | Getty Images

According to a British study, an antibody combination from the US biotech Regeneron reduces the risk of death in hospital patients with severe Covid, whose own immune system showed no reaction. Dr. Scott Gottlieb told CNBC on Wednesday, “This was the subset that the [former] President also likely fell into disrepair, “refers to when Donald Trump received Regeneron treatment during his battle with Covid last year symptoms and significantly reduces the risk of hospitalization or death.

Disclosure: Dr. Scott Gottlieb is a CNBC employee and a member of the board of directors of Covid vaccine maker Pfizer, genetic testing startup Tempus, health technology company Aetion, and biotechnology company Illumina. He is also co-chair of the Healthy Sail Panel of Norwegian Cruise Line Holdings and Royal Caribbean.

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5 issues to know earlier than the inventory market opens Tuesday, June 15

5 things to know before the stock market opens Tuesday, June 15

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

1. Stock futures are ahead of inflation data, Fed meeting

US stock futures were flat on Tuesday before a key government report on wholesale prices was released that could fuel or dampen inflation fears. Either way, investors will wait for signals from the Federal Reserve regarding their tolerance for inflation when the June two-day meeting of central bank policymakers ends on Wednesday.

CNBC’s latest Fed poll of economists, fund managers, and Wall Street strategists shows they believe the Fed’s cutback in massive Covid-era bond purchases won’t begin until January and the first near-zero rate hike in November will happen 2022.

With that in mind, the Nasdaq started the week up, propelling the tech-heavy index above its late April high. The S&P 500 saw a slight rise and another record close. The Dow broke a two-day winning streak. The 30-share average was 1.1% off its last record high in early May.

2. Government reports producer prices and retail sales in May

The 10-year government bond yield ticked lower Tuesday, trading around 1.49%, ahead of the Department of Labor’s May price index and May of the Department of Commerce’s retail sales. The headline PPI and core rate excluding food and energy both increase 0.5%. Economists expect retail sales to decline 0.6% in May. Without car sales, however, an increase of 0.5% is expected. Those data points and the Wednesday morning construction starts will be the final reports central bankers will need to consider before issuing their policy statement on Wednesday afternoon, followed by Fed Chairman Jerome Powell’s press conference.

3. USA and EU resolve 17-year Boeing-Airbus dispute; Suspend tariffs

US President Joe Biden (L) and French President Emmanuel Macron (C) talk to EU Commission President Ursula von der Leyen after the family photo at the start of the G7 summit in Carbis Bay, Cornwall on June 11, 2021.

PATRICK SEMANSKY | AFP | Getty Images

The EU and the US have settled a 17-year dispute over government subsidies for their respective aircraft manufacturers Boeing and Airbus. The two sides agreed to suspend the trade tariffs resulting from the dispute for five years. European Commission President Ursula von der Leyen said at her meeting with President Joe Biden in Brussels: “This meeting started with a breakthrough in aircraft.” Last week, CNBC reported that the EU was pushing Biden’s White House to reach an agreement to end the mutual tariffs on the matter imposed during former President Donald Trump’s tenure.

4. Biden travels to Geneva to meet Russian President Putin Put

This combination of file images, taken on June 7, 2021, shows then-Democratic presidential candidate Joe Biden speaking on the 17th during a speech in Darby, Pennsylvania, and team members attending the upcoming 2018 Pyeongchang Winter Olympics January 31, 2018 in the state residence Novo-Ogaryovo outside Moscow.

Jim Watson | AFP | Getty Images

Biden, who met with European allies at a G-7 summit in the UK and a NATO summit in Belgium this week, will meet with Russian President Vladimir Putin on Wednesday in Geneva, Switzerland. It is the third time that Geneva has hosted US and Russian leaders for talks. The first, in 1955, concerned then President Dwight D. Eisenhower and then Soviet leader Nikita Khrushchev. The second took place 30 years later between then President Ronald Reagan and Mikhail Gorbachev. Both meetings made progress in easing tensions. This time around, there is hope that the Biden-Putin meeting can bring about a modest improvement in the current US-Russia crisis on issues such as Ukraine, human rights and cyberattacks.

5. US nears 600,000 cumulative deaths from Covid-19

A woman and child look at Naming the Lost Memorials as US deaths from coronavirus disease (COVID-19) are expected to exceed 600,000 in Green Wood Cemetery in Brooklyn, New York, the United States, Jan. 2021.

Brendan McDermid | Reuters

With new daily Covid cases and deaths in the US dropping dramatically along with high vaccination rates, the nation was on the verge of recording a total of 600,000 deaths from the disease. According to the Johns Hopkins University, these are the most cumulative Covid deaths of all countries in the world. The US also has the highest total infections in the world, with nearly 33.5 million cases. However, with increases in Brazil and India, these countries follow the US in total deaths, with more than 488,200 in Brazil and about 377,000 in India. When it comes to cumulative infections, it’s about: India was number 2 with just under 29.6 million and Brazil was number 3 with around 17.5 million.

– 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 Monday, June 14

5 things to know before the stock market opens Monday, June 14

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

1. Wall Street set to open steady after another S&P 500 record

Traders on the floor of the New York Stock Exchange.

Source: NYSE

U.S. stock futures were flat Monday after the S&P 500 eked out another record close Friday. The S&P 500 rose 0.4% for the week, notching a three-week winning streak. The Nasdaq’s gain Friday put the tech-heavy index within 0.5% of its record close in late April. The Nasdaq soared nearly 1.9% for the week, logging its fourth straight weekly gain. The Dow’s slight advance Friday inched the 30-stock average less than 1% closer to last month’s record close. However, the Dow dropped 0.8%, breaking a two-week winning streak.

The 10-year Treasury yield was steady early Monday, firmly below 1.5%, ahead of Federal Reserve’s June meeting on Tuesday and Wednesday. Inflation will be front and center on investors’ minds after last week’s hotter-than-expected consumer price index reading for May. The Fed has been promising to keep its extraordinary Covid-era easy money measures in place — massive asset buying and near zero interest rates — claiming any price pressures will be transitory.

2. Novavax says its Covid vaccine is 90% effective overall

A woman holds a small bottle labeled with a “Coronavirus COVID-19 Vaccine” sticker and a medical syringe in front of displayed Novavax logo in this illustration taken, October 30, 2020.

Dado Ruvic | Reuters

Biotech firm Novavax said Monday its Covid vaccine was shown to be safe and 90.4% effective overall in a phase three clinical trial of nearly 30,000 participants across the U.S. and Mexico. Additionally, the two-dose vaccine was found to be 100% effective in preventing moderate and severe disease and 93% effective against some variants. Novavax plans to file for authorization with the Food and Drug Administration in the third quarter. If allowed for emergency use, it would join shots from Pfizer, Moderna and Johnson & Johnson that already received U.S. approval. Shares of Novavax rose 5% in premarket trading.

3. Bitcoin jumps after Tudor Jones endorsement, Musk tweet

Bitcoin popped back above $40,000 on Monday, shortly after investor Paul Tudor Jones endorsed it in a CNBC interview and one day after Tesla CEO Elon Musk tweeted that the electric auto maker could accept bitcoin transactions again in future. Musk said Sunday that Tesla will resume allowing bitcoin transactions “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” Tesla halted car purchases with bitcoin in mid-May, citing concerns over the climate impact of cryptocurrency mining.

4. Biden to attend NATO summit after G-7 gathering, ahead of Putin meeting

US President Joe Biden attends the G7 summit in Carbis Bay, Cornwall on June 11, 2021.

Leon Neal | AFP | Getty Images

President Joe Biden is set to attend a NATO summit in the Belgium capital Brussels on Monday, aiming to consult European allies on efforts to counter provocative actions by China and Russia. Biden will also highlight the United States’ commitment to the 30-nation alliance, which was frequently maligned by former President Donald Trump. Biden’s trip to Europe started with a G-7 meeting, which ended Sunday with promises to enact measures on Covid vaccines and a global corporate tax as well calls for China “to respect human rights and fundamental freedoms.” Biden is set to sit down with Russian President Vladimir Putin in Geneva, Switzerland, on Wednesday.

5. Israel’s new government gets to work after Netanyahu ouster

Leader of the Israeli Yemina party, Naftali Bennett, delivers a political statement at the Knesset, the Israeli Parliament, in Jerusalem, on May 30, 2021.

YONATAN SINDEL | AFP | Getty Images

For the first time in 12 years, Israelis woke up to a new prime minister after 49-year-old Naftali Bennett late Sunday secured the backing of parliament and ousted longtime leader Benjamin Netanyahu. Under a coalition agreement, Bennett, a former ally of Netanyahu turned rival, will hold office of the premier for the first two years of the term, and then Foreign Minister Yair Lapid, the architect of the coalition, will become prime minister. Netanyahu, the longest to hold office, will now serve as the opposition leader. The 71-year-old has made clear he has no intention of exiting the political stage.

— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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World News

Explosion at Produce Market Kills at Least 12 in China

Hong Kong Website Doxxing Police Gets Blocked, Raising Censorship Fears

A gas explosion at a produce market killed at least 12 people and injured 138 others, 37 of them severely, in central China on Sunday, the local authorities said.

The cause of the blast, which took place at around 6:40 a.m. in the city of Shiyan, in Hubei Province, was still under investigation, according to the local government.

Photographs published by official media showed bricks and debris strewn in the street and extensive damage to nearby buildings. Rescue workers in helmets and orange suits worked to free people trapped in the rubble.

Local news reports said that when the explosion took place, people had been buying and selling produce and eating breakfast at the market, which is in a residential area in the city’s Zhangwan District. City officials said 913 households and merchants had been evacuated from the scene.

The governor of Hubei, Wang Zhonglin, rushed to Shiyan to direct rescue efforts, the authorities said. The provincial Communist Party secretary, Ying Yong, called for gas pipelines, chemical factories, power plants and older residential neighborhoods across Hubei to be inspected for safety risks.

China’s top leader, Xi Jinping, said there were “profound” lessons to be learned from the incident, according a readout that was published Sunday evening by the Xinhua state news agency.

Taking stock of “hidden dangers” and being on the lookout for major emergencies would help create a “favorable atmosphere,” Mr. Xi said, ahead of the July 1 centenary of the Chinese Communist Party’s founding. The government is using the anniversary to hammer home the message that only by following the party can China fortify its status in the world.

In recent years, deadly blasts in industrial zones have led the Chinese authorities to become stricter about enforcing safety rules. In 2015, explosions at a chemical storage facility in Tianjin, a northern port city, killed more than 170 people.

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5 issues to know earlier than the inventory market opens Friday, June 11

5 things to know before the stock market opens Friday, June 11

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

1. S&P 500 looks to add to Thursday’s record close

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

Carlo Allegri | Reuters

U.S. stock futures rose Friday, one day after the S&P 500 logged its 27th record close of 2021 but its first since May 7. Shaking off a red-hot inflation report, the Dow also rose Thursday, breaking a three-session losing streak and finishing less than 1% from last month’s record close. The Nasdaq’s gain Thursday brought the tech-heavy index within 1% of its last record close in late April.

Ahead of Friday’s open on Wall Street, the Nasdaq was up 1.5% for the week, on pace for a fourth straight weekly gain for the first time since January. The S&P 500 was looking to clinch a three-week winning streak. The Dow was off 0.8% for the week, on track to break two positive weeks in a row.

The 10-year Treasury yield ticked lower Friday, trading just above 1.4%, around its early March lows before it spiked above 1.7% to 14-month highs later that month.

2. Meme stocks get some relief after hitting a wall

SELINSGROVE, PENNSYLVANIA, UNITED STATES – 2021/01/27: A woman walks past the GameStop store inside the Susquehanna Valley Mall. An online group sent share prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) soaring in an attempt to squeeze short sellers.

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

Meme stocks were getting some relief early Friday after hitting a wall Thursday. Shares of GameStop, which tanked 27% on Thursday, rose 6% in the premarket. GameStop investors seemed to be running for the exits Thursday, one day after the video game retailer announced the appointments of two former Amazon executives as CEO and CFO and said it may sell as many as 5 million additional shares to raise money. GameStop — off about 50% from its $483 per share all-time high in January — remained up nearly 1,100% in 2021. Last week’s big winner, AMC Entertainment, rose 4% in Friday’s premarket after closing down 13% on Thursday. The stock — down more than 40% from last week’s all-time high of $72.62 — was still up 1,900% this year.

3. Biden, G-7 leaders to endorse a global minimum corporate tax

U.S. President Joe Biden poses for a picture during a meeting with Britain’s Prime Minister Boris Johnson (not pictured) ahead of the G7 summit, at Carbis Bay, Cornwall, Britain June 10, 2021.

Toby Melville | Reuters

President Joe Biden and G-7 leaders will publicly endorse a global minimum corporate tax of at least 15% on Friday, one piece of a broader agreement to update international tax laws for a globalized, digital economy. Meeting at a resort in the U.K., the world leaders will also announce a plan to replace Digital Services Taxes, which targeted the biggest American tech companies, with a new tax plan linked to the places where multinationals are actually doing business, rather than where they are headquartered. The White House also said G-7 leaders will agree to “continue providing policy support to the global economy for as long as necessary to create a strong, balanced, and inclusive economic recovery.”

4. Two Royal Caribbean passengers test positive for Covid

A file photo shows the Celebrity Millennium cruise ship at Kai Tak cruise terminal in Kowloon Bay.

Felix Wong | South China Morning Post | Getty Images

Royal Caribbean said late Thursday that two guests onboard its Celebrity Millennium ship tested positive for Covid. According to the cruise operator, which didn’t reveal their ages, the passengers were asymptomatic and in isolation. Celebrity Millennium was one of the first cruises in North America to restart sailing last week. In lifting the more than one year pandemic halt, the CDC required a fully vaccinated crew and everyone over 16 to present proof of vaccination. In the early days of Covid last year, cruise ships became hotbeds for the coronavirus.

5. Tesla begins deliveries of its new Model S Plaid

Tesla Model S Plaid

Source: Tesla

Tesla kicked off deliveries of its new Model S Plaid, with a livestream event Thursday night at the electric auto maker’s test track near its Fremont, California factory. CEO Elon Musk made his entrance by driving a Model S Plaid around the track and onto the stage. Musk, in weeks before the even, hyped the months-delayed vehicle as the “quickest production car ever made.” The Model S Plaid, a high-performance version of Tesla’s flagship sedan, starts at $129,990 compared with $79,990 for a long-range 2021 Model S. On Sunday, Musk tweeted that Tesla canceled the $150,000 Model S Plaid Plus, saying there was “no need, as the Plaid is just so good.”

— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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5 issues to know earlier than the inventory market opens Monday, June 7

5 things to know before the stock market opens Monday, June 7

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

1. Dow, S&P 500 stand less than 1% of record closing highs

A trader on the New York Stock Exchange, June 4, 2021.

Source: NYSE

2. Jeff Bezos will fly Blue Origin’s first passenger space flight next month

Jeff Bezos drives a Rivian R1T electric truck through the Blue Origin launch facility in Texas.

Blue origin

Jeff Bezos will fly on the first passenger flight of his space company Blue Origin. The company plans to launch the mission on July 20, the Amazon billionaire announced on Monday. Bezos and his brother Mark will join the winner in a public auction held for one of the seats. The bid for the auction was $ 2.8 million before Bezos announced he would be on board. Bezos’ Blue Origin and Elon Musk’s SpaceX are two of the largest commercial space companies.

3. Elon Musk Says Tesla has officially canceled the Model S Plaid Plus

Musk, co-founder and CEO of Tesla, tweeted on Sunday that the electric automaker canceled the most expensive variant of its flagship sedan, the $ 150,000 Model S Plaid Plus.

Tesla had promised that a Plaid Plus version of its new Model S would give drivers 1,100 horsepower, 520 miles of range on a fully charged battery, and zero to 60 mph in less than two seconds. The remaining high-end version of the Model S Plaid for $ 119,900 should have a battery capable of 390 miles with 1,020 horsepower and similar acceleration.

4. AMC stocks rose after skyrocketing in a wild week of trading

Pedestrians pass an AMC theater in New York.

Scott Mlyn | CNBC

AMC Entertainment’s shares rose 8% in the premarket on Monday after rising more than 80% in a wild week despite declines on Thursday and Friday. The cinema chain sold additional shares in two tranches last week, raising around $ 817 million. CEO Adam Aron told YouTube host and AMC shareholder Trey Collins that the company plans to issue an additional 25 million shares.

Emily Blunt, Millicent Simmonds and Noah Jupe star in “A Quiet Place Part II”.

Parent

The cinema business, decimated by the Covid pandemic, showed further signs of a return to normal. A Quiet Place Part II fell 59% to $ 19.5 million after a stellar opening over Memorial Day holiday weekend last weekend. However, the Paramount sequel has raised $ 88.6 million in the US and Canada. Warner Bros.’s “The Conjuring: The Devil Made Me Do It” topped the weekend box office and debuted with a profit of $ 24 million.

5. G-7 agrees on global tax reform; Yellen talks about the Biden agenda, tariffs

British Chancellor of the Exchequer Rishi Sunak (center), US Treasury Secretary Janet Yellen (right) attends the first day of the G-7 Finance Ministers’ Meeting on June 4, 2021 at Lancaster House in London.

Stefan Rousseau | AFP | Getty Images

The Treasury Ministers of the most advanced economies, known as the Group of Seven, have backed a US proposal requiring companies around the world to pay at least 15% tax. Treasury Secretary Janet Yellen tweeted that a “global minimum tax would end the race to the bottom in corporate taxation and ensure fairness for the middle class and working people in the US and around the world.”

Former Federal Reserve chairman Yellen said in a Bloomberg interview that President Joe Biden’s $ 4 trillion spending agenda would be positive for the country even if it led to a surge in interest rates. “If we had a slightly higher interest rate environment in the end, that would actually be a plus for society and the Fed,” said Yellen.

– 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.