Show Notes
Stock markets are waiting - AGAIN. This time, it’s the FOMC meeting this week.
Here's what is happening in the markets today, Monday, June 14th.
U.S. stocks ended last week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names.
This morning, markets are unchanged as investors digested the S&P 500′s record level heading into a week with a key Federal Reserve meeting.
The Fed’s two-day policy meeting will likely dominate investor behavior this week. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. The Fed could possibly move up its forecast for a rate hike after saying in its last quarterly update that it would keep its benchmark rate near zero through 2023.
During the press conference on Wednesday, traders will look through the comments of Fed Chairman Jerome Powell for any clues as to when the Fed could start to end its aggressive monthly asset purchases, especially given recent hotter-than-expected inflation readings.
Bitcoin: Elon Musk is active again: He said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners. Bitcoin jumped 10% on the news back above $39,000.
Biotech firm Novavax (NVAX) said today 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 FDA 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.
Lordstown Motors (RIDE) announced the resignation of CEO Steve Burns and CFO Julio Rodriguez, days after the company warned there was doubt it could continue as a going concern. Lordstown said its lead independent director, Angela Strand, has been appointed executive chairwoman and would oversee the firm’s transition until a permanent CEO is identified. The company named Becky Roof as interim CFO effective immediately.
Meme stocks: The usual suspects AMC (AMC), BlackBerry (BB) and GameStop (GME) are all up in premarket trade, as well as newcomers Clover Health (CLOV) and Clean Energy Fuels (CLNE)
This wraps up today's stock market news.
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