Here are the top news investors need to start their trading day.
1. Earnings and Shares
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 30, 2022.
Brendan McDermid | Reuters
Earnings season begins this week when several major companies, including major Wall Street banks, report quarterly results. Futures fell on Monday after Friday delivered a stronger-than-expected jobs report and an overall winning week for stocks. While the second half got off to a good start, especially given the stock’s terrible first half, investors will be watching earnings for signs of falling consumer demand and ongoing supply chain issues, among other issues. Here are the big reports planned for this week:
2. Musk weighs in on Twitter
Musk’s plan to buy Twitter has alarmed politicians around the world.
Joe Skipper | Reuters
Shares of social media giant Twitter fell in premarket trading on Monday, just over two days after Elon Musk said he wanted to end his $44 billion deal to buy the company. Twitter, in turn, says it will take legal action to force Musk to complete the deal. It’s been an uneasy pairing since Musk first said he’d like to buy the company. His interactions with Twitter have been awkward at best and acrimonious at worst, and a resolution doesn’t seem to be coming anytime soon.
3. Big week for Treasuries and economic data
A pedestrian carries shopping bags in San Francisco, California, U.S., on Wednesday, June 1, 2022.
David Paul Morris | Bloomberg | Getty Images
Treasury yields edged lower early Monday morning as investors prepared to analyze some key economic data this week after digesting Friday’s strong June jobs report. Inflation is expected to remain hot in June’s consumer price index released on Wednesday. On Thursday, the producer price index will give investors another snapshot of US inflation. Then on Friday, traders will chew over this month’s latest University of Michigan consumer sentiment report and June retail sales.
4. Slowing down factories in China
Despite the strong recovery, factories remained cautious about hiring more staff, with employment falling for a third straight month.
street | Afp | Getty Images
Chinese manufacturers are facing a pullback in demand from American and European consumers struggling with historic levels of inflation. Although freight costs, which spiked during the Covid pandemic, are easing a bit, there is still potential for a prolonged decline in demand. “I wouldn’t call this reduction in demand a recession yet, but things seem to be heading for troubled waters,” Shabsi Levy, founder of digital supply chain platform Shifl, told CNBC.
5. “Thor” leads the big weekend
Natalie Portman and Chris Hemsworth star in Marvel’s Thor: Love and Thunder.
Disney
Disney’s “Thor: Love and Thunder” was the king of the weekend, but the numbers show even better news for the movie industry. The latest entry in the Marvel Cinematic Universe pulled in $143 million domestically, while the weekend box office total, including the likes of “Top Gun: Maverick” and “Elvis,” will likely finish between $200 million and $250 million. Compare that to a similar pre-pandemic weekend in June 2019, when Sony and Marvel’s Spider-Man: Far From Home and Disney’s Toy Story 4 and Aladdin helped pull in $185 million at the box office.
— CNBC’s Tanaya Machill, Ryan Brown, Matt Clinch, Su-Lin Tang, Evelyn Cheng and Sarah Wheaton contributed to this report.
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