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.