Here are the most important news, trends and analysis that investors need to start their trading day:
1. Stocks set to bounce after Wall Street’s losing week
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, June 3, 2022.
Brendan McDermid | Reuters
Wall Street was set to take premarket increases into Monday’s open after a rough session Friday, led lower by the Nasdaq’s nearly 2.5% decline. The Nasdaq and the S&P 500 logged their eighth down week in the past nine but held the bulk of the prior week’s respective 6.8% and 6.6% gains. The Dow Jones Industrial Average dropped for its ninth week out of the last 10 but also kept more of the prior week’s more than 6.2% advance.
- Tech stocks, including Apple, rose in the premarket. Apple is set to hold its annual developers’ conference Monday. Shares of Amazon rose 1.5% to $124 each in the premarket, as the company’s 20-for-1 stock split goes into effect at Monday’s open. Crypto prices, which have recently traded in tandem with tech, bounced Monday, with bitcoin above $31,000.
- At the end of this trading week, investors and the Federal Reserve get a look at the latest consumer price index. Economists see inflation at the retail level in May rising a robust 8.2% year over year but again ticking lower for the second straight month.
2. Average gas prices in the U.S. creep toward $5 per gallon
Gas prices over the $6.00 mark are advertised at a 76 Station in Santa Monica, California, May 26, 2022.
Lucy Nicholson | Reuters
Whether the U.S. has seen peak inflation or not, the surge in gas prices is showing no signs of abating. The national average at the pump reached nearly $4.87 per gallon as of Monday, according to AAA. California continued as the highest of any state, with gas costing an average of $6.34 per gallon there.
The reasons for the dizzying increases: more demand ahead of the summer driving season and a continued to rise in oil prices. In fact, West Texas Intermediate and Brent crude traded to…
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