Business Briefing-June 17

Estimated Reading Time: 2 minutes

STOCKS/ECONOMY

• Stock futures are mostly higher after Tuesday’s 329-point gain for the Dow, 0.6 percent loss for the S&P 500, and a 1.2 percent selloff for the Nasdaq. Tech stocks are rebounding this morning after another chip sector selloff Tuesday.
• The yield on the 10-year Treasury bond is up to 4.44 percent.
• The Federal Reserve will make its first interest rate decision under new Chairman Kevin Warsh today.
• The average 30-year mortgage rate remained that same at 6.60 percent last week. New mortgage applications fell 3 percent and refinance applications fell by 5 percent.
• Gold is at the $4,349 per ounce level. Silver is at the $70 per ounce level. Bitcoin is at the $64,600 level.
• Asian markets closed mostly higher today. The Nikkei gained 0.7 percent, the Hang Seng fell 0.7 percent, the Kospi rallied 1.6 percent higher, and the Shenzhen rallied 1.3 percent.

OIL/ENERGY

• U.S. crude prices are modestly higher and at the $76 a barrel level.
• Gasoline prices are down to $4.02 a gallon, national average. That’s 49 cents lower than a month ago today.

IRAN WAR

• President Trump says the U.S. will start bombing Iran immediately if he doesn’t like the way the Iran deal is progressing.

CHIP REBOUND

• Intel (INTC) shares are up 3 percent in the premarket after losing 8 percent Tuesday. Qualcomm (QCOM) shares are up 2 percent in the premarket after losing 3 percent Tuesday. Advanced Micro Devices (AMD) shares are up 3 percent in the premarket after losing 7 percent Tuesday.

DEALS/NO DEALS

• Netflix (NFLX) is denying reports that it’s in talks to acquire Lionsgate Studios (LION). Lionsgate shares are down 5 percent in the premarket after gaining 14 percent Tuesday on the takeover talk. Netflix shares are flat after falling 4 percent Tuesday on that talk.

EARNINGS SCORECARD

• Carmax (KMX) reported better than expected quarterly profits and revenues. Its shares are up 1 percent in the premarket.
• La-Z-Boy (LZB) reported an 11 percent quarterly sales rise, and better than expected overall quarterly revenues. Its shares are up 17 percent in the premarket.

SPACEX MANIA

• SpaceX (SPCX) shares are up 1 percent in the premarket and are now 51 percent above the $135 IPO price.

-Jake Novak

Jake Novak is a 30-yr. veteran TV news producer, editorial columnist, & fmr. diplomat with expertise in politics, business news, culture, & media analysis. He is also the author of Jake’s Takes on Substack.

The author’s views are their own and do not constitute financial, investment, or legal advice. Investing involves risk; please consult with a qualified professional before making any financial decisions.