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Ford (F 14.13, -0.06, -0.4%): preparing new round of layoffs for U.S. salaried workers, according to WSJ
Lululemon (LULU 376.84, -1.12, -0.3%): unable to find a buyer for fitness product Mirror, according to NY Post
Starbucks (SBUX 99.56, -1.29, -1.3%): union says workers at 150 stores will strike over “treatment of LGBTQIA+ workers”
Under Armour (UAA 7.16, -0.19, -2.6%): downgraded to Equal Weight from Overweight at Wells Fargo
C3.ai (AI 37.13, -0.31, -0.8%): Deutsche Bank reiterated its Sell rating with a $16 price target
Virgin Galactic (SPCE 4.77, -0.55, -10.3%): entered into a distribution agency agreement for the offer and sale of up to $400,000,000 of shares of common stock
The IHS Markit Manufacturing PMI fell to 46.3 in the preliminary reading for June from 48.4 in the prior reading. The IHS Markit Services PMI reading fell to 54.1 in the preliminary reading for June from 54.9 in the prior reading.
Equity futures have deteriorated as the morning has progressed.
The S&P 500 futures are down 35 points and are trading 0.8% below fair value.
The Nasdaq 100 futures are down 173 points and are trading 1.1% below fair value.
The Dow Jones Industrial Average futures are down 203 points and are trading 0.6% below fair value.Treasury yields continue to decline.
The 2-yr note yield is down eight basis points to 4.71% and the 10-yr note yield is down 10 basis points to 3.70%.
Energy complex futures have extended their losses.
WTI crude oil futures are down 3.0% to $67.45/bbl and natural gas futures are down 2.8% to $2.54/mmbtu.
Dow -194.56 at 33752.06, Nasdaq -131.63 at 13499.36, S&P -29.98 at 4353.18
The major indices are trying to climb off their worst levels of the session, but still sport decent losses.
Market breadth shows a relatively strong negative bias driving today’s retreat. Decliners lead advancers by a 2-to-1 margin at the NYSE and a 7-to-3 margin at the Nasdaq.
All the S&P 500 sectors trade down now except utilities (+0.1%). The fellow defensive-oriented consumer staples (-0.1%) and health care (-0.2%) sectors sport the slimmest declines.
Heavily weighted shares leading the sell off
Meta Platforms (META 282.12, -2.76, -1.0%),
Alphabet (GOOG 122.27, -1.60, -1.3%),
Microsoft (MSFT 336.17, -3.51, -1.0%),
Tesla (TSLA 256.94, -7.67, -2.9%),
NVIDIA (NVDA 423.43, -6.85, -1.6%)All down by at least 1.0%.
and PRAYERS for those who perished aboard the TITAN – as explorers of the OCEAN
Given water pressure per sq. inch & total darkness at 2.5 miles deep – this is akin to suborbital flights
Back in my youth, I wanted to become an astronaut + ride the upside-down roller coasters of the day – lol
but as we become older, it’s good to weigh risks & even become more CAUTIOUS 😉 🙂
Going to visit the Titanic is maybe even a greater feat than going into space.
And as 1 blessing, an explosion happened in nanoseconds v. the running out of air.Song of dedication from a great Jazz & award-winning artist & friend
who performed at our church a few years agoDow 33,727.43 -219.28 -0.65%
S&P 500 4,348.33 -33.56 -0.77%
Nasdaq 13,492.52 -138.09 -1.01%
VIX 13.26 0.35 2.71%
Gold 1,929.70 6.00 0.31%
Oil 69.30 -0.21 -0.30%June 25 -31, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… From Russia
[See the full post at: Traders Market Weekly: From Russia with Love]
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