Here are five things you need to know on Friday, June 11th:
1.-Equity futures are one inch higher after the S & P 500 set a record
Friday stock futures were up after the S & P 500 hit a record high as investors fell in line with the Federal Reserve’s belief that inflation surges proved to be temporary. ..
Contracts related to the Dow Jones Industrial Average rose 39 points, S & P 500 futures rose 2 points and Nasdaq futures rose 3 points.
Is S & P 500 record highIt came when investors shook off inflation data that was hotter than expected in May, the first since May 7. However, short-term price pressures are seen in categories that benefit from economic recovery and are not expected to persist.
Anugagar, Senior Global Investment Analyst at Commonwealth Financial Networks, said:
“But there remains the belief that these are the cyclical pressures expected when the economy is in the early stages of a strong recovery. As the cycle matures, these inflationary pressures have kept inflation low. It’s settled down because of the power of the soul, “Gagger added.
Consumer prices rose at the fastest pace in more than a decade last month, According to data from the Ministry of Labor.
Concerns on Wall Street were that rising price pressures could challenge the Fed’s easing stance as the world’s largest economy continues to recover from the COVID-19 pandemic.
Benchmark 10-year Treasury yields at the beginning of Friday were 1.43%, the lowest since early March.
2.-Tesla Offers First Model S Plaid
Tesla (TSLA)- Get the report CEO Elon Musk says his electric car company Model S plaidA high-end, ultra-fast version of the Tesla sports sedan. “We have to show that the electric car is the best car.”
Musk delivered the first Model S plaid at a live streaming event on Thursday night.
According to Tesla’s specifications, the $ 123,000 model, named after the 1980s movie comedy “Spaceballs,” achieves 0-60 mph in less than two seconds. It offers a range of 390 miles, a top speed of 200 miles per hour, and up to 1,020 horsepower. The acceleration is compared to the acceleration of a roller coaster launched in a catapult.
The improved charging will allow a range of 187 miles in 15 minutes, Musk said.
The Model S plaid is seen as a Tesla move to fend off high-end products from Mercedes-Benz and Porsche, which are also moving in the field of electric vehicles.
Tesla shares rose slightly to $ 611.99 in pre-market trading on Friday.
3.-Chinese Ride-Publish a huge Diddy file
Chinese ride-hailing giant Didi has applied for a public offering next month with the aim of opening a deal in the United States, which could be the world’s largest initial public offering this year.
Didi, submitted under the official name of Xiaoju Kuaizhi Inc., could get a valuation of over $ 70 billion, the Wall Street Journal quoted people familiar with the matter.
The company said in its IPO filing that it lost 10.68 billion yuan, or $ 1.63 billion, in 2020. Last year’s revenue was close to $ 22 billion.
Diddy reported $ 877 million in revenue of $ 6.4 billion as China recovered from the coronavirus pandemic in the first quarter of 2021.
4.-The apex falls after discontinuing research on drugs for liver disease
Vertex Pharmaceuticals (VRTX)- Get the report It fell in a pre-market deal on Friday after pharmaceutical companies said they wouldn’t pursue late-stage development of VX-864, a drug to treat liver disease.
In pre-market trading on Friday, the share price fell 11.48% to $ 191.88.
Liver Disease-Alpha 1 Antitrypsin
Deficiency-The patient’s liver is a hereditary disease
It does not make the proteins it needs to protect itself and the lungs.Cincinnati Children’s Hospital The most common genetic disorders that lead to liver transplants in children..
Vertex said VX-864 is unlikely to provide any substantial benefit to the patient.
VX-864 meets the primary endpoints, is well tolerated, and has been studied without interruption due to side effects, demonstrating that the drug mechanism works.
However, “the magnitude of the observed therapeutic effect [was] It is unlikely to lead to substantial clinical benefit. “
5.- Chewy says retail pet trends are skyrocketing
Shin told Kramer that increasing pet adoption was more than just a pandemic event. Online pet retailers are working with more than 6,000 pet shelters nationwide and report that adoption continues to grow by double digits.
Surprised the crunchy Wall Street on ThursdayFirst quarter profit turned into profit with a 32% increase in sales. However, the company reported that supply constraints caused some products to run out of stock, negatively impacting quarterly earnings.
Crunchy stocks fell 1.29% to $ 78.33 in pre-market trading.
Tesla Model S Plaid, Didi IPO, Vertex: 5 Things You Must Know Source link Tesla Model S Plaid, Didi IPO, Vertex: 5 Things You Must Know