10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, AMZN, ALL, PGR, FIS)
Here is what you need to know.
Mexico and Europe are trying to hit Trump where it hurts. The European Union and Mexico have placed tariffs on goods like cranberries and pork in an effort to put pressure on the areas of the country that supported Trump during the election.
China says it doesn’t want trade tensions to flare up. China’s Commerce Ministry spokesman Gao Feng said progress was made in talks held this past weekend and that the country doesn’t want an escalation in trade friction with the US, Reuters reports.
The Dow is back above 25,000. The Dow Jones industrial average gained 1.4% Wednesday to put in its best close since March 12.
The London Stock Exchange — Europe’s biggest trading venue — went down for a whole hour. An unidentified glitched delayed the start of trading on Thursday.
The next stock market crash will simply be a warm-up for an even bigger issue facing Main Street. The household savings rate is sitting at its lowest level since the financial crisis, and that’ll be particularly troublesome if a bear market unfolds.
Warren Buffett and Jamie Dimon say quarterly profit forecasts are hurting the US economy. “In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability,” they wrote in a Wall Street Journal oped.
Fidelity is plotting a big move into cryptocurrency trading. Business Insider has learned that Fidelity, one of the biggest providers of 401(k) services and other retirement products to Americans, is looking for talent to build a digital asset exchange.
Home-insurance stocks got hit after report said they could be next to get Amazon’d. Allstate and Progressive both fell roughly 3% after The Information reported Amazon was looking into offering home insurance. The companies pared the bulk of their losses by the closing bell.
Stock markets around the world grind higher. Japan’s Nikkei (+0.87%) paced the gains in Asia and Spain’s IBEX (+1.09%) leads in Europe. The S&P 500 is set to open little changed near 2,773.
US economic trickles out. Initial claims will be released at 8:30 a.m. ET and consumer credit will cross the wires at 3 p.m. ET. The US 10-year yield is up 1 basis point at 2.99%.
Read the full article from it’s original source: http://uk.businessinsider.com/stock-market-news-opening-bell-june-7-2018-2018-6