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Here are the most important news, trends and analysis that investors need to start their trading day:
1. Stocks look steady as Wall Street tries to restart rally
The New York Stock Exchange welcomes executives and guests of Clear Secure, Inc. (NYSE: YOU), on June 30, 2021, in celebration of its Initial Public Offering.
NYSE
2. Bond yields dip ahead of afternoon release of Fed minutes
Federal Reserve Chairman Jerome Powell during a House Financial Services Committee hearing on Dec. 2, 2020 in Washington.
Pool | Getty Images News | Getty Images
The 10-year Treasury yield fell early Wednesday, trading around 1.34%, ahead of the afternoon release of the minutes from the June meeting of the Federal Reserve’s policymaking committee. Traders will be looking for more clues into why central bankers moved up their timetable on interest rate hikes, with most of the 18 members of the panel forecasting two in 2023. In fact, seven members see the Fed possibly increasing rates as early as next year. It’s going to be a busy summer for Fed watchers. Chairman Jerome Powell is set to testify next week on Capitol Hill, about two weeks before the Fed’s July meeting. The Jackson Hole Economic Policy Symposium, sponsored by the Kansas City Fed, is set for August 26-28.
3. Mortgage demands sink to lowest level since beginning of pandemic
A home for sale on Wednesday, June 9, 2021 in Susanville, CA.
Gary Coronado | Los Angeles Times | Getty Images
4. Didi removed from China’s WeChat, Alipay apps for new users
Budrul Chukrut | LightRocket | Getty Images
5. Satellite imagery company Planet Labs is going public
Cofounder and CEO Will Marshall
Planet
Satellite imagery and data specialist Planet Labs is preparing to go public, merging with a SPAC in a deal with backing from Alphabet’s Google, BlackRock, and Salesforce co-founder Marc Benioff. Planet Labs is merging with special purpose acquisition company dMY Technology Group IV, which trades on the NYSE under ticker DMYQ. “We’re a mature business and have a massive new and unique data set of our 190 satellites, the largest Earth imaging fleet ever, and more than 10 times anyone else,” Planet co-founder and CEO Will Marshall told CNBC. Shares of DYMQ rose almost 2% in premarket trading.
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