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Atom Daily Digest 06/09/2021

Email sent: Jun 9, 2021 8:44am
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Atom Finance June 9, 2021

Atom daily digest

Morning Briefing - Lack of new catalysts keeping futures at bay

The S&P 500 futures trade four points, or 0.1%, above fair value and continue to hover just below record highs. Large-cap growth stocks have supposedly drawn support from another decline in long-term interest rates. 

The 10-yr yield is currently down three basis points to 1.50%, or near the bottom of its three-month consolidation range, in part due to a growing tolerance for the Fed's view that inflation pressures should be transitory. This thesis will be tested tomorrow when the Consumer Price Index (CPI) for May is released. 

Over in China, the Producer Price Index surged a hotter-than-expected 9.0% yr/yr in May, but the CPI was only up 1.3% yr/yr, indicating that higher producer prices haven't really been passed through to Chinese consumers. China's Shanghai Composite increased 0.3% on Wednesday. 

Back to U.S. data, the weekly MBA Mortgage Applications Index decreased 3.1% following a 4.0% decline in the prior week. Later, investors will receive Wholesale Inventories for April (Briefing.com consensus 0.8%) at 10:00 a.m. ET. 

Separately, President Biden ended infrastructure talks with Senator Shelley Moore Capito (R-WV) and will now focus on another group of bipartisan senators who are working on the issue. The Problem Solvers Caucus proposed an infrastructure plan that will call for $761.8 billion in new spending, according to Bloomberg

In U.S. Corporate news:

  • Campbell Soup (CPB 45.33, -3.79): -7.7% after missing top and bottom-line estimates and lowering its FY21 guidance. In addition, the Board of Directors authorized a new anti-dilutive share repurchase program of up to $250 million to offset the impact of dilution from shares issued under the company's stock compensation programs.
  • XPO Logistics (XPO 147.55, +1.36): +0.9% after announcing a planned spin-off of GXO Logistics. XPO raised its FY21 guidance for adjusted EBITDA.
  • Chipotle Mexican Grill (CMG 1336.64, unch): UNCH after saying that it increased menu prices by about 3.5-4.0% last week to help pay for higher wages. 
  • Clover Health (CLOV 27.03, +4.88): +22.0% in a continuation of a targeted short-squeeze. 
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