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Atom Daily Digest 06/11/2021

Email sent: Jun 11, 2021 8:41am
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Atom Finance June 11, 2021

Atom daily digest

Morning Briefing - Futures edge higher after bipartisan group of senators reach infrastructure deal

The S&P 500 futures trade seven points, or 0.2%, above fair value at the end of a mixed, yet record-setting, week. The S&P 500 is up just 0.2% this week but managed to close at a record high yesterday.   

Positive-sounding developments this morning include news that a bipartisan group of senators agreed on framework for infrastructure spending without tax hikes, the Bundesbank increased its forecast for Germany's 2021 GDP growth to 3.7% from 3.0%, and Japan may lift Tokyo's state of emergency on June 20. 

The market, however, doesn't appear to be influenced by any specific news right now. Perhaps more supportive for growth stocks is the continued decline in long-term interest rates. The 10-yr yield is currently down two basis points to 1.44% after starting the quarter at 1.75% while the 2-yr yield is down one basis point to 0.14%. 

On a related note, The Wall Street Journal published a report indicating that foreign investors and pension funds have recently been increasing their Treasury holdings, in part due to their positive yields and the low hedging costs of the dollar. The U.S. Dollar Index is currently up 0.2% to 90.24 but is down 3.2% this quarter. WTI crude futures are up 0.2% to $70.43/bbl.

Separately, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for June (Briefing.com consensus 83.5) at 10:00 a.m. ET.

In U.S. Corporate news:

  • Chewy (CHWY 78.25, -1.10): -1.4% despite beating EPS estimates and guiding Q2 revenue above consensus. 
  • Dave & Busters (PLAY 46.50, +2.42): +5.5% after beating top and bottom-line estimates and guiding Q2 revenue and adjusted EBITDA well above consensus. The company said its "brand is back."
  • Biogen (BIIB 419.12, +4.41): +1.1% amid an analyst upgrade to Outperform from Mkt Perform at Bernstein.
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