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Futures lower, Fed’s Powell to speak, Boeing plea deal

July 2, 2024
in Business
Futures lower, Fed’s Powell to speak, Boeing plea deal
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Investing.com — U.S. stock futures edge down as investors prepare for incoming labor market data during a holiday-shortened trading week. Federal Reserve Chair Jerome Powell is due to speak at an European Central Bank event, with the Fed’s potential interest rate path for the rest of the year in focus. Elsewhere, U.S. federal prosecutors are reportedly awaiting a decision from Boeing (NYSE:) on a plea deal to settle charges linked to two fatal crashes.

1. Futures lower

U.S. stock futures pointed lower on Tuesday after the main averages on Wall Street rose in light pre-holiday trading in the prior session.

By 03:19 ET (07:19 GMT), the contract had shed 96 points or 0.3%, had dipped by 17 points or 0.3%, and had fallen by 83 points or 0.4%.

All three of the indices finished higher on Monday, with the tech-heavy boosted in particular by a jump in Big Tech names like electric carmaker Tesla (NASDAQ:) and iPhone giant Apple (NASDAQ:). Trading volumes were relatively muted as equity markets prepared to shutter for the U.S. Independence Day holiday on Thursday.

Meanwhile, investors remained focused on the release of key U.S. labor market data this week, including job openings figures on Tuesday and the monthly non-farm payrolls report on Friday. The numbers could factor into how the Federal Reserve approaches potential interest rate cuts later this year.

2. Powell to speak at Sintra

Fed Chair Jerome Powell is set to participate in a panel at a European Central Bank conference in Sintra on Tuesday, with markets keen to see if he will provide any new cues on interest rates.

Powell’s comments will serve as a precursor to the publication of minutes from the Fed’s June policy gathering on Wednesday, when the central bank’s rate-setting Federal Open Market Committee (FOMC) signaled that it only expects to reduce borrowing costs once this year — down from three in March.

Yet traders, buoyed by hopes for a continued cooling in U.S. inflation, are still betting the Fed will roll out roughly two cuts in 2024 beginning in September, according CME Group’s (NASDAQ:) closely-monitored FedWatch Tool.

“There has been a tendency from Powell to be a bit more optimistic than the FOMC consensus on disinflation, and we think there are some downside risks for the dollar ahead of today’s speech,” analysts at ING said in a note.

3. Federal prosecutors awaiting Boeing decision on plea deal – AP

The U.S. Justice Department is waiting for Boeing to accept a plea deal to settle felony fraud charges related to two fatal crashes of its 737 Max planes, according to the Associated Press.

Citing people familiar with the matter, the AP said Boeing has until the end of the week to either accept or reject the offer, which would also see the company agree to independent monitoring for compliance with anti-fraud laws.

The proposal stems from a Justice Department finding earlier this year that Boeing had misled regulators who had approved the 737 Max, violating the terms of a 2021 agreement shielding the firm from prosecution over deadly crashes in 2018 and 2019 that killed 346 people.

While accepting the deal would save Boeing from a potentially bruising courtroom battle, it threatens to cloud over its ongoing attempt to move beyond a dangerous mid-air panel blowout in January on one of its jets operated by Alaska Airlines.

4. Billionaire Barry Diller eyeing possible Paramount bid – NYT

Billionaire Barry Diller is considering a bid to take over Paramount Global (NASDAQ:) after the studio he formerly led pulled out of a merger with Skydance Media, the New York Times reported on Monday.

Diller’s media conglomerate IAC signed nondisclosure agreements with National Amusements, Paramount’s controlling shareholder, the NYT report said, citing people close to the matter. A nondisclosure agreement usually precedes negotiations over a deal.

The NDAs were also signed sometime after deal talks between Paramount and Skydance fell through earlier in the year, the NYT report said.

Diller had bid for Paramount in the early 1990’s, but was outbid by Sumner Redstone, whose daughter Shari now controls the studio. Diller had also led the studio in the 1970’s and 80’s, and was credited with reviving it through several popular projects.

Paramount is the parent company of several major networks, including CBS, MTV and Nickelodeon. The firm has engaged in sale talks with several potential suitors over the past year, but none have so far borne fruit.

5. Crude hovering near two-month highs

Crude prices inched up on Tuesday, holding near two-month highs on expectations for rising fuel demand during the U.S. summer.

By 03:20 ET, the futures (WTI) had gained 0.1% to $83.42 a barrel, while the contract had climbed 0.1% to $86.71 per barrel. Both benchmarks touched to their highest levels since the end of April during the previous session.

Gasoline demand in the U.S., the world’s biggest oil consumer, is expected to ramp up as the summer travel season gathers steam due to the Independence Day holiday.

Traders will also be looking at the latest data on U.S. crude stockpiles from the industry body American Petroleum Institute later in the session, as well as possible disruptions from Hurricane Beryl on U.S. oil refining and offshore production in the Gulf of Mexico.

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