The Federal Reserve’s meeting minutes from the June policy gathering, set to be released on Wednesday, are expected to reveal an active debate among policymakers. Despite this, overall, they still seem inclined to support further measures to control inflation.
Scheduled for 2 p.m. EDT (1800 GMT), these meeting minutes come after three weeks of intense deliberation by U.S. central bank officials following the June Federal Open Market Committee meeting. During this period, officials, including Fed Chair Jerome Powell, have been outlining their perspectives on monetary policy. Powell and other key figures have emphasized the forecasts presented during the gathering, which strongly suggested that another half-percentage-point tightening later this year was still very much on the table.
Netflix, Rivian, Wolfspeed rise premarket; Tesla, UPS fall
U.S. futures traded lower, with investors cautious ahead of the release of Federal Reserve meeting minutes from the June policy gathering.
Here are some of the biggest premarket U.S. stock movers today:
- Netflix (NASDAQ:NFLX) stock rose 0.8% after Goldman Sachs upgraded the streaming giant to ‘neutral’ from ‘sell’, citing the “overall positive current operating performance”.
- Tesla (NASDAQ:TSLA) stock fell 0.8% after the EV manufacturer cut prices in Japan of its Model 3 and Y electric vehicles by low single-digit percentages from the start of this month.
- United Parcel Service (NYSE:UPS) stock fell 2.1% on the growing chance of a strike after the Teamsters Union said the parcel delivery firm had “walked away” from negotiations over a new contract, a claim denied by the company.
- United States Steel (NYSE:X) stock fell 2.3% after Exane BNP Paribas downgraded its stance on the steel producer to ‘neutral’ from ‘outperform’ ahead of its latest earnings report.
- Coinbase (NASDAQ:COIN) stock fell 2.5% after Piper Sandler downgraded the cryptocurrency exchange to ‘neutral’ from ‘overweight’, citing the uncertainty caused by the recent case brought forth by the SEC, as well as the continued lack of regulatory clarity in the U.S.
- Wolfspeed (NYSE:WOLF) stock soared 15% after Renesas Electronics (TYO:6723) signed a ten-year deal with the chipmaker, worth up to $2 billion, for the supply of wafers to scale up the move into the power device market.
- Rivian Automotive (NASDAQ:RIVN) stock rose 7.7% with e-commerce giant Amazon (NASDAQ:AMZN) set to deploy its first European vans made by the EV maker in Germany over the coming weeks as part of long-term plans to electrify its transportation network.
Some of the biggest movers:
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