Here is what you need to know.
- Trump announces tariffs on Mexican goods until the ‘Illegal Immigration problem is remedied.’ “On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP,” President Donald Trump tweeted. “The Tariff will gradually increase until the Illegal Immigration problem is remedied, at which time the Tariffs will be removed.”
- Global markets are plunging after a ‘triple hit of bad news’. Stock markets around the world are under pressure after a “triple hit of bad news” in the form of Trump announcing tariffs on Mexican goods, China saying it has a plan to restrict US access to its rare-earth metals, and China’s weak manufacturing data. Japan’s Nikkei (-1.6%) led the losses in Asia while Germany’s DAX (-1.6%) trailed in Europe. The S&P 500 is set to open lower by 1.18% near 2756.
- Germany’s 10-year yield goes the most negative on record.The 10-year Bund yield fell to -21 basis points on Friday, breaking its low from when the UK voted to leave the European Union, according to Bloomberg.
- Uber beats in its first quarterly report as a public company. The ride-hailing giant lost an adjusted $US2.26 a share, or $US1.01 billion, on adjusted net revenue of $US2.76 billion. Both numbers were ahead of estimates.
- A Tesla bull with a $US6,000 price target lays out their case. “When Tesla misses production estimates by a couple weeks, that’s not going to change the outcome in five years, the big picture,” Ark Invest analyst Tasha Keeney told Markets Insiders’ Rebecca Ungarino. “That’s missing the forest for the trees, in that sense. We’re following all those short-term movements, but unless something happened that made us think that the EV market was going to be smaller than we originally anticipated – so if global demand for electric vehicles was going to be different, or that Tesla would not be able to create an autonomous car – those would be show-stoppers.
- Beyond Meat short-sellers are hurting. Traders betting against Beyond Meat had lost more than $US158 million since the company listed its shares at the beginning of May, according to Ihor Dusaniwsky, the managing director of predictive analytics at S3 Partners. Shares settled at $US98.59 apiece on Thursday.
- GM is investing $US24 million in an Indiana plant.The investment will allow General Motors to build more full-size Chevy and GMC pickup trucks.
- These 17 stocks are underappreciated. RBC combed the data and found 17 large-cap stocks that are somewhat overlooked, aren’t owned by loads of investors, rated “outperform,” and set to crush the market.
- Earnings reporting is light. Big Lots reports ahead of the opening bell.
- US economic data keeps coming. Personal income and spending will be released at 8:30 a.m. ET and University of Michigan consumer confidence will cross the wires at 10 a.m. ET. The US 10-year yield is down 6.3 basis points at 2.15%, its lowest since September 2017.
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