Stocks inched higher Monday as markets shook off a contentious trade feud between the US and its closest allies over the weekend at a G7 meeting in Quebec. The 10-year Treasury yield ticked higher ahead of an unprecedented US-North Korea summit and a Federal Reserve meeting later this week. The dollar was largely unchanged against a basket of peers.
Here’s the scoreboard:
- Dow: 25,322.31 +4.78 (+0.02%)
- S&P 500: 2,782.00 +2.97 (+0.11%)
- AUD/USD: 0.7609 +0.0010 (+0.13%)
- ASX200 SPI futures (March contracts): 6,078 (+27)
- President Donald Trump and North Korean leader Kim Jong Un meet Tuesday. The two arrived over the weekend to Singapore, where the historic summit will take place. The two are scheduled to meet face-to-face at 11am AEST.
- US inflation expectations turned flat in May. Surveyed individuals predict annual inflation will remain at a median of 2.98%, the New York Federal Reserve said. Consumer inflation expectations had previously been rising this year.
- Inflation in Venezuela reportedly rose 24,600% over the year in May. The report, released by the country’s opposition party, matches up with estimates of independent economists, Reuters reports.
- Oil prices were mixed amid uncertainty around OPEC production cuts. There have been reports in recent weeks that the cartel will increase production amid rising prices, but Iraq’s oil minister Jabar al-Luaibi has cast doubt on that prospect.
- Tesla looks set to begin its first steps toward fully-autonomous driving. CEO Elon Musk said on Twitter that the company’s first “full self-driving features” are coming in August. Shares of Tesla rose 4.84% following the tweets.
And here is the upcoming economic calendar:
- Australian home loan data for April will be released at 11.30am AEST. The NAB’s Australian Business Confidence Survey for May arrives at the same time.
- The US releases inflation numbers and the Fed begins its two-day meeting.
- Employment and wage data are out in the UK.
- European Central Bank officials meet.
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