5 things to know before the stock market opens on Wednesday, June 8

Here are the most important news, trends and analysis investors need to start their trading day:

1. Stock futures slide with 10-year Treasury yield above 3%

Trader on the floor of the NYSE, June 7, 2022.

Source: NYSE

US Stock Futures fell on Wednesday after consecutive gains on Wall Street. Adding pressure, the benchmark 10-year Treasury yield moved above 3%, again. Higher interest rates caused mortgage loan demand to fall to its lowest level in 22 years, according to weekly data from the Mortgage Bankers Association. Goal shares fell almost 2% before trading. They recouped most of earlier heavy losses Tuesday at the close as investors made peace with the retailer’s profit warning and inventory reduction plan. the Dow Jones Industrial Averagethe S&P 500 and the nasdaq on Tuesday all up almost 1% they then opened solidly lower and rallied as the day progressed.

2. A closely watched Fed tracker indicates a recession is coming

The Federal Reserve is among Western central banks battling stubbornly high inflation.

Xinhua News Agency | Xinhua News Agency | fake images

As the Federal Reserve prepares to receive Friday’s key consumer inflation report ahead of next week’s meeting, Atlanta Fed’s GDPNow tracker shows the US economy could be headed for a second consecutive quarter of negative growth, meeting the technical definition of a recession. Recession talk has accelerated this year amid rising inflation that has dampened corporate profit prospects. Many on Wall Street still hope that the combination of resilient consumer spending and job growth will keep the US out of recession.

3. Janet Yellen Says Biden’s Covid Spending Didn’t Cause Inflation

US Secretary of the Treasury Janet Yellen testifies during a hearing before the Senate Finance Committee in the Dirksen Senate Office Building on Capitol Hill June 7, 2022 in Washington, DC.

Alex Wong | fake images

Inflation has been more evident in energy costswith US oil prices back above $120 per barrel on Wednesday morning and the national average for a gallon of gas, according to AAA, is just 4 cents from $5. treasury secretary Janet Yellen told senators Tuesday that she inflation is expected to remain high. Yellen, a former Fed chair, repeatedly pushed back against Republican claims that inflation was being driven by the Biden administration’s $1.9 trillion Covid spending legislation last year. Yellen is set to address a House panel on Wednesday.

4. Moderna says the omicron booster works better than the original Covid injection

A nurse prepares a syringe with a dose of the Moderna vaccine against coronavirus disease (COVID-19) at the Enfermera Isabel Zendal hospital in Madrid, Spain, on July 23, 2021.

John Medina | Reuters

modern said on Wednesday that its redesigned Covid booster vaccine seems to provide greater protection against the omicron variant than the current one. Early trial results found that the reformulated injection led to an eight-fold increase in neutralizing antibody levels. The company said the new vaccine being tested also increased antibody levels against all other known worrisome variants of Covid. Moderna said in a press release that the new injection is its “leading candidate for a fall 2022 booster.” Shares of Moderna fell more than 1.5% in premarket trading on Wednesday. The stock is down more than 40% so far this year.

  • Novavax soared 10% in pre-market trading, the next morning got an endorsement for its covid vaccine of an advisory panel of the Food and Drug Administration. The full FDA will now consider whether or not to approve the vaccine, which would be the fourth approved for use in the US.

5. Spirit postpones shareholder meeting to continue deal talks

JetBlue Airlines planes are seen near Spirit Airlines planes at Fort Lauderdale-Hollywood International Airport on May 16, 2022 in Fort Lauderdale, Florida.

Joe Raedle | Getty Images News | fake images

spiritual airlines has decided to postpone its Friday shareholders’ meeting until June 30, so the ultra-low-cost airline you can continue the conversations with its investors about two competing purchase offers from the direct rival border airlines and the biggest JetBlue Airlines. Spirit’s announcement came two days after JetBlue upgraded its offer for the discount airline, which has had a merger deal with budget airline Frontier since February.

-CNBC yun li, jesse pound, tanaya macheel, Jeff Cox Y leslie josephs as well as NBC News and Reuters contributed to this report.

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