The Supreme Court is expected to rule on President Biden’s student loan forgiveness program, and a key measure of inflation could influence the Fed’s decision to raise interest rates. Here’s what investors need to know today.

1. The Supreme Court could issue its ruling on student loans

The Supreme Court is expected to rule on President Joe Biden’s program to cancel up to $20,000 in student loan debt. A timetable for the release of the court’s opinions has not been set, but the last remaining opinions for the current term are expected to be released by the end of the session today. The student loan ruling would wipe out a quarter of the nation’s $1.7 trillion in outstanding student debt, which could have impact on consumer spending.

2. The Fed’s preferred gauge of inflation is expected to show an easing of price pressures

The Federal Reserve’s preferred measure of inflation is expected to show consumer prices excluding food and energy costs rose 0.3% in May from 0.4% in April, when the core Personal consumption expenditure (PCE) The Price Index is released at 8:30 a.m. ET. The PCE data could influence whether the Fed raises interest rates at its July meeting. also today Michigan Index of Consumer Sentiment The June reading is expected to show a slight increase to 64, up from 63.9 when it is released at 10:00 a.m. ET.

3. Nike’s First Miss in Profits in Three Years Reduces Shares

For the first time in three years, Nike (NKE) missed analysts’ expectations as the retailer reported lower profit marginsand shares fell 3% in premarket trading following the news. The company’s net income for the quarter was $1.03 billion, or 66 cents a share, below the 67 cents analysts had expected and compared with a profit of $1.44 billion, or 90 cents a share, a year ago. The company’s revenue rose to $12.83 billion, up from $12.23 billion in the year-ago quarter and beating analysts’ estimates.

4. Apple approaches $3 trillion market cap as Citi predicts 27% growth

apple (AAPL) reached a market capitalization of $3 trillion during premarket trading as its stock continued to trade near an all-time high. The rise comes as Citi initiated coverage of Apple with a “Buy” rating and a $240 price target, meaning the stock could still see a 27% gain from Thursday’s closing price of $189.59. Apple shares rose 0.9% in premarket trading.

5. Indiana Jones is expected to be another soft launch for Disney

Box office analysts expect a soft opening Indiana Jones and the Dial of Destiny, in what could be the latest in a series of soft openings for Walt Disney (DIS) movies. The fifth installment of the archeologist adventure is expected to bring in around $90 million over the five-day holiday weekend on a $300 million budget. The entertainment giant has had hits at the start of the summer movie season Guardians of the Galaxy Vol. 3, but lightning, Elementaryand other movies released this month disappointed.

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