The European Central Bank is expected to continue raising interest rates and initial jobless claims are expected to fall lower. Here’s what investors need to know today.
1. The ECB is expected to raise interest rates after the Fed suspends hikes
Unlike its American counterpart a day earlier European central bank it is expected to raise interest rates again for the 20 eurozone countries, up to 4.25% from the current 4%. Inflation remained persistently elevated in the Eurozone, where prices rose by 6% year-on-year compared to 4% in the US. The ECB’s rate decision will be released at 8:15 a.m. ET.
2. Non-job claims, retail sales data likely to show declines
When initial unemployment claims for the week ending June 10 are released at 8:30 a.m. ET, expected to fall to 245,000 from 261,000 last week. U.S. retail sales also come in at 8:30 a.m. and are expected to fall 0.2% in May from a 0.4% increase in April.
3. Rivian to be delisted from Nasdaq 100 after market cap plunges 66%
Rivian Automotive (RIVN) is removed from Nasdaq 100 index on June 20, which represents the largest non-financial stock on the Nasdaq exchange, after its market capitalization has fallen 66% since 2022. The Nasdaq 100 spot occupied by the electric vehicle maker will be replaced by ON Semiconductor (ON). Shares of Rivian fell more than 2% in premarket trading, while ON Semiconductor fell 1% in premarket trading.
4. Tesla Chinese Rival XPeng First to Launch Self-Driving Cars in Beijing
Chinese electric vehicle manufacturer XPeng, a rival Tesla (TSLA), said it will launch self-driving technology in four Chinese cities, including Beijing. It is the first electric car maker to introduce an advanced driver assistance system (ADAS) in Beijing after the system was approved for use on major ring roads and expressways. Tesla shares fell 3% in premarket trading.
5. Deal expected to end 14-day work stoppage at West Coast ports
An agreement between the Pacific Maritime Association and the International Longshore and Warehouse Union is expected to end a 14-day work slowdown that has crippled West Coast port capacity. The deal covers 22,000 workers and 29 West Coast ports.