5 things to know before the stock market opens on Friday 20 May

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

Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, USA, May 19, 2022.

Andrea Kelly | Reuters

US stock futures it rebounded on Friday, a day after continuing to sell on Wall Street which saw the S&P 500 close on the junction threshold the Nasdaq in a bear market. Those two equity benchmarks were headed for their seventh consecutive weekly loss. the Industrial average of the Dow Jones, which also closed lower on Thursday, was poised for its eighth consecutive week of low. The Dow was locked up in a steep correction, as defined by a drop of 10% or more from a previous high. A bear market is represented by a drop of 20% or more from the previous high.

Bond prices, which move inversely to yields, fell on Friday as stocks rebounded in the premarket. the 10-Year Treasury Yield it was trading around 2.9%. This is just below the key 3% level which has been breached intermittently for weeks as traders push yields higher in the belief that the Federal Reserve will need to raise interest rates more aggressively to keep inflation in check. .

Skyscrapers in downtown Shanghai, China on March 12, 2018. On Friday, China cut its mortgage benchmark rate by an unexpectedly large margin, the second cut this year as Beijing seeks to revive ailing real estate sector to support. the economy.

Johannes Eisele | Afp | Getty Images

China is going the other way with financial burdens, cut Friday its benchmark mortgage rate by an unexpectedly large margin. This is the second reduction this year in this key rate as Beijing seeks to revive the country’s ailing real estate sector to support the world’s second largest economy. Senior Chinese officials have promised further measures to combat a slowdown in economic growth due to blockades and other restrictive measures as part of that country’s zero Covid policy. Many private-sector economists predict that the Chinese economy will shrink this quarter from a year earlier, compared to 4.8% growth in the first quarter.

Pedestrians pass a Ross Stores store in San Francisco.

Noah Berger | Bloomberg | Getty Images

back to the United States, Ross shops the latest retail stock was slammed after reporting inflation was an issue. The reseller’s off-priced shares fell 26% in the premarket, following quarterly lost earnings and revenue. In its first quarter earnings release, released after the closing bell on Thursday, Ross Stores also issued a guide to the downside. The company said of Russia was in Ukraine it “exacerbated inflationary pressures,” adding that it faced tough year-over-year comparisons in the first half of 2022 due to the government’s expiring Covid stimulus and the normalization of pent-up demand.

A health care worker administers a Pfizer-BioNTech Covid-19 vaccine to a child at the vaccination site in San Francisco, California, USA, on Monday, January 10, 2022.

David Paul Morris | Bloomberg | Getty Images

The Centers for Disease Control and Prevention recommends a Pfizer Covid booster shot for children aged 5 to 11 at least five months after the primary vaccination series. Thursday the move of the CDC comes like covid Infections are on the rise across the country and immunity from the first two doses decreases. The agency is rolling out boosters for children between the ages of 5 and 11 even though most children in that age group have not yet received the first two doses. Only 29% of that cohort are fully vaccinated. CDC Director Dr. Rochelle Walensky, in a statement Thursday, tried to reassure parents that shots are safe and encouraged them to vaccinate their children.

On May 30, 2020, SpaceX CEO Elon Musk attends a post-launch press conference inside the press site auditorium at NASA’s Kennedy Space Center in Florida following the launch of the SpaceX Demo-2 mission. agency to the International Space Station.

Nasa / Kim Shiflett

SpaceX Founder and CEO Elon Musk he said in a tweet late Thursday that The “wild accusations” against him are not true. She did not explain what those allegations were. But his response came after a Business Insider report Thursday alleged that the aerospace company had paid $ 250,000 in liquidation to a flight attendant who accused the billionaire of sexual misconduct. The report, which cited interviews and documents obtained by Insider, stated that the woman claimed that during a massage Musk was giving he exposed his erect penis, touched her thigh without her consent, and offered to buy her a horse. if he had engaged in sexual acts. CNBC could not independently verify these allegations.

– CNBC Fred Imbert, Sara Min, Vicky McKeever, Spencer Kimball Other dan manganese as well as Reuters contributed to this report.

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