Updated from 6:04 a.m. EDT on Tuesday, June 13
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Here are five things you must know for Tuesday, June 13:
1. -- U.S. stock futures were rising Tuesday, June 13, and European shares bounced back as investors eased back into the tech sector a following a two-day selloff.
Wall Street endured another bruising day on Monday, June 12, as a tech selloff pulled the Nasdaq 0.52% lower. The S&P 500 declined 0.10%, and the Dow Jones Industrial Average fell 0.17%.
The sudden selloff in tech shares on Monday and Friday, June 9, was partially tied to a note from Goldman Sachs that said low volatility in Facebook Inc. (FB) - Get Report , Amazon Inc. (AMZN) - Get Report , Microsoft Corp. (MSFT) - Get Report and Google parent Alphabet Inc. (GOOGL) - Get Report may be blinding investors to risks including regulation and cyclicality. The firm cautioned investors not to think of the sector as a safe haven.
Oil prices in the U.S. early Tuesday rose 0.46% to $46.29 a barrel.
2. -- The Federal Open Market Committee -- the Federal Reserve's policy-making arm -- begins Tuesday a two-day meeting at which it is expected to lift interest rates by 0.25%.
A rate hike in June has been widely expected since Fed commentary in recent weeks suggested there were more hawks at the central bank than doves. Officials have pointed to a tightening job market, the risk of being behind the curve on inflation, and a generally healthy economic recovery. CME Group fed funds futures have priced in a more than 99% chance the Fed will raise rates by 25 basis points on Wednesday. Should that happen, it will be the second of three expected rate hikes this year.
The Fed also could also provide details following the meeting on its plans to shrink its $4.5 trillion balance sheet.
The decision on rates from FOMC is expected at 2 p.m. ET on Wednesday, June 14. A press conference with Fed Chair Janet Yellen is scheduled for 2:30 p.m.
3. -- In the U.S. on Tuesday, the economic calendar includes the Producer Price Index for May at 8:30 a.m.
Economists surveyed by FactSet expect PPI to remain flat from April.
4. -- Verizon(VZ) - Get Report is expected to close its $4.5 billion acquisition of internet company Yahoo! (YHOO) on Tuesday, and one of the first orders of business will be a shedding of jobs at the telecom giant's Oath digital media unit.
The combination of Yahoo! and AOL, which Verizon purchased in May 2015, will result in a cut of about 2,100 jobs, according to recent reports.
5. -- The Golden State Warriors and NBA Finals MVP Kevin Durant won the NBA championship, beating the Cleveland Cavaliers and LeBron James 129-120 in Game 5 of the series Monday night.
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