Publish date:

Bitcoin and Tesla, Federal Reserve, AMC: 5 Things You Must Know Monday

Stock futures rise as Wall Street prepares for a key meeting of the Federal Reserve; Tesla will resume transactions with Bitcoin when mining is cleaner, says Elon Musk.

Here are five things you must know for Monday, June 14:

1. -- Stock Futures Rise With the Fed in Focus 

Stock futures rose modestly Monday as the S&P 500 set another record high and Wall Street prepared for a key meeting of the Federal Reserve later this week. 

Contracts linked to the Dow Jones Industrial Average were up 12 points, S&P 500 futures gained 5 points and Nasdaq futures rose 55 points.

The S&P 500 posted its second consecutive record closing high on Friday with investors assessing the Federal Reserve's stance that inflation spikes will prove to be transitory.

For the week, the Dow fell 0.8%, the S&P 500 ticked up 0.4%, and the Nasdaq jumped 1.8%.

Cramer's Mad Money Recap: Game Plan

The big event this week will be an announcement on interest rates from the Federal Reserve's policy-setting body, the Federal Open Market Committee, on Wednesday, followed by a press conference from Fed Chairman Jerome Powell.

While the U.S. central bank isn't expected to take any action with respect to rates or a tapering of monthly asset purchases, Wall Street will be monitoring the meeting closely for the Fed's forecasts on inflation and the strength of the economic recovery.

The yield on the benchmark 10-year Treasury inched up to around 1.464%. It hit a three-month low last Thursday.

2. -- This Week's Calendar: Federal Reserve Meeting

The economic calendar in the U.S. Monday is bare but later in the week will see data on retail sales, producer prices, manufacturing and industrial production.

The rates announcement from the Federal Reserve will come at 2 p.m. ET on Wednesday. Fed Chairman Jerome Powell will hold a press conference that day at 2:30 p.m.

Earnings reports are expected this week from Oracle  (ORCL) - Get Report, Adobe  (ADBE) - Get Report, Lennar  (LEN) - Get Report and Kroger  (KR) - Get Report.

3. -- Tesla Will Accept Bitcoin Again When Mining Is Cleaner

Bitcoin rose above $39,000 after Tesla  (TSLA) - Get Report CEO Elon Musk
said his electric-vehicle company would resume transactions with the world's largest cryptocurrency when mining is done with more "clean energy usage."

TheStreet Recommends

"When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions," Musk said in a tweet on Sunday.

The tweet was in a response to another post suggesting Musk's back-and-forth positions recently on the cryptocurrency were “market manipulation."

Bitcoin was up 9.67% early Monday to $39,102, according to CoinDesk. It has traded wildly since setting a record high of $64,829 in mid-April.

Many of Musk's Twitter posts and comments have been linked to the digital currency's recent moves up and down.

4. -- AMC and Other Meme Stocks Trade Higher

Meme stocks such as AMC Entertainment  (AMC) - Get Report were rising in premarket trading Monday, extending gains from last week.

AMC, which has become a favorite of the retail trading crowd, was rising more than 3% to $50.91 after jumping more than 15% on Friday. The stock rose 3.1% last week.

The movie-theater chain received an upgrade last week from S&P Global, thanks to its ongoing efforts in raising cash and paying off pandemic-induced debt.

GameStop  (GME) - Get Report was up 1.68% to $237.26, extending gains Friday of 5.9%.

Some new meme favorites, such as Clean Energy Fuels  (CLNE) - Get Report and ContextLogic  (WISH) - Get Report also traded higher.

Hottest Momentum Stocks of the Week

5. -- Mall Operator Washington Prime Files for Chapter 11 Bankruptcy

Washington Prime Group  (WPG) - Get Report, a real estate investment trust that operates about 100 malls, filed for Chapter 11 bankruptcy after the COVID-19 pandemic slammed the brick-and-mortar retail sector.

The company will continue operating under its restructuring agreement. It secured a debtor-in-possession loan of about $100 million.

Washington Prime estimated its assets at about $4 billion with debt of almost $3.5 billion.

“The COVID-19 pandemic has created significant challenges for many companies, including Washington Prime Group, making a Chapter 11 filing necessary to reduce the company’s outstanding indebtedness,” the company said in a statement.