Here are five things you must know for Thursday, June 24:
1. -- Stock Futures Rise as Investors Weigh Continued Fed Support
Stock futures traded higher Thursday as investors weighed continued Federal Reserve support and awaited a batch of U.S. economic data.
Contracts linked to the Dow Jones Industrial Average rose 172 points, S&P 500 futures were up 20 points and Nasdaq futures gained 83 points.
The yield on the benchmark 10-year Treasury note rose early Thursday to 1.489%.
The Nasdaq posted its second consecutive record close Wednesday in mixed trading as Fed Chairman Jerome Powell said a spike in inflation likely was temporary, easing worries that the central bank could soon pull back on economic support. The S&P 500 slipped 0.11%, ending a two-session winning streak.
Powell’s remarks before Congress followed a meeting of the Fed’s policymaking committee last week, when officials signaled they could boost interest rates and begin tapering asset purchases sooner than expected.
The Fed's hawkish tilt sent stock markets reeling last week but Wall Street has steadied after Powell's assurances the central bank wasn't close to raising rates.
However, Dallas Fed President Robert Kaplan said Wednesday he expects the central bank's first hike off ultra-low rates to take place in 2022. His counterpart at the Atlanta Fed, Raphael Bostic, said he too now expects a rates increase next year and added the Fed should soon begin planning to start the tapering process as it edges closer toward its employment and inflation goals.
2. -- Thursday's Calendar: Durable Goods and Jobless Claims, FedEx and Nike Earnings
The economic calendar in the U.S. Thursday Durable Goods Orders for May at 8:30 a.m. ET, the third estimate of first-quarter Gross Domestic Product at 8:30 a.m., weekly Jobless Claims at 8:30 a.m. and International Trade in Goods (Advance) for May at 8:30 a.m.
Earnings reports are expected Thursday from Nike (NKE) - Get Report, BlackBerry (BB) - Get Report, FedEx (FDX) - Get Report, Accenture (ACN) - Get Report, Carnival (CCL) - Get Report, Rite Aid (RAD) - Get Report and Darden Restaurants (DRI) - Get Report.
3. -- Tesla Extends Gains After Best Day in Two Months
The move follows recent forecasts of electric vehicle adoption suggesting a tipping point - when electric vehicle sales outpace internal combustion engine sales - may occur in the early 2030s, noted Rob Maurer of Tesla Daily.
A new study released by consultant Ernst & Young said that EV sales are set to outpace combustion engines in 12 years in Europe, China and the U.S., the world’s three biggest auto markets. E&Y previously had forecast 2038 as the inflection point.
In about a week, Tesla is expected to announce its worldwide delivery and production numbers for the second quarter. Wall Street expects Tesla to deliver another record quarter in the second quarter after delivering a record 184,800 vehicles in the first quarter, according to Maurer.
The stock rose 2.7% to $674.27 in premarket trading Thursday.
4. -- Applovin - Cramer Says Investors Should Take a Look
Applovin (APP) - Get Report rose more than 4% in premarket trading Thursday after TheStreet's Jim Cramer told viewers of "Mad Money" they should take a look at the recently public mobile game developer.
In fact, Cramer said, Applovin may be the greatest little stock you've never heard of.
The company began as a provider of software development tools, but soon evolved into in-house game development and now boasts a portfolio of more than 200 titles, most of them mobile games that can be played on the go.
Cramer said AppLovin's game portfolio would be impressive on its own. But the company also has a trove of valuable data it compiles from all of its customers, which helped it achieve a 73% compound annual growth rate between 2018 and 2020.
AppLovin forecasts 80% growth in 2021.
5. -- John McAfee Is Found Dead in Spanish Prison
McAfee was 75 years old.
Earlier in the day, Spain's National Court had issued a preliminary ruling in favor of his extradition to the U.S. to face tax-related criminal charges.
Security personnel at the Brians 2 prison in northeast Spain tried but failed to revive him, the Associated Press reported, citing a statement from the regional Catalan government.
McAfee had been in Spanish custody since October on a June
2020 U.S. indictment in which he was charged with failing to
file four years of tax returns while concealing assets, Bloomberg reported. In March, he was indicted and accused of fraud and money laundering over his use of social media to promote cryptocurrencies.
McAfee founded McAfee Associates in 1987 and ran it until 1994, when he left the company.