Here are five things you must know for Tuesday, June 8:
1. -- Stock Futures Mixed as Wall Street Assesses Impact of Rising Inflation
Stock futures were mixed Tuesday as traders looked for clues on what impact rising prices pressures may have on the Federal Reserve's support for a U.S. economy recovering from the COVID-19 pandemic.
Futures slumped after major global websites such as The New York Times, Amazon and Bloomberg suffered major outages but pared those losses after the sites came back online.
Contracts linked to the Dow Jones Industrial Average fell 11 points, S&P 500 futures were up 6 points and Nasdaq futures rose 58 points.
The Labor Department will release a report on consumer prices for May on Thursday. The CPI report will be one of the last major economic indicators before the Fed meets on June 15-16.
Prices on everything from food to gas to lumber have been rising and the fear in the market is that rising inflation will push the Federal Reserve to begin tapering asset purchases and boost interest rates sooner than expected.
Stocks finished mixed on Monday as Wall Street weighed inflation risks and the implications of a global tax agreement on the biggest U.S. tech companies.
2. -- Tuesday's Calendar: JOLTS Report, UiPath Earnings
The U.S. economic calendar on Tuesday includes International Trade in Goods and Services for April at 8:30 a.m. ET and the Job Openings and Labor Turnover Survey for April at 10 a.m.
3. -- Biogen Soars on Alzheimer's Drug Approval
Shares of Biogen (BIIB) - Get Report edged higher in premarket trading Tuesday after soaring as much as 64% on Monday following the Food and Drug Administration's approval of aducanumab, the company's highly anticipated Alzheimer's disease drug.
Biogen shares rose 0.22% in premarket trading. They finished Monday at $395.85, a gain of 38.34%.
The FDA's approval makes the drug, marketed under the name Aduhelm, the first new treatment for Alzheimer’s disease in nearly two decades. The FDA granted the antibody therapy an accelerated approval, meaning Biogen has to conduct another clinical trial.
Aduhelm will cost $56,000 a year.
Biogen CEO Michel Vounatsos told CNBC that he thought the drug’s price was “fair” but also vowed the company wouldn't hike its price for four years.
4. -- Nvidia Reportedly Asks Chinese Regulators for Approval of Arm Deal
Nvidia announced the deal about eight months ago. The chip company said it expects to close the deal by next March.
Nvidia's application was made in recent weeks and sets in
motion a period of scrutiny that could take up to 18 months,
according to Chinese antitrust lawyers, the Financial Times reported.
A consortium made up of Alphabet's (GOOGL) - Get Report Google, Microsoft (MSFT) - Get Report and Qualcomm (QCOM) - Get Report, among others, reportedly asked antitrust officials to intervene in the sale, Bloomberg previously reported. At least one of the companies wanted the deal "killed."
The group argued the $40 billion deal would grant Nvidia control over a critical supplier that licenses essential chip technology to companies such as Apple (AAPL) - Get Report, Amazon.com (AMZN) - Get Report, Samsung and Huawei.
5. -- Tesla's Head of Heavy Trucking Departs
Guillen transitioned to president of Tesla Heavy Trucking in March from his role as president of Automotive at Tesla. Guillen had spent nearly 11 years at Tesla.
Tesla CEO Elon Musk often has credited Guillen for his significant contributions to the Tesla Semi, which is expected to launch this year.
Pierre Ferragu of New Street Research said Guillen's departure was a "huge and unexpected loss, but it should be put into the perspective of Tesla's model: very high turnover amongst extreme talents is part of it and is the way the company gets the best out of these extreme talents."
Tesla's China deliveries, meanwhile rebounded in May from April, rising 29% to 33,463, according to China’s Passenger Car Association.
Tesla rose nearly 3% in premarket trading Tuesday to $621.64.