Here are five things you must know for Tuesday, June 26:
1. -- Stocks Mixed Amid Pause in Trade Spat
U.S. stock futures turned mostly lower on Tuesday, June 26, and global stocks steadied as investors remained wary of the rising trade rhetoric emanating from Washington and the impact it may have on broader economic growth.
Donald Trump's recent focus on trade and tariffs, and his administration's plans to curb inward investment in the tech sector in order to combat intellectual property theft, sent markets reeling Monday, June 25. But because officials in China remained silent overnight, investors were convinced enough test the waters after Monday's selloff, which clipped 328 points from the Dow Jones Industrial Average
Contracts tied to the Dow fell 31 points, futures for the S&P 500
A floor trader on the New York Stock Exchange told TheStreet he was worried about the rise in utilities stocks. Watch below.
2. -- GE to Spin Off Healthcare Business
GE shares were rising 5.5% in premarket trading.
3. -- Trump Blasts Harley-Davidson
Donald Trump said he was "surprised" that motorcycle maker Harley-Davidson Inc. (HOG) announced it would move some if its production overseas to avoid tariffs imposed by the European Union in response to the president's trade moves.
The company, based in Republican House Speaker Paul Ryan's home state of Wisconsin, was one of the first to acknowledge that Trump's trade battles were going to cause harm to U.S. businesses that Trump has vowed to protect. Trump slammed Harley on Twitter.
Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag. I fought hard for them and ultimately they will not pay tariffs selling into the E.U., which has hurt us badly on trade, down $151 Billion. Taxes just a Harley excuse - be patient! #MAGA— Donald J. Trump (@realDonaldTrump) June 25, 2018
4. -- Oil Prices Are Mixed
Global oil markets were rising Tuesday, with investors still picking through the pieces of last week's OPEC meeting in Vienna where members pledged to adjust output to meet the collective 1.2 million barrel production cuts agreed to in December 2016.
Brent crude, the global benchmark, rose 1.2% to $75.47 a barrel, while West Texas Intermediate crude rose 0.48% to $68.41 a barrel.
5. -- Lennar Highlights Earnings Calendar
The U.S. economic calendar on Tuesday includes the S&P Corelogic Case-Shiller Home Price Index for April at 9 a.m. ET, and Consumer Confidence for June at 10 a.m.
Lennar Corp. (LEN) rose 9.1% in premarket trading after it posted earnings of 94 cents a share in its fiscal second quarter. Excluding certain items, the homebuilder said earnings would have been $1.58 a share, which beat analysts' estimates.
Revenue in the quarter was $5.46 billion, which also topped Wall Street forecasts.
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