Good morning, traders. Here’s everything you need to know in stock market news today: June 26, 2019.
Asian markets were mixed and major index futures are up slightly going into the open.
Here is the day’s biggest pre-market news.
Fed Pumps Brakes On Rate Cut
The market has been rallying around Federal Reserve Chairman Jerome Powell’s dovish comments in last week‘s FOMC statement, but it’s doing its best to temper expectations.
” [Policy] should not overreact to any individual data point or short-term swing in sentiment. Doing so would risk adding more uncertainty to the outlook,”
-Federal Reserve Chairman, Jerome Powell
St. Louis Fed President James Bullard, a notable dove on the Fed board, commented that he believed a 50 basis point cut would be “overdone”.
The market is pricing in a 100% chance for a 25 basis point rate cut after the July Fed meeting.
NBC Pulls ‘The Office’ From Netflix
NBC originally produced the show, which aired its last season in 2013, and reclaiming it bolsters the company’s lineup of streaming content for its new NBCUniversal streaming service; set for launch in the first quarter of 2020.
‘The Office’ was the most-watched show on Netflix in 2018, and its second most-watched show, ‘Friends’, is also expected to leave at the end of the year. ‘Friends’ will likely be featured on Warner Media’s (TWX) own streaming service when it’s expected to launch in late 2019.
Tariffs Delayed Ahead of G20
The U.S. is considering delaying the next round of tariffs on Chinese goods in anticipation of negotiations at the weekend’s G20 summit in Osaka, Japan, according to Bloomberg.
In an interview with CNBC this morning, Treasury Secretary Steven Mnuchin was optimistic on talks and even went as far as to boast that the deal was “90% of the way there.”
In April, Mnuchin stated that trade negotiations were “getting into the final laps,” so he may not be the most reliable source.
Infinity and Beyond Beef
Would you like some froth on that cappuccino?
Shares of Beyond Meat (BYND) are up in the pre-market after the company announced that it was launching a new product across the U.S. by the end of the week.
The new product, Beyond Beef, is an alternative product to ground beef that is made entirely with plant-based ingredients.
The stock is over 500% higher than its IPO price. It currently has a market capitalization of $9.11 billion, with only $87.93 million in revenues. That market cap values Beyond Meat over notable companies with proven business models, like DropBox (DBX) and ZenDesk (ZEN).
Today, Tilray is trading for around $43 a share. Keep that in mind before trying to chase this one.
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