Hello. I'm Caitlin McCabe, here to get you primed for Tuesday's trading session.
Retail-sales data for May are upon us, and several Federal Reserve officials are due to speak, including Tom Barkin, Susan Collins and Lorie Logan. On Monday, the S&P 500 cruised to its 30th record close of the year.
Focus will also be on Fisker, the much-hyped EV-startup that had sought to emulate Tesla's success. The company filed for bankruptcy , marking the second time an automotive venture by car designer Henrik Fisker has gone bust.
Follow our live coverage throughout the day for the latest news affecting markets.
Meanwhile, our Will Parker looks at how rents are rising in several Northeast and Midwest cities. That could complicate the inflation picture and make it harder for the Federal Reserve to cut interest rates.
Live Markets Snapshot Data refreshes every time you open this email. MEMBER MESSAGE: Mansion Global Boutique Summer Staycation Must-Haves
Keep the kids-and kids at heart-entertained all season long with our summer break survival kit.
SHOP
Stocks to Watch
Fisker (FSRN) : The startup that sought to mimic Tesla's success filed for bankruptcy , roughly a year after releasing its first electric-vehicle model.
Lennar $(LEN)$ : The home builder posted better-than-expected profit and revenue, but disappointed with its outlook. An earnings call is scheduled for Tuesday.
Philip Morris International (PM) : The company's unit that makes Zyn nicotine pouches suspended sales on its U.S. website. Local officials in Washington are investigating its compliance with the district's ban on selling flavored products.
Chegg $(CHGG)$ : The educational-technology company said it was restructuring its business to refocus on students, its core audience, and was cutting 441 employees. Its shares jumped 18% premarket.
KB Home (KBH) is among the companies reporting earnings Tuesday. Later this week, results are due from Darden Restaurants $(DRI)$ , Kroger $(KR)$ and Smith & Wesson $(SWBI)$ .
Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer .
Rent Hikes Loom, Posing Threat to Inflation Fight
By Will Parker
Apartment dwellers got a break recently when rent growth slowed and fell in parts of the country following years of steep increases. That relief appears to be ending.
Rents in several Northeast and Midwest cities, such as Kansas City, Mo., and Washington, D.C., are rising this year .
While asking rents for new leases nationally are running nearly flat over the past 12 months, those figures are heavily influenced by the Sunbelt, where record-high supply has turned rent growth negative in some cities, according to most property data and brokerage companies that track them.
The least affordable home-sales market in decades is compelling more renters to stay put. Large apartment owners say fewer renters are moving out to buy homes than ever before, put off by record home prices, limited inventory and higher mortgage rates .
Keep reading.
The Wall Street Journal's Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of spying-a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage , sign up for an email alert , and learn how you can use social media to support Evan.
Charting the Markets
Citi Services makes up half of Citi's total profits and is crucial to Chief Executive Jane Fraser's turnaround plan. But the business has long stood in the shadows of pretty much everything else Citi does. Not anymore .
French politics are topsy-turvy right now, but investors shouldn't necessarily be spooked, writes Heard on the Street's Jon Sindreu. Since Mario Draghi's 2012 "whatever it takes" speech, investors can be sure that the European Central Bank will be the backstop against debt crises.
If you have a potentially massive market all to yourself, a new competitor is usually bad news-unless the rival can help build out the market. Approval of Eli Lilly's Alzheimer's drug could aid momentum for Biogen's struggling therapy, writes Heard on the Street's David Wainer.
Must Reads
Commissions are what drives sales of life insurance. Few are as big as the nine-figure policy sold to New York real-estate mogul Joseph Moinian. But when one veteran insurance agent wasn't paid what he thought he was owed, he kicked off an eight-year quest for answers.
The Biden administration is hoisting barriers to Chinese clean-energy imports to protect domestic industries as the presidential election nears. But the trade restrictions also threaten another of Biden's priorities : building out renewable-energy generation.
A top U.S. banking regulator is preparing to hand Citigroup a failing grade on its living-will plan, the latest rebuke for the megabank that has struggled to stay in the government's good graces.
More:
Midsize Companies Are Big Business for Wall Street's Megabanks Boeing's CEO Search Hits Some Snags He's the Next Warren Buffett. His Name? Greg Abel This Day in Markets On this day in 1998, internet stocks got a boost as Walt Disney agreed to buy 43% of the internet-search engine Infoseek for roughly $550 million in cash, stock and warrants. Infoseek stock shot up to $42. Less than three years later, Disney exchanged the old Infoseek assets for its own shares at an approximate value of only $5 per share. Beyond the Newsroom
Buy Side from WSJ: How to Choose an LED Therapy Mask, According to Dermatologists
About Us
We want to be the first place you go to get ready for the opening bell every day. This newsletter was written by Caitlin McCabe ( @mccabe_caitlin ; [caitlin.mccabe@wsj.com]) in London.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
June 18, 2024 06:31 ET (10:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments