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US equities sink on Trump’s legal woes
On Wednesday, American stock futures declined a bit because Donald Trump's political position was endangered by the criminal convictions of two ex-advisers as well as and on caution ahead of US-China trade negotiations.
On Tuesday, Ex-Trump campaign manager Paul Manafort was suddenly found guilty on tax as well as bank fraud charges after Trump's ex-personal attorney Michael Cohen had been plead guilty to a number of charges.
Additionally, market participants also paid attention to the upcoming trade negotiations, the minutes from the Fed’s last gathering as well as earnings reports from a bunch of American retailers. US leader has stressed that he doesn’t expect these talks to be successful.
The benchmark S&P 500 boasts the longest-ever bull-market marathon that showed up just a day after the index reached an all-time intraday maximum.
On Tuesday, stock futures started lower following news on Cohen and Manafort, although they have managed to gain ground later.
ET, Dow e-minis headed south by 0.06%. S&P 500 e-minis inched down by 0.11%, while Nasdaq 100 e-minis decreased nearly 0.25 points.
The minutes of the Fed's August policy gathering is anticipated to reaffirm the major US financial institution’s confidence in the American economy as well as its commitment to future rate lifts.
US leader has been quite critical as for higher interest rates. What’s more, he has asked the key US bank to do more to assist him in stimulating the American economy.
Among equities, stocks of Target managed to edge up by 5.1% in premarket trade after the retailer reported quarterly same-store sales above experts’ forecasts and also raised its full-year revenue estimate.
Lowe's went down by 2.6% after the home improvement retailer missed experts’ forecast for quarterly same-store sales and also cut its full-year revenue and sales estimate.
AMC spiked more than 100% on Wednesday, the struggling brick-and-mortar retailer Bed Bath & Beyond jumped by about 51%.
The biggest newsmaker of the stock market in the past few days has been Virgin Galactic. The stock jumped by more than 20% in premarket trading on Monday.
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?