Stock market futures to kick off a new week are once again in the red. Can market indexes find some way to reverse trend? The Dow Jones, at six straight down weeks, is enduring its worst losing streak since 2011.
News for Boeing BA does not look to bring any good news soon. The FAA has flagged another equipment problem on the company's beleaguered 737 MAX. A faulty "leading-edge slat track" in 737 MAX and 737 models are considered to have contained improperly manufactured parts that need to be replaced.
As a result, shares of BA are down another 1% ahead of today's opening bell. A major order for Boeing was cancelled over the weekend, keeping this heavily-weighted Dow company's difficulties on the front burner for now.
After today's open, we look forward to 2 reports on U.S. manufacturing: the final read on Markit Manufacturing PMI , for May, which last came in just north of break-even at 50.6%, and ISM Manufacturing , also for May, which is expected to come in around 52.6% - 20 basis points or so below the last read. These numbers have the potential to pivot the market in either direction, depending on their strength or lack thereof.
We also expect new Construction spending numbers for April this morning, with analysts eyeballing +0.3%, a noticeable rebound from the -0.9% reported in March. Again, this metric points to the goods-producing side of the U.S. economy - crucial both due to the ongoing U.S.-China trade war and new tariffs on Mexican imports, as well as recen t report s on durable goods coming in lighter than expected.
Apple's Worldwide Developer Conference (WWDC)
At noon Central today (10am Pacific), Apple Inc. AAPL trots forward its latest updates on platforms, services and other newsworthy items for one of the world's largest companies. Along with new operating systems updates expected (the next is expected to be iOS 13) for iPhones, Macbooks, etc., CEO Tim Cook and his top executives prepare shareholders for the summer months at Apple.
Key in today's talks will be how Apple indicates it will deal with the U.S.-China trade war situation. Apple has been investing in China for many years, and any indication that plants and supply-chain components will shift to elsewhere will likely be conflated and analyzed. These sorts of business items have the potential to hold huge sway in near-term fortunes of any company, including one as big as Apple.
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