Morning Preview: June 24, 2024

Early Look

Monday, June 24, 2024









S&P 500










After closing Friday mixed on better PMI manufacturing data and higher for the week as the S&P 500 gained 0.61%, the Nasdaq was flat, and the Dow climbed 1.46%, major averages are looking at a higher open ahead of a big week of inflation data. The Nasdaq eked out a small weekly gain of +0.0027% for the week extending its streak to 8 of the past 9 weeks but is looking down slightly to start. A pullback off record highs for semiconductors led to the late week pullback. In Asian markets, The Nikkei Index jumped 208 points to 38,804, the Shanghai Index fell -35 points to 2,963, and the Hang Seng Index was little changed at 18,027. In Europe, the German DAX is up 103 points to 18,267, while the FTSE 100 gains 33 points to 8,271. The big economic data this week is expected on Thursday/Friday with the Federal Reserve’s favored inflation gauge, the May personal consumption expenditures (PCE) price index on Friday, followed by Q1 GDP on Thursday. Economists expect no change in the May personal consumption expenditures price index and a minimal 0.1% gain in the core measure. In other news, weather wreaked havoc across parts of the United States this weekend as in South Dakota, Gov. Kristi Noem declared an emergency after severe flooding in the southeastern part of the state bordering Nebraska while several highways were closed. From the mid-Atlantic to Maine, across the Great Lakes region, and throughout the West to California, public officials cautioned residents about the dangers of excessive heat and humidity. In northwest Iowa, 13 rivers flooded the area.


Market Closing Prices Yesterday

  • The S&P 500 Index dipped -8.55 points, or 0.16%, to 5,464.62.
  • The Dow Jones Industrial Average rose 15.57 points, or 0.04%, to 39,150.33.
  • The Nasdaq Composite dropped -32.23 points, or 0.18%, to 17,689.36.
  • The Russell 2000 Index advanced 4.64 points, or 0.23% to 2,022.03

Economic Calendar for Today

  • 10:30 AM ET                Dallas Fed Manufacturing Index for June
  • 2:00 PM ET                   Fed’s Daly Gives Remarks on Economy, Policy

Earnings Calendar:

  • Earnings Before the Open: None
  • Earnings After the Close: EPAC

Other Key Events:

  • American Diabetes Association’s (ADA) 84th Scientific Sessions taking place in Orlando, Florida from June 21-24.
  • Design Automation Conference (DAC) conference 6/23-6/27, in San Francisco, CA
  • Goldman Sachs European Business Services, Transport & Leisure Conference, 6/24-6/26, in London
  • Goldman Sachs China Healthcare Corporate Day 2024, 6/24-6/26 (virtual)
  • Oppenheimer Novel Targets in Immunology Summit, 6/24, in NY





















10-Year Note




World News

  • The Bank of Japan’s policy board discussed the possibility of raising interest rates further amid concerns over lingering inflationary pressure, according to a summary of opinions from its latest meeting released Monday. “There is a possibility that prices will deviate upward from the baseline scenario if another pass-through of recent cost increases to consumer prices happens,” one of the nine policy board members said at the meeting held on June 13 and 14.
  • In France, the Far-Right National rally 36%, Left Wing New Popular Front 27%, Macron alliance 20% according to Bloomberg. The Financial Times reported that 25% of respondents think Le Pen’s National Rally will take the correct decisions on economic issues vs 22% for New Popular Front and 20% for Macron’s alliance.
  • China wants the European Commission to drop its tariff decision by July 4 and adhere to WTO rules the Global Times reported. This comes as both sides agreed to start consultations on the EU’s anti-subsidy investigation into Chinese EVs. The EU’s provisional duties of up to 38.1% on Chinese EV imports are set to kick in by July 4 – CNBC.

Sector News Breakdown


  • Cinemark (CNK) upgraded to Buy from Neutral at RothMKM and raised price tgt to $26 from $19 saying Cinemark should prosper over the next 2.5 years, driven by: (1) meaningful box office improvement; (2) the company’s debt reduction plans; and (3) a likely reintroduction of capital returns.
  • Group 1 Automotive (GPI) said CDK cyberattack had disrupted business applications and processes at U.S. operations that rely on its systems.
  • MGM Resorts (MGM) announces agreement to acquire Tipico’s U.S. sportsbook.
  • Nike (NKE) with a positive mention in Barron’s saying shares of the athletic shoemaker have fallen, but the arrival of the Olympics could signal that a turnaround is set to begin.
  • Sonic Automotive Inc. (SAH) said CDK Global, a third-party provider of information systems used by Sonic Automotive, suspended some systems used by the company after a cybersecurity incident. Sonic experienced disruptions to its dealer management system hosted by CDK as a result.
  • Under Armour Inc. (UAA) agreed to pay $434 million to settle claims it misrepresented the level of demand for its products.

Energy, Industrials and Materials

  • Boeing (BA) and NASA are adjusting the timeline for the return of the Starliner crew from the International Space Station, the space agency said in a blog post. The new date for the scheduled return has not been decided yet and NASA is letting data drive its “decision making,” Steve Stich, manager of the agency’s Commercial Crew program, said.
  • KPS Capital Partners, LP entered into an agreement for its portfolio company, Eviosys, to be sold to Sonoco Products Company (SON) for EUR3.615 billion (or approximately $3.9 billion).
  • United Parcel Service Inc. (UPS) said Sunday it has agreed to sell its freight-brokerage business, Coyote Logistics, to RXO Inc. (RXO) for $1.025 billion in cash. RXO said the acquisition will result in “annualized cost synergies” of at least $25 million and expects the deal to close by the end of 2024. UPS bought Coyote in 2015 for $1.8 billion.
  • @zerohedge tweeted “the world currently has 7000 data centers built, or in development, double from 2015. If they ran constantly, these data centers would consume 508 terawatt hours of electricity per year, more than the total annual electricity production for Italy or Australia”


  • Bitcoin prices dropped suddenly falling over 4.6% to $61,175. @RevShark tweeted that “What is hitting bitcoin is that about $9.4 billion worth of bitcoin is being distributed to creditors from the Mt Gox distribution. $IBIT”
  • Prudential Plc (PUK) plans a $2 billion share buyback program which will be completed no later than mid-2026.


  • Argenx (ARGX) said the FDA has approved Vyvgart Hytrulo to treat adults with chronic inflammatory demyelinating polyneuropathy; the company on Friday said Vyvgart Hytrulo has been approved as a once weekly 30- to 90-second subcutaneous injection.
  • BioNTech (BNTX) and DualityBio receive FDA fast track designation for antibody-drug conjugate candidate BNT324/DB-1311 in prostate cancer.
  • Bristol Myers Squibb (BMY) said the FDA has granted accelerated approval for Krazati in combination with cetuximab as a targeted treatment option for adult patients with KRASG12C -mutated locally advanced or metastatic colorectal cancer, or CRC, as determined by an FDA-approved test.
  • ResMed (RMD) shares declined after hours late Friday after clinical data showed Eli Lilly’s (LLY) drug tirzepatide (sold as Zepbound for weight loss) reduced obstructive sleep apnea severity. Citi downgraded ResMed after the SURMOUNT study showed that between 40%-50% of patients on tirzepatide had obstructive sleep apnea remission.
  • Sarepta (SRPT) was upgraded to Outperform at Mizuho and tgt to $200 from $179 following Thursday’s Elevidys label expansion.

Technology, Media & Telecom

  • Apple (AAPL) and Meta (META) have discussed AI partnership, the WSJ reported noting Facebook’s parent has held discussions with Apple about integrating Meta Platforms’ generative AI model into Apple Intelligence, the recently announced AI system for iPhones and other devices.
  • Disney’s (DIS) ‘Inside Out 2’ earns $100M in the film’s second domestic weekend; the 7th film ever to gross $100M+ in second weekend; and has earned $724M, already the highest grossing movie of 2024 worldwide.
  • LG Display’s shares climbed after it started mass producing new and improved organic light-emitting diode panels for use in laptop computers; said it began mass production of the industry’s first 13-inch “Tandem OLED” panels for laptops.


Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.