Monday, 17 July 2017

Finance: 10 things you need to know today (SPY, SPX, QQQ, DIA, S)

People at a water park on a hot day in Wuhan, in China's Hubei province.

This is what traders are talking about.

Here is what you need to know.

The GOP healthcare vote is on hold. Senate Majority Leader Mitch McConnell plans to delay the vote until Sen. John McCain recovers from surgery to remove a blood clot from above his left eye.

China's economy tops expectations. The Chinese economy grew at a 6.9% year-over-year clip in the second quarter, National Bureau of Statistics data showed. It was the 10th straight gross-domestic-product report that was either in line or 0.1% above expectations.

Euro-area inflation cools down. Euro-area inflation printed up 1.3% year-over-year in June, according to Eurostat data, a bit slower than the 1.4% YoY reading from May.

Fed rate-hike odds are sliding. The market sees a 40.4% chance the Federal Reserve lifts its benchmark interest rate before the end of the year, according to Bloomberg's World Interest Rate Probability data. That's down from a 51.9% probability one week ago.

China's steel production hits a record high. The NBS said steel output surged 5.7% to 73.23 million tonnes in June, topping the previous record of 72.78 million tonnes reported in April.

Cryptocurrencies got rocked over the weekend. Bitcoin fell by nearly 20% to a low of $1,758 a coin, and Ethereum plunged by about 25% to a low of $140 an ether. Both have recouped a portion of those losses.

Sprint approaches Warren Buffett. Friday afternoon, a Wall Street Journal report surfaced suggesting that Sprint's chairman, Masayoshi Son, approached both Warren Buffett and cable mogul John Malone about a deal while attending the Allen & Co. annual conference in Sun Valley, Idaho.

'War for Planet of the Apes' wins the box office. The movie raked in $56 million at this box office this past weekend, according to Exhibitor Relations, missing most industry projections.

Stock markets around the world are mixed. China's Shanghai Composite (-1.43%) lagged in Asia, and Britain's FTSE (+0.43%) is ahead in Europe. The S&P 500 is set to open little changed near 2,460.

Earnings reporting is light. BlackRock reports ahead of the opening bell and Netflix releases its quarterly results after markets close.

US economic data trickles out. Empire Manufacturing is due out at 8:30 a.m. ET. The US 10-year yield is down by 2 basis points at 2.31%.

from - Nigeria's entertainment & lifestyle platform online

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