US Equity Handover: Stocks Close Flat as BYND Dumps on Downgrade
Matt Weller, CFA, CMT June 11, 2019 8:57 PM
- US indices oscillated in and out of positive territory today, ultimately closing essentially flat across the board.
- The Nasdaq 100 may stand to benefit from a possible thaw in US-China trade talks.
- Communication Services (XLC) was the strongest sector on the day; Utility stocks (XLU) were the weakest group.
- US PPI came in at +0.1% m/m (+1.8% y/y), a tick below expectations. Tomorrow’s US CPI report will be a key release in setting expectations for whether the Fed may cut interest rates either next week or at its July meeting.
- Beyond Meat (BYND) was downgraded by JP Morgan, taking the high-flying stock down 25%. At $126, it’s still up 400% from last month’s IPO price of $25.
*There are no high-impact corporate announcements expected during tomorrow’s Asian session.*
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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