Consumer Confidence dropped to 98.7 in June as concerns about high gas and food prices, (i.e. inflation) increase. The level is the lowest in over a decade. The reading conveys a larger risk of recession, kind of a self-fulling prophesy; if consumers slow buying, the economy hurts and a recession is possible.
Tesla (TSLA) is down premarket after announcing they laid off about 200 hourly workers of their auto pilot system. It’s likely Tesla will need to make many more cost cuts as China’s Covid shutdown and Tesla’s losing “investment” in bitcoin impact the company’s finances.
Disney (DIS) shares are up premarket after the Disney board decided to renew CEO Bob Chapek’s contract by 3 years. Chapek has steered the company through tough times; the pandemic and fights with the Florida governor.
Pinterest (PINS) shares are up over 5% premarket after news CEO and co-founder Ben Silbermann will leave the company to make way for former Google executive Bill Ready.
Premarket earnings include BNED, BBBY, GIS, MKC, and PAYX.
The economic calendar includes GDP @ 8:30am ET and Oil @ 10:30am ET.
Fed speakers include Powell @ 9:00am ET and Bullard @ 1:05pm ET.
Volatility remains elevated and ticked up from Tuesday’s selloff.
Whale bias is bullish into the US session open.