5 things to know before the stock market opens Wednesday, June 8

Here are the most important news, trends and analysis investors need to start their trading day:

US stock futures fell on Wednesday after consecutive gains on Wall Street. More pressure, benchmark 10-year Treasury yield move over 3%, again. Higher interest rates cause home loan needs fell to a 22-year low, according to weekly data from the Mortgage Bankers Association. Target Stocks fell nearly 2% in money markets. They recovered most of their previous losses on Tuesday as investors calmed down with the retailer’s profit warning and inventory reduction plan. The Dow Jones Industrial Averagethe S&P 500 and Nasdaq on Tuesday nearly 1% increase after they opened solidly lower and recovered for the day.

Like Federal Reserve ready for key consumer inflation report Friday ahead of next week’s meeting, Atlanta Fed GDPNow tracker Shows The US economy is likely to post a second straight quarter of negative growth, meeting the technical definition of a recession. Talk of a recession has intensified this year as rising inflation dents the outlook for corporate profits. Many on Wall Street are still expecting a combination of resilience in consumer spending and job growth to keep America out of recession.

Inflation was shown most clearly in Electricity billwith US oil prices back above $120 per barrel Wednesday morning and the national average for a gallon of gas, according to AAA, is just 4 cents away from $5. Minister of the Treasury Janet Yellen told senators on Tuesday that she Inflation is expected to remain high. Yellen, the former Fed chair, has repeatedly rejected Republican assertions that inflation is being fueled by the Biden administration’s $1.9 trillion Covid spending bill last year. Yellen is set to address a House of Commons conference on Wednesday.

Moderna said on Wednesday that its redesigned Covid boost shot seems to provide stronger protection against omicron variation than current variant. Initial trial results showed that the reformatted vaccination resulted in an eightfold increase in neutralizing antibody levels. The company said the new vaccine being tested also increases antibody levels against all other known Covid variants of interest. Moderna said in a press release that the new shot is “a leading candidate for a booster in the fall of 2022.” Shares of Moderna fell more than 1.5% in money markets on Wednesday. As of now, the stock is down more than 40% year-over-year.

• Novavax 10% increase in pre-market trading, next morning it has won the endorsement of the Covid vaccine from the advisory board of the Food and Drug Administration. Now, the entire FDA will review whether or not to approve the vaccine, which will be the fourth vaccine approved for use in the US.

Spirit Airlines decided to postpone Friday’s shareholder meeting until June 30, so the low-cost airline can continue talking with its investors about two competing acquisition offers from direct competitors Frontier Airlines and bigger JetBlue Airways. Spirit’s announcement comes two days after JetBlue made an offer for the discount airline, which has had a merger agreement with low-cost carrier Frontier since February.

– by CNBC Yun Li, Jesse Pound, Tanaya Macheel, Jeff Cox and Leslie Josephs as well as NBC News and Reuters contributed to this report.

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