Global Market Trend As Of June 30th, 2022

On Wednesday morning, the final revision of first-quarter gross domestic product is expected to confirm a larger contraction of the U.S. economy than earlier readings. The Refinitiv forecast is for a seasonally adjusted annualized contraction of 1.5%. That’s unchanged from the preliminary estimate last month, but a big reversal from the 6.9% pace of growth in the fourth quarter.

Energy stocks, made solid gains as U.S. crude oil prices rose 2%.

Inflation tracking, the year-over-year change in core PCE, which is the Federal Reserve’s preferred measure of inflation, is expected to slow to 4.8% from 4.9% in April. 

Purchasing Manager's Index: The Institute for Supply Management is out with its Chicago Purchasing Managers’ index for June. The closely watched gauge of Midwest business activity is anticipated to decline to 58.0 after rising unexpectedly to 60.3 in May. A reading above 50 indicates expansion.


Personal income, Personal income, meantime, is expected to rise 0.5% in May, slightly above April’s gain. Core personal consumption expenditures, which is personal spending with volatile food and energy prices removed, are seen rising 0.4% month-over-month, ahead of April’s 0.3% increase. 

Spirit Airline delay votes, A delay may suggest that Spirit doesn't have the votes from shareholders to back the deal. Spirit Airlines has been the subject of a bidding war between Frontier Group and JetBlue Airways.

Commodities, Wednesday morning, U.S. crude oil slipped to $111 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude traded at $117 per barrel.

The yield on the 10-year Treasury note, which helps set mortgage rates, slipped to 3.15% from 3.19%.

Bitcoin traded around $20,000 following a two-day decline.