Expected rate cuts, NVIDIA price target boost, FedEx beating Wall Street expectations, and more.

0:00 Speaker 1 Sunday Morning with Us is John Terrick and you. Every week on Sundays he reports the news to us or what’s going on in the financial markets. Will John give us a briefing?

0:12 Speaker 2 Hey John Giwalling Heading into the summer, of course, people from Wall Street going down to the Hampton’s for July and for August. We’ve had a very strong June with some pretty mega deals being completed, including the Circle IPO, and now of course we head two h two the second half of the year, still expecting two rate cuts

0:32 if they come, and they may not, they will come towards the end of the year. That’s what Wall Street is expecting. Company news in the past week in video, the high end chip maker getting a price target boost and it’s stock absolutely soaring to record levels. General Mills, the Minnesota based food producer, turning in a larger than

0:49 expected profit drop, So the shares were down five percent on that news. FedEx beating Wall Street expectations with its revenue and its income and as far as the outlook is concerned, things fell short, and as a result of that, the shares fell short as well. In fact, they nosedive. Nike, the apparel producer, up three percent when news came out

1:11 that they’d beaten on the top of the bottom line. The CEO, who’s relatively new, says the company is on track for recovery, but they’re not there yet. And the Anglo Dutch company shell shocking everybody this week by denying emphatically that it is in takeover talks with its rival BP.

1:28 British Petroleum. BP not very popular in America after the oil spill in the Gulf in twenty ten, of course, but BP shares spiking eight percent on various takeover rumors. And then we get to the markets. As for the markets, most of them have spent the week flirting with record territory, although not towards the end of Friday, let me explain.

1:46 On the good side, consumer sentiment rose in June, the Republicans made progress with talks on the salt tax and the EU and the US reckoning that they can sort out their trade issues by the deadline, which is Juni, the ninth. On the dam on side, PCEE, which is the fair’s favorite measure of looking at inflation, came in

2:04 hot in May than expected, and towards the end of the training session on Friday, President Trump said he was ending all talks on trade with Canada over the Digital Services Act or that rattled the markets, and with about half an hour ago they were pretty much mixed to flat, and in the end in final half hour they rallied

2:22 strongly to close with records certainly the SMP closing and record territory. As for the week ahead, it’s all about jobs, jobs, jobs. We have the Jolts Report, which is the number of job openings. We have the ADP Private report, we have the jobless numbers, and the Non Farm’s government job report.

2:38 Towards the end of the week for June, and of course next Friday, July the fourth, is Independence Day, so the markets will also the deadline for the big beautiful bill. But President Trump also saying towards the end of Friday that he may extend that deadline a little bit. One thing’s for certain, it’s going to be a bumpy week

2:55 again on Capitol Hill and probably here in New York for the markets shortened week.

2:59 Speaker 1 That John Tarrett, thank you so much, and we’ll catch up with you again next week.

3:05 Speaker 2 Thank you. See you then,