Mnuchin says U.S.-China trade deal is 90% done: Morning Brief

Updated Wed, Jun 26, 2019, 3:20 AM

Wednesday, June 26, 2019

Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

WHAT TO WATCH

Industrial giant FedEx (FDX) and chipmaker Micron (MU) reported quarterly results after the market close Tuesday. On one hand, FedEx warned that the trade war and weakness in global trade materially impacted their business. On the other hand, Micron surprised investors with stronger-than-expected results.

Meanwhile, the U.S. Census Bureau will be releasing May’s durable goods orders ahead of the opening bell. Durable goods orders declined for the past three consecutive months, and economists are expecting headline orders to have fallen again by 0.1% in May, up from the 2.1% drop in April, according to data compiled by Bloomberg. Durable goods excluding transportation are anticipated to have risen 0.3%.

On the corporate earnings side, General Mills (GIS) is scheduled to release results ahead of the market open, while Rite Aid (RAD) reports after the market close.

Read more

TOP NEWS

U.S. Treasury Secretary Steven Mnuchin, left, and Chinese Vice Premier and lead trade negotiator Liu He shake hands as they pose for a photo before the opening session of trade negotiations at the Diaoyutai State Guesthouse in Beijing, Thursday, Feb. 14, 2019. (AP Photo/Mark Schiefelbein, Pool)

Mnuchin tells CNBC U.S.-China trade deal is 90% done: U.S. Treasury Secretary Steven Mnuchin said on Wednesday that the trade deal between the United States and China is "about 90%" complete, CNBC reported. "We were about 90% of the way there (with a deal) and I think there's a path to complete this," Mnuchin said in an interview to the news channel. [Reuters]

Fed is 'insulated' from short-term political pressure: Federal Reserve Chairman Jerome Powell said Tuesday afternoon that the Fed is “insulated” from short-term political pressure, warning that huge policy mistakes can happen when the Fed is influenced by the White House. [Yahoo Finance]

Tesla has enough orders to set delivery record, Musk writes: Tesla Inc. (TSLA) could be on the verge of a quarterly record for vehicle deliveries, though the electric carmaker will need to go “all out” in the last few days of the month, Chief Executive Officer Elon Musk wrote in an internal memo. [Bloomberg]

Illinois becomes the latest state to legalize marijuana: Illinois became the 11th state in the U.S. to legalize recreational marijuana on Tuesday after Governor J.B. Pritzker signed the regulatory bill legislators passed at the end of May. Legal recreational marijuana sales will begin in Illinois on January 1, 2020. Now which states will follow? [Yahoo Finance]

A super-short guide to the 24 Democrats running for president: Americans will finally see how a battalion of Democratic presidential candidates stack up head-to-head during this week’s debates. Ten Democrats, headlined by Elizabeth Warren and Beto O’Rourke, will debate on NBC, MSNBC and Telemundo today starting at 9 pm ET. Another 10, including Joe Biden and Kamala Harris, will lock horns the following night. [Yahoo Finance]