Today’s market will be dominated by the Federal Reserve’s rate decision under new chairman Kevin Warsh, with bond yields and high-yield ETFs under scrutiny. Oil prices continue to slide, impacting the energy sector and gasoline costs. Meanwhile, key companies like CarMax, Jabil, Amazon (AWS Summit), and CrowdStrike (annual meeting) are set to release news or reports that could significantly move their stocks and the broader market.
Get a head start on tomorrow's market movers with our daily 'Stocks @ Night' insights. Today, we're dissecting what captivated CNBC TV producers as the Dow Industrials briefly touched 52,000 and what's poised to influence the next trading session.
Fed Decision Day Looms Large: All eyes are on the Federal Reserve as its new chairman, Kevin Warsh, prepares to announce his first major rate decision today at 2 p.m. ET, followed by a crucial news conference at 2:30 p.m. Leading into this pivotal announcement, the U.S. 10-year Treasury note is yielding 4.43%, with the two-year at 4.05% and the one-year at 3.84%. Shorter-term Treasury bills are also reflecting current market dynamics: the six-month at 3.8%, three-month at 3.72%, and one-month at 3.63%. Investors are also keenly watching high-yield corporate bond ETFs, with SHYG offering a 6.99% dividend yield, HYG at 5.89%, JNK at 6.59%, and FCOR at 4.53%. For those looking abroad, KHYB offers an attractive 8.8% dividend, though with different tax implications. CNBC's senior economics reporter, Steve Liesman, will provide live, comprehensive coverage.
Oil Prices Plunge Amidst Volatility: Both Brent and West Texas Intermediate (WTI) crude futures have dipped below $80 a barrel, marking a significant 27% decline over the past month. This downturn has heavily impacted the S&P Energy Sector, which is now down 13% from its March 27 peak. Gasoline futures have also fallen sharply, down 21% in a month. Consumers are seeing relief at the pump, with the average cost of unleaded gasoline in New Jersey around $4.08, and even under $4 in some areas, while Texas boasts prices around $3.50.
Market Dynamics: The recent three-day winning streaks for the Nasdaq Composite, Nasdaq 100, and Russell 2000 have come to an end. The Dow Transports have also seen a notable drop, now down 10% from their 52-week high. Despite these shifts, all major indexes currently remain above their 50-day and 200-day moving averages, indicating underlying strength. Special thanks to CNBC market data expert Chris Hayes for these vital statistics.
Key Corporate Reports and Events:
- Earnings Before the Bell: CarMax is set to release its numbers during the 6 a.m. hour. The stock has surged almost 25% in the last three months, though it remains 27% below its 52-week high from July 2025. Jabil will follow with its report in the 8 a.m. hour, having climbed 45% in three months, despite a 6% dip since hitting a high on Monday. CNBC's 'Squawk Box' anchors Becky Quick, Joe Kernen, and Andrew Ross Sorkin will provide live analysis.
- Amazon's AWS Summit: CNBC will be closely monitoring news from Amazon's AWS event today. Amazon shares have enjoyed a 3.1% gain in the past two days but are down 9% in June and remain 11.7% off their May 5 high.
- SpaceX Mission Concludes: A significant SpaceX resupply mission is scheduled for splashdown off the California coast at 8:08 a.m. ET (5:08 a.m. PT). SpaceX's shares closed above the $200 mark on Tuesday.
- CrowdStrike's Annual Meeting: CNBC TV's Seema Mody will be reporting live from CrowdStrike's annual meeting. The cybersecurity firm's stock has seen a 13.5% drop from its June 1 high, yet it remains up a robust 45% in 2026 and an impressive 60% over the last three months.
