Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Thursday, June 20:
1. -- U.S. stock futures were pointing lower and gold prices were tumbling following the Federal Reserve's suggestion on Wednesday that it could start tapering its economic stimulus later this year.
European shares were posting losses while Asian shares finished Thursday's trading session to the downside. Japan's Nikkei 225 index fell 1.7%.
2. -- The economic calendar in the U.S. Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, existing-home sales for May at 10 a.m. and leading indicators for May at 10 a.m.
3. -- U.S. stocks on Wednesday declined after the Fed said it would maintain its current stimulus program of buying $85 billion per month to help sustain the U.S. economic recovery but could start scaling back later this year.
The S&P 500 tumbled 1.39% to 1,628.93 while the Dow Jones Industrial Average fell 1.34% to 15,112.27. The Nasdaq dropped 1.12% to 3,443.20.
4. -- A private survey showed manufacturing in China fell to a nine-month low in June.
HSBC's preliminary purchasing managers index fell to 48.3 in June, down from 49.6 in May. Numbers below 50 indicate a contraction.
It's the second month that the China PMI fell below 50.
5. -- Microsoft
The discussions faltered over price and worries about Nokia's slumping market position, the people told the newspaper. The talks reportedly took place as recently as this month but aren't likely to be revived, the Journal said.
6. -- Oracle
Investors will be watching to see whether the tough IT environment is continuing for the software giant.
7. -- Facebook's
8. -- Sony
"This is an important proposal that will influence the future of Sony," he said. "This will take time, and we are not going to come to a conclusion for the sake of coming to a conclusion."