5 things to know before the stock market opens on Friday June 10

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street on hold for key inflation report

Traders work on the floor of the New York Stock Exchange

NYSE

U.S. stock futures were mixed as investors await Friday’s release before the bell of a key inflation report. On Friday, the 10-year Treasury yield remained above 3% ahead of May’s consumer price data, which is due out at 8:30 a.m. ET. Rising bond yields on Thursday sent stocks tumbling as the Dow Jones Industrial Average fell 638 points, or nearly 2%. The S&P 500 and Nasdaq lost about 2.4% and 2.8% respectively.

  • Big tech names struggled on Thursday, with parent meta platforms Facebook slipping 6.4%, Amazon dropping more than 4% and Apple dropping 3.6%. These stocks rebounded in Friday’s premarket trading.
  • However, Netflix slipped 4.5% in premarket trading after Goldman Sachs downgraded the stock to sell it from neutral and lowered the price target to $186 per share from $265. Netflix closed nearly 5% lower on Thursday at nearly $193 per share.

2. Last month’s consumer prices are expected to remain very high

A supermarket in Washington, DC on May 26, 2022.

Nicholas Kamm | AFP | Getty Images

3. National average gasoline prices just 1 cent below $5 a gallon

Gasoline prices above $5.00 per gallon are displayed at gas stations in New Jersey, United States, June 7, 2022.

Lokman Vural Elibol | Anadolu Agency | Getty Images

The national average price of a gallon of gasoline, according to AAA, continues to rise, now just 1 cent off $5, as oil prices continue to climb. West Texas Intermediate crude, the US benchmark, rose on Friday, trading above $122 a barrel. Those gains were capped, however, as traders feared further lockdown measures in Shanghai for mass Covid testing would outweigh solid oil and gas consumption for the world’s biggest consumer, the United States. But for the time being, peak summer demand in the United States was driving up crude prices.

4. Two home stocks are crushed by signals of trade weakness

Crushed Home Stocks

DocuSign fell 25% pre-release. The e-signature software provider’s weaker-than-expected profits for its first fiscal quarter overshadowed a decline in revenue. Stitch Fix fell around 14% in trading before the bell. The online custom styling platform confirmed planned layoffs of 15% of salaried positions within its workforce as it announced disappointing quarterly results and warned against the current quarter.

5. Capitol Riot House panel blames Trump for Jan. 6 “coup attempt”

US President Donald Trump speaks to supporters at the Ellipse near the White House January 6, 2021 in Washington, DC.

Brendan Smialowski | AFP | Getty Images

House Select Committee Investigating Jan. 6 Capitol Riot began presenting its initial findings Thursday evening in the first of a series of public hearings. The panel said the assault was not spontaneous, calling it a “attempted coup” and a direct result of then-defeated President Donald Trump’s efforts to nullify the 2020 election. Trump, in a post on social media after the hearing, criticized the committee for not showing “the many positive witnesses and statements” and having broadcast “only negative images”. Further hearings are expected to take place in the coming weeks.

—CNBC Jesse Book, Samantha Subin, Patti Domm, Jordan Novet, Lawrence Thomas and Kevin Breuninger and The Associated Press contributed to this report.

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