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5 things to know before the stock market opens Wednesday, July 6

Traders on the floor of the New York Stock Exchange, June 27, 2022.

Source: NYSE

Here are the most important news that investors need to start their trading day:

1. Stocks in waiting mode

2. Fed minutes and indicators

Federal Reserve Chairman Jerome Powell reacts as he testifies before the Senate Banking, Housing, and Urban Affairs Committee hearing on the “Semi-Annual Monetary Policy Report to Congress,” on Capitol Hill in Washington, DC, US, June 22, 2022.

Elisabeth Frantz | Reuters

Investors have plenty of data and reports to sort through on Wednesday as markets weigh a potential recession. At 2 p.m. ET, the Federal Reserve is set to release the minutes of its June 14-15 meeting, giving insight into the central bank’s strategy to raise interest rates in its battle against 40-year high inflation. PMI data is due at 9:45 AM ET. At 10 a.m., both the ISM Services Index and the Job Opportunity and Employment Turnover Survey, or JOLTS, are scheduled to be released.

3. Oh oh, Pogo

British Prime Minister Boris Johnson addresses his Cabinet before the weekly cabinet meeting in Downing Street, London, Britain on June 7, 2022.

Leon Neal | Reuters

4. Inverted yield curve

Traders point to offers in the Chicago Board of Trade’s 10-year Treasury options hole.

Scott Olson | Getty Images

5. Decreased demand for mortgage

Demand for mortgages decreased Week after week, even with slightly lower prices. Amid some signs of a slowdown in the housing market, prices remain high and supply is tight. The rates are also much higher than during the Covid pandemic. “The buying activity is hampered by ongoing affordability challenges and low inventory,” said Joel Kahn of the Mortgage Bankers Association.

– CNBC’s Tanaya Machel, Holly Eliat, Elliot Smith, Patti Dome and Lisa Rizzolo contributed to this report.

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