Here are the key events taking place on Friday that could impact trading.
Reports on manufacturing activity and construction spending await investors.
MANUFACTURING: The ISM’s purchasing managers index for June is expected to slip more than a point to 54.9, the lowest since July 2020. A reading above 50 indicates expansion. For context, the March 2021 reading of 63.7 marked the fastest pace of expansion in more than 37 years.
Inflation watchers will pay close attention to the prices paid component. It’s expected to fall for a third month to 81.0, the lowest since February.
KEY FED GDP TRACKER TURNS NEGATIVE, SIGNALING RECESSION IS HERE
S&P GLOBAL REPORT: It is the final manufacturing PMI for June. The flash reading two weeks ago came in at 52.4, down 4.6 points from 57.0 in May and the lowest since May 2020.
CONSTRUCTION: Spending is expected to rise 0.4% month-over-month in May, double April’s weaker-than-expected 0.2% increase.
CASINO CONTRACT: Watch shares of casino companies after Atlantic City workers reached agreements on new contracts with four casinos on Thursday, securing labor peace and avoiding a strike on Fourth of July weekend.
CITIES WITH THE HIGHEST, LOWEST REAL MINIMUM WAGE: REPORT
Local 54 of the Unite Here union reached tentative agreements with the Borgata, which is owned by MGM Resorts International, and three Caesars Entertainment casinos: Caesars, Harrah’s and the Tropicana. A Sunday strike deadline remains against the Hard Rock Casino.
|BALY||TWIN RIVER WORLDWIDE HOLDINGS INC.||20.22||+0.44||+2.22%|
|MGM||MGM RESORTS INTERNATIONAL||30.00||+1.05||+3.63%|
|CZR||CAESARS ENTERTAINMENT INC.||38.53||+0.23||+0.60%|
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MORE MONEY: Nearly two dozen states and localities are increasing their respective minimum wages effective July 1, 2022. They include: Connecticut; Washington D.C.; Nevada; Oregon; Chicago and Cook County, Illinois; Montgomery County, Maryland; Minneapolis and St. Paul, Minnesota; and Berkeley, Emeryville, Los Angeles, Malibu, Pasadena, San Francisco and Santa Monica, California.