President Joe Biden and Home Speaker Kevin McCarthy will meet at present in a one other effort to keep away from a default and the European Union issued a report information privateness nice to Fb father or mother Meta Platforms. Right here’s what traders must know at present.
1. EU Fines Fb Father or mother Meta Document $1.3 Billion for Information Transfers
The European Union fined Fb father or mother Meta Platforms (META) $1.3 billion for the social media firm’s information transfers to the U.S., a report excessive penalty. The ruling will increase strain on the U.S. to barter a knowledge switch association with the E.U., after it has additionally fined Amazon in 2021 for privateness violations, a $806 million nice that was the earlier report. Meta shares had been down greater than 1% in pre-market buying and selling.
2. Biden, McCarthy to Meet on Debt Ceiling
President Joe Biden and Home Speaker Kevin McCarthy will meet on Monday afternoon in one other effort to keep away from a default of the U.S. debt ceiling. The assembly follows a name between the 2 that McCarthy referred to as “productive,” earlier than Biden returned to Washington, D.C. from Japan. High Republican and Democratic negotiators met for greater than two hours on Sunday prematurely of the June 1 deadline for the U.S. authorities to expire of funding.
3. China Bars Purchases from US Chipmaker Micron
Citing “severe community safety dangers,” China advised operators of essential data infrastructure to cease buying merchandise made by Micron Expertise (MU), the most important U.S. maker of pc reminiscence chips. The transfer is seen as a response to efforts by the USA, Europe and Japan to limit Chinese language entry to superior chipmaking. Shares of Micron had been down greater than 5% in pre-market buying and selling.
4. Utilized Supplies to Construct $4 Billion Silicon Valley Analysis Heart
U.S. semiconductor toolmaker Utilized Supplies (AMAT) mentioned it would construct a brand new $4 billion analysis middle in Silicon Valley as a part of efforts to hurry up advances in semiconductor manufacturing. The power will host about $25 billion in analysis work. The announcement comes after the U.S. handed $52 billion in incentives to assist improve home superior semiconductor manufacturing. Shares of Utilized Supplies traded about 1% decrease in pre-market buying and selling.
5. Extra Fed Officers to Communicate After Powell Leaves Open Future Price Hikes
After Federal Reserve Chair Jerome Powell mentioned on Friday that it was nonetheless unclear whether or not one other charge hike could be obligatory when it subsequent meets on June 14, St. Louis Fed President James Bullard, San Francisco Fed President Mary Daly, Atlanta Fed President Raphael Bostic, and Richmond Fed President Tom Barkin are all scheduled to talk at present. Additionally this week, the April Private Consumption Expenditures Value Index, which the Fed makes use of to gauge inflation, shall be launched Friday.