Binance, Tesla, Boeing, Bed Bath & Beyond – 5 Things You Must Know – TheStreet

Here are five things you must know for Monday, June 28:

1. — Stock Futures Fluctuate After Record High for S&P 500 

Stock futures fluctuated Monday following the S&P 500’s best weekly performance since February.

Contracts linked to the Dow Jones Industrial Average fell 14 points, S&P 500 futures were up 4 points and Nasdaq futures gained 45 points.

The yield on the benchmark 10-year Treasury note fell early Monday to 1.519%.

The S&P 500 closed at a record in mixed trading Friday amid optimism about the U.S. economic recovery. 

Fears over the Federal Reserve’s hawkish tilt have eased, with sentiment getting a boost from a report on inflation that came in as expected. The personal consumption expenditures price gauge – the Federal Reserve’s preferred inflation measure – rose 0.4% in May, below forecasts. 

The data calmed market worries about a rapid rise in prices as the U.S. economy makes its way out of the COVID-19 pandemic. 

Investors last week also were encouraged by the announcement of a roughly $1 billion bipartisan infrastructure deal.

2. — This Week’s Calendar: Jobs Report, Bed Bath & Beyond Earnings

The economic calendar in the U.S. Monday is light but data will be released later in the week on U.S. nonfarm payrolls for June – the most closely watched of all economic indicators in any given month – manufacturing, consumer confidence, home prices and jobless claims.

Earnings reports are expected this week from Bed Bath & Beyond  (BBBY) – Get Report, Micron Technology  (MU) – Get Report, General Mills  (GIS) – Get Report and Walgreens Boots Alliance  (WBA) – Get Report.

3. — Tesla to Recall 285,000 Vehicles in China

Tesla  (TSLA) – Get Report will recall about 285,000 of its Model 3 and Model Y electric cars that were built in China because of a software glitch.

That number translates to “most of the vehicles it has delivered the country over recent years,” wrote Wedbush analyst Daniel Ives in a note on Sunday.

The recall is being made to fix autopilot safety problems that were spotted by Chinese regulators. Vehicles within the scope of the recall may cause the driver to incorrectly activate the active cruise function in some situations, according to the State Administration for Market Regulation in China, potentially posing a danger to drivers.

The vast majority of fixes likely will be completed remotely.

Ives called the news a clear “black eye moment” for CEO Elon Musk as the electric vehicle maker beefs up its presence in Asia.

“Let’s be clear this is not the news bulls want to see as it adds to the negative PR issues in China, which is poised to represent 40% of global deliveries for Tesla by next year,” added Ives “That said, now it’s about Musk & Co. making sure these issues are in the rearview mirror, correcting software/autopilot problems, and moving forward to make sure this situation is not a defining negative chapter in the Tesla China story.”

Tesla shares jumped 7.8% last week, its best weekly performance in months. In premarket trading Monday, the stock fell slightly to $670.27.

4. — Boeing’s 777X Likely Won’t Get FAA Approval Until 2023

Boeing’s  (BA) – Get Report fuel-efficient 777X long-haul airliner may not receive federal approval until some time in 2023, according to a letter recently made public by the Federal Aviation Administration.

“The FAA will not approve any aircraft unless it meets our safety and certification standards,” said the agency in a statement released on Sunday.

Stalling the release of the aerospace giant’s new, huge and high-tech aircraft could prove another blow to Boeing, following the years’ long saga of its 737 MAX aircraft that was grounded following two fatal crashes. The 777X has long been touted by Boeing as the world’s “largest and most efficient” twin-engine jet.

The FAA sent a letter last month that noted approval of the aircraft likely more than two years away.

“Based on the information from Boeing, the Model 777-9 Amended Type Certification (ATC) date is realistically going to be mid to late 2023,” read the letter, which was obtained by TheStreet. It was earlier reported by Reuters.

A company statement on Sunday said that Boeing remains “fully focused on safety as our highest priority throughout 777X development” and implied that it wasn’t expecting to have the aircraft online until around 2023 anyway.

Boeing shares fell 0.58% in premarket trading to $246.95.

Boeing is a holding in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells BA? Learn more now.

5. — Binance Barred From Operating in the U.K.

Binance Markets, the world’s biggest cryptocurrency exchange, has been barred from doing business in the United Kingdom.

Binance Markets has until Wednesday evening to confirm that it has removed all advertising and financial promotions, according to the register of Britain’s Financial Conduct Authority, the U.K.’s financial watchdog. It also must make clear on its and social media channels that it has been barred in the U.K. 

It was reported in May that Binance was being investigated by the U.S. Justice Department and Internal Revenue Service.

“A significantly high number of cryptoasset businesses are not meeting the required standards under the money laundering regulations, which has resulted in an unprecedented number of businesses withdrawing their applications,” an FCA spokesperson said, Bloomberg reported.

Binance said Binance Markets, which it acquired in 2020, wasn’t yet using its regulatory permissions, and that the FCA’s move would not impact services offered on its Binance.com website, according to Reuters.

Bitcoin was rising 5.44% to $34,369, according to CoinDesk.