5 things to know before the stock market opens on Friday, June 24

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

1. Wall Street is heading for its first weekly advance in the past four years

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 22, 2022.

Brendan McDermid | Reuters

2. Powell pledged “unconditional” measures to fight decades-old high inflation

Before the House Financial Services Committee, Powell tested monetary policy and the state of the US economy.

Mcname win | Getty Images News | Getty Images

On the second day of his semi-annual economic testimony on Capitol Hill, Federal Reserve Chairman Jerome Powell told the US House of Representatives Financial Services Committee that the central bank’s commitment to curbing 40-year high inflation was “unconditional.” A day earlier, on Wednesday, Powell told the US Senate Banking Committee that the Fed was not trying to provoke a recession, but that was “certainly a possibility.” Last week, monetary policy makers raised interest rates by 75 basis points and signaled another increase from 50 to 75 basis points at their meeting in July.

3. FedEx reports mixed quarterly results with improvement in floor unit margin

Driver for an independent contractor for FedEx Corp. He holds packages for delivery during Cyber ​​Monday in the Hell’s Kitchen neighborhood in New York, US, on Monday, November 11. 29, 2021.

Angus Mordaunt | Bloomberg | Getty Images

FedEx shares turned lower in the primary market on Friday, in the morning after the delivery giant reported better-than-expected earnings for its fiscal fourth quarter, but lost in revenue. Adjusted earnings of $6.87 per share beat estimates of a penny. Revenue grew 8% to $24.4 billion, below expectations of $24.56 billion. Shipment volumes decreased, but this was offset by increased freight rates and fuel surcharges. The floor unit margin that FedEx watches closely has improved, but has fallen behind United Parcel Service, whose new CEO adopted the “best not greatest” mantra two years ago. FedEx has released optimistic guidance for fiscal year 2023.

4. Zendesk is stepping up on reports that it is close to a deal to sell itself

Zendesk Co-Founder and CEO Mikel Svane

Eric Pyrmont | AFP | Getty Images

Zendesk shares are up more than 50% in the Primarket market on reports that the customer service software vendor was close to a buyout deal with a group of private equity firms. The Wall Street Journal reported that Hellman, Friedman and Permira were among those involved. The potential purchase comes after Zendesk announced last week that it had ended attempts to sell itself. The San Francisco-based company has come under pressure from activist investor Jana Partners. The magazine said it was unclear where Zendisk’s discussions with Jana stand.

5. The bill designed to prevent gun violence goes to the House, then Biden

Protesters attend a rally with senators outside the US Capitol to demand the Senate take action on gun safety on Thursday, May 26, 2022, in the wake of the Robb Elementary School shooting in Texas.

Tom Williams | CQ-Roll Call, Inc. | Getty Images

A bipartisan bill aimed at preventing gun violence passed by the Senate Thursday night has been referred to the House of Representatives. House Speaker Nancy Pelosi promised to vote Friday to send the most comprehensive measure on firearms in decades to President Joe Biden for his signature. The legislation, which seemed unimaginable a month ago, received 15 Republican votes in the Senate, including minority leader Mitch McConnell. The May 24 massacre at an elementary school in Ovaldi, Texas, galvanized both sides of the aisle to try to prevent it from happening again.

– CNBC channel Peter ShakirAnd the Jesse Pound Sarah Min And the Tanaya Machel Reuters and the Associated Press also contributed to this report.

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