US stock futures lower amid Israel-Iran conflict
U.S. stock futures are lower after President Donald Trump abruptly left the Group of Seven summit in Canada.
Trump had earlier urged everyone to immediately evacuate Tehran and reiterated that Iran should have signed a nuclear deal with the United States.
Separately, a U.S. official said Trump would not sign a draft statement calling for de-escalation of the Israel-Iran conflict.
Meanwhile, Israel is determined to continue its assault on Iran despite reports saying Iran wants to reopen nuclear talks.
'We're going to go about our operation to remove these two threats,' Israeli Strategic Affairs Minister Ron Dermer, referring to Iran's missile and nuclear programs, in a Bloomberg TV interview. 'Whether Iran will decide to meet with the United States and agree to terms that they should have taken a month ago, or two weeks ago, or two months ago, you know, that's up to Iran to decide.'
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At 6:15 a.m. ET, futures based on the blue-chip Dow fell-0.58%, while broad S&P 500 futures dropped -0.54% and tech-laden Nasdaq slipped -0.56%. Oil prices rose.
May's retail sales data are due before the market opens. Economists surveyed by FactSet forecast a decline of 0.7% in total sales in May from April after a gain of just 0.1% in the prior month.
However, the main event this week will be the Federal Reserve's rate policy decision due midweek. Almost everyone expects central bank policymakers to hold rates at their current target range of 4.25% to 4.50%, according to the CME FedWatch tool.
Along with the Fed's policy announcement, central bankers will release their forecasts for economic growth, unemployment and inflation. Most economists expect the Fed's projections to show higher inflation in the second part of the year, a fairly low unemployment rate and slower economic growth.
Cryptocurrency
JPMorgan Chase, the country's biggest bank, has applied for a trademark related to digital currency with the United States Patent and Trademark Office (USPTO), leading to speculation the application for 'JPMD' means the bank is preparing to launch its own stablecoin. Stablecoins are digital assets designed to maintain a value in line with the U.S. dollar.
TJPMorgan Chase filed the application on June 15, according to the USPTO's website. The application listed 'JPMD' as a good or service that would provide 'trading, exchange, transfer and payment services for digital assets,' among other categories related to cryptocurrencies and blockchain technology.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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