What to watch today: Wall Street set to plunge as post-Fed rate hike rally vanishes

U.S. stock futures sank Thursday as the post-Fed meeting rally proved to be short-lived as bond yields resumed their upward swing and other central banks around the globe adopted more aggressive policy stances. One day after the Fed's 75 basis point interest rate hike, the Swiss National Bank and the Bank of England followed suit. (CNBC)

Three worse-than-expected economic reports were released at 8:30 a.m. ET. Initial jobless claims dropped to 229,000 for the week ended June 11. May housing starts and building permits plunged 14.4% and 7%, respectively. The Philadelphia Fed's manufacturing index came in at a minus 3.3 for June. (CNBC)

Fed Chairman Jerome Powell said at his post-meeting news conference that "either a 50 basis point or a 75 basis point" rate increase at July's policy meeting seems most likely. Wednesday's 75 basis point move was the biggest hike since 1994. Sinking risk assets reflect investor concern that the Fed won't be able to arrest roaring inflation without tipping the economy into a recession. (CNBC)

Bitcoin dropped below $20,000 overnight, before trimming some of those losses, as the entire cryptocurrency market endured another day of selling. Bitcoin was trading at levels not seen since December 2020, down about 27% in the last week and down nearly 70% from its November all-time high above $68,000. (CNBC)

Elon Musk on Thursday was scheduled to address Twitter's employees at a virtual town hall meeting. The billionaire CEO of Tesla and SpaceX is expected to confirm his intention to buy Twitter, a person familiar with the matter told The Wall Street Journal. Last week, Musk warned Twitter that he might walk away from his $44 billion offer, if the company failed to provide more data on spam and fake accounts.

At Musk's Tesla, the electric-auto maker has raised prices across its entire lineup, according to the EV news site Electrek. Some of the increases were as much as $6,000 as raw materials costs jumped and disruptions in supply chains continued. Electrek noted the last major price rise at Tesla was in March 2022, followed by a smaller one on long-range vehicles in April.

Revlon (REV) filed for Chapter 11 bankruptcy protection as the cosmetics maker deals with a debt load of roughly $3.3 billion. Shares slid 4.4% in the premarket. The company said it expects to receive $575 million in debtor-in-possession financing from its existing lender base, which will help to support its day-to-day operations. (CNBC)

Moderna (MRNA) and Pfizer's (PFE) Covid vaccines for infants through preschoolers and kindergartners have moved a step closer to authorization by the Food and Drug Administration. The FDA will likely accept the vaccine committee's guidance and quickly authorize the shots. (CNBC)

* Dr. Anthony Fauci tests positive for Covid, is having mild symptoms (CNBC)

The Jan 6. committee on Thursday is set to plunge into Donald Trump's last-ditch effort to salvage the 2020 presidential election by pressuring Vice President Mike Pence to reject the electoral count, powers Pence didn't have, in the run-up to the U.S. Capitol riot. (AP)

Amazon (AMZN) said its annual Prime Day shopping event would be held from July 12 to 13. Last year's Prime Day generated an estimated $3.5 billion in sales. Amazon fell 2.8% in premarket trading.

Abbott Laboratories (ABT) said it was halting production of its EleCare specialty baby formula at its Sturgis, Michigan plant after severe storms flooded areas of the plant. Abbott said the flooding would likely delay production and distribution for a few weeks, and its stock fell 2% in the premarket.

Warner Bros. Discovery (WBD) slid 4% in the premarket after J.P. Morgan rating the media stock as a neutral, citing a macroeconomic environment that could impact ad spending.

Jabil (JBL) rose 1.2% in premarket trading after beating top and bottom-line estimates for its latest quarter. The contract electronics manufacturer earned an adjusted $1.72 per share, 10 cents above estimates, and said it continued to see solid demand from its customers.

Commercial Metals (CMC) reported an adjusted quarterly profit of $2.61 per share, beating the $2.02 consensus estimate. Revenue also topped forecasts. Shares of the metal products manufacturer rallied 4.6% in the premarket.

The U.S. Open begins Thursday in Brookline, Massachusetts. Last week, the United States Golf Association decided to allow Phil Mickelson, Dustin Johnson, Bryson DeChambeau and other golfers to compete, even though they were suspended by the PGA for joining the Saudi-backed LIV Golf Series. USGA, however, made clear it does not endorsed the LIV tour. (USA Today)