5 things to know before the stock market opens Tuesday, June 15

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

1. Stock futures are ahead of inflation data, Fed meeting

US stock futures were flat on Tuesday before a key government report on wholesale prices was released that could fuel or dampen inflation fears. Either way, investors will wait for signals from the Federal Reserve regarding their tolerance for inflation when the June two-day meeting of central bank policymakers ends on Wednesday.

CNBC’s latest Fed survey of economists, fund managers, and Wall Street strategists shows they believe the central bank’s first rate hike from near zero won’t come before November 2022 and that the Fed’s massive Covid-era bond purchases will not start until January 2022.

With that in mind, the Nasdaq started the week up, propelling the tech-heavy index above its late April high. The S&P 500 saw a slight rise and another record close. The Dow broke a two-day winning streak. The 30-share average was 1.1% off its last record high in early May.

2. Government reports producer prices and retail sales in May

The 10-year government bond yield ticked lower Tuesday, trading around 1.49%, ahead of the Department of Labor’s May price index and May of the Department of Commerce’s retail sales. The headline PPI and core rate excluding food and energy both increase 0.5%. Economists expect retail sales to decline 0.6% in May. Without car sales, however, an increase of 0.5% is expected. Those data points and the Wednesday morning construction starts will be the final reports central bankers will need to consider before issuing their policy statement on Wednesday afternoon, followed by Fed Chairman Jerome Powell’s press conference.

3. USA and EU resolve 17-year Boeing-Airbus dispute; Suspend tariffs

US President Joe Biden (L) and French President Emmanuel Macron (C) talk to EU Commission President Ursula von der Leyen after the family photo at the start of the G7 summit in Carbis Bay, Cornwall on June 11, 2021.

PATRICK SEMANSKY | AFP | Getty Images

The EU and the US have settled a 17-year dispute over government subsidies for their respective aircraft manufacturers Boeing and Airbus. The two sides agreed to suspend the trade tariffs resulting from the dispute for five years. European Commission President Ursula von der Leyen said at her meeting with President Joe Biden in Brussels: “This meeting started with a breakthrough in aircraft.” Last week, CNBC reported that the EU was pushing Biden’s White House to reach an agreement to end the mutual tariffs on the matter imposed during former President Donald Trump’s tenure.

4. Biden travels to Geneva to meet Russian President Putin Put

This combination of file images, taken on June 7, 2021, shows then-Democratic presidential candidate Joe Biden speaking on the 17th during a speech in Darby, Pennsylvania, and team members attending the upcoming 2018 Pyeongchang Winter Olympics January 31, 2018 in the state residence Novo-Ogaryovo outside Moscow.

Jim Watson | AFP | Getty Images

Biden, who met with European allies at a G-7 summit in the UK and a NATO summit in Belgium this week, will meet with Russian President Vladimir Putin on Wednesday in Geneva, Switzerland. It is the third time that Geneva has hosted US and Russian leaders for talks. The first, in 1955, concerned then President Dwight D. Eisenhower and then Soviet leader Nikita Khrushchev. The second took place 30 years later between then President Ronald Reagan and Mikhail Gorbachev. Both meetings made progress in easing tensions. This time around, there is hope that the Biden-Putin meeting can bring about a modest improvement in the current US-Russia crisis on issues such as Ukraine, human rights and cyberattacks.

5. US nears 600,000 cumulative deaths from Covid-19

A woman and child look at Naming the Lost Memorials as US deaths from coronavirus disease (COVID-19) are expected to exceed 600,000 in Green Wood Cemetery in Brooklyn, New York, the United States, Jan. 2021.

Brendan McDermid | Reuters

With new daily Covid cases and deaths in the US dropping dramatically along with high vaccination rates, the nation was on the verge of recording a total of 600,000 deaths from the disease. According to the Johns Hopkins University, these are the most cumulative Covid deaths of all countries in the world. The US also has the highest total infections in the world, with nearly 33.5 million cases. However, with increases in Brazil and India, these countries follow the US in total deaths, with more than 488,200 in Brazil and about 377,000 in India. When it comes to cumulative infections, it’s about: India was number 2 with just under 29.6 million and Brazil was number 3 with around 17.5 million.

– The Associated Press contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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