Jake Novak's Morning Business Briefing 6/26

STOCKS/ECONOMY

-Stock futures are higher after Wednesday's 107-point loss for the Dow, breakeven close for the S&P 500, and a 0.3 percent gain to a new all-time high for the Nasdaq. Investors are focusing on some economic news this morning.

-The third and final reading on the first quarter GDP has come in down 0.5 percent when 0.2 percent was expected.

-May durable goods orders surged 16.4 percent higher, when a gain of 7.5 percent was expected

-The yield on the 10-year Treasury bond is down to 4.29 percent.

-Gold is at the $3,350 per ounce level. Bitcoin is at the $107,100 level.

-Asian markets closed mixed today. The Nikkei rallied 1.7 percent higher, the Hang Seng fell 0.6 percent, and the Shenzhen dropped 0.5 percent.

OIL/ENERGY

-U.S. crude prices are up and at the $65 a barrel level.

-Gasoline prices are holding at $3.22 a gallon, national average.

-Royal Dutch Shell is in talks to buy British Petroleum (BP) for $80 billion. BP's U.S.-listed shares are flat in the premarket after gaining 1.6 percent in Wednesday's trading.

KING NVIDIA

-After a rocky spring, Nvidia (NVDA) shares are now at an all-time high and the AI chip maker is once again the most valuable company by market cap in the world.

EARNINGS SCORECARD

-Micron Technologies (MU) reported better than expected quarterly profits and revenues. Its shares are up 2 percent in the premarket.

-Spices giant McCormick (MKC) reported better than expected quarterly profits and revenues. Its shares are up 5 percent in the premarket.

-Jefferies Financial (JEF) reported quarterly profits that were more than a third smaller than a year ago. Its shares are down 3 percent in the premarket.

FED FUMES

-President Trump is reportedly preparing to name his choice for next Fed Chair, in hopes of putting more pressure on current Chairman Jay Powell well before his term ends.

MEDIA CASE

-A mediator has reportedly determined that President Trump should accept a $20 million settlement from CBS parent. Paramount Global (PARA) in connection to the president's suit over the deceptive editing of 60 Minutes' interview with Kamala Harris during the 2024 election. Paramount shares are flat in the premarket.