Jake Novak's Morning Business Briefing 7/3
STOCKS/ECONOMY
-Stock futures are modestly higher after Tuesday's 162-point gain for the Dow, larger 0.6 percent rise for the S&P 500, and a 0.8 percent advance for the Nasdaq. Traders have a half-day session today ahead of Thursday's July 4th holiday. Friday will be a full trading day.
-The ADP private payrolls report showed a gain of 150,000 jobs in June, missing the 160,000 expectation.
-The yield on the 10-year Treasury bond is down to 4.40 percent.
-Gold is up to the $2,361 per ounce level. Bitcoin is down to the $59,900 level.
-Asian markets closed mostly higher today. The Nikkei rallied 1.3 percent higher, tha Hang Seng added 1.2 percent, while the Shenzhen lost 0.6 percent.
OIL/ENERGY
-U.S. crude prices are slightly higher and at the $82 a barrel level.
-Gasoline prices are up to $3.51 a gallon, national average.
TAKEOVER WARS
-Southwest Airlines (LUV) is adopting a shareholder discount plan as a "poison pill" defense to hold off activist investor Elliott Management's attempt to gain enough shares to oust the CEO Bob Jordan and Chairman Gary Kelly.
-The deal for Skydance to buy Shari Redstone's National Amusements company, and then conduct a full merger/takeover of Paramount Global (PARA). Its shares are up 13 percent in the premarket.
TESLA TURN
-Tesla (TSLA) shares are up another 2 percent in the premarket after surging 10 percent higher Tuesday on a better than expected June deliveries report.
PHARMA
-The FDA has approved Eli Lilly's (LLY) Kisunla drug for Alzheimer's disease. Eli Lilly shares are flat in the premarket.