Jake Novak's Morning Business Briefing 7/1
STOCKS/ECONOMY
-Stock futures are higher as the second half of the 2024 trading year begins today. All three major indices are up for the year so far, with the Dow up 4 percent, the S&P 500 up 15 percent, and the Nasdaq gaining 18 percent.
-The yield on the 10-year Treasury bond is up to 4.43 percent.
-Gold is up to the $2,346 per ounce level. Bitcoin is up to the $62,600 level.
-Asian markets closed mostly higher today. The Nikkei gained 0.1 percent, and the Shenzhen rose 0.6 percent. The Hang Seng was closed for a holiday.
-The Beijing regime released a report showing manufacturing in China contracted slightly for the second straight month in May.
OIL/ENERGY
-U.S. crude prices are up and back to the $82 a barrel level.
-Gasoline prices are down to $3.49 a gallon, national average after rising about the $3.50 mark last week.
BOEING MAX MESS
-The U.S. Justice Department is reportedly pushing for a guilty plea from Boeing (BA) on charges of fraud following the crashes of two 737 MAX jets in 2018. The guilty plea would include an almost $500 million fine. Boeing shares are down 1 percent in the premarket.
-Boeing also confirmed it's buying back fuelselage maker Spirit AeroSystems (SPR) in a $4.7 billion, all-stock deal. Spirit shares are up 4 percent in the premarket.
MEME MANIA
-"Meme stock" investor "Roaring Kitty" has bought 9 million shares of online pet supplier Chewy (CHWY). Its shares are up 12 percent in the premarket.
MOVIE MAGIC
-Pixar's "Inside Out 2" has exceeded the $1 billion box office mark. Pixar parent Disney (DIS) shares are flat in the premarket.