STOCKS/ECONOMY
-Stock futures are lower to start the month of June after the major indices posted strong gains overall for the month of May. Investors are responding bearishly to some new trade war flareups over the weekend.
-The yield on the 10-year Treasury bond is up slightly to 4.43 percent.
-Gold is up to the $3,355 per ounce level. Bitcoin is down to the $103,900 level.
-Asian markets closed lower today, led by a 1.3 percent selloff for the Nikkei. The Hang Seng fell 0.6 percent, and the Shenzhen lost 0.9 percent.
OIL/ENERGY
-U.S. crude prices are up and at the $63 a barrel level.
-Gasoline prices are down to $3.14 a gallon, national average.
TARIFF TUMULT
-President Trump says he will double the tariff on steel and aluminum imports from 25 percent to 50 percent.
-That news is sending shares of domestic steel and makers higher in the premarket, including Cleveland-Cliffs (CLF up 24 percent), Nucor (NUE up 11 percent), and Steel Dynamics (STLD up 11 percent).
-But the news is also pushing shares of U.S. automakers down. Stellantis (STLA) shares are down 3 percent in the premarket, General Motors (GM) shares are down 1 percent, and Ford (F) shares are down just slightly.
PHARMA
-Bristol Myers Squibb (BMY) has made a deal with BioNTech (BNTX) to co-develop an experimental cancer drug. The deal includes a $1.5 billion upfront payment to BioNTech. BMY shares are up 1 percent in the premarket, and BioNTech shares are up 11 percent.
-The FDA has approved Moderna's (MRNA) next generation Covid vaccine for people 65 and older. Moderna shares are up 4 percent in the premarket.
-Sanofi (SNY) is buying Blueprint Medicines (BPMC) in a $9.5 billion deal. Blueprint shares are up 26 percent in the premarket. Sanofi shares are down 1 percent.
SOUP IS GOOD MONEY
-Campbell's (CPB) reported better than expected quarterly profits and revenues. Its shares are up 1 percent in the premarket.
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