Jake Novak's Morning Business Briefing 4/9
STOCKS/ECONOMY
-Stock futures are higher after Monday's flat session closed with the Dow down 11 points, the S&P 500 off by 0.3 percent, and the Nasdaq gaining 0.3 percent. Investors seem to be stuck treading water until they see Wednesday's consumer inflation report for March.
-The yield on the 10-year Treasury bond is down a bit to 4.38 percent.
-Gold is up to the $2,367 per ounce level. Bitcoin is down to the $70,800 level.
-Asian markets closed mostly higher today, led by a 1.1 percent rally for the Nikkei. The Hang Seng and the Shenzhen each closed up 0.6 percent.
OIL/ENERGY
-U.S. crude prices are flat and holding at the $86 a barrel level.
-Gasoline prices are up to $3.60 a gallon, national average.
KRAFT EXODUS
-The markets are just now learning that Brazilian private equity firm 3G Capital sold off its entire 16.1 percent stake in Kraft Heinz (KHC) at the end of last year. 3G Capital was known for pushing strict and controversial cost-cutting measures at the company for years. Kraft Heinz shares are down 5 percent from a year ago today.
GOOGLE CHIP PRICE CHOP
-Google says it's made a deal to make cloud computing less costly by using a new custom made chip from Arm (ARM). Arm shares are up slightly in the premarket and are up 72 percent year to date. Google parent Alphabet (GOOGL) are up 1 percent in the premarket.
PHARMA
-Pfizer (PFE) says late-stage studies show that its vaccine for RSV, Abrysvo, shows the potential to protect adults aged 18 to 59 who are at increased risk to get the virus. Pfizer shares are up slightly in the premarket, but are down 36 percent from a year ago today.
TESLA SETTLEMENT
-Tesla (TSLA) has settled a wrongful death lawsuit connected to the death of an Apple engineer who died while in a Model X in Autopilot mode. The terms of the settlement are not public. Tesla shares are flat in the premarket and down 30 percent so far this year.
GOLD SMUGGLING BUST
-Hong Kong customs agents have arrested an alleged smuggling team after they found more than $10 million in gold made to look like machine parts.