Jake Novak's Morning Business Briefing 7/9

STOCKS/ECONOMY

-Stock futures are higher after Tuesday's 166-point loss for the Dow, 0.1 percent drop for the S&P 500, and a just slightly above breakeven close for the Nasdaq. Investors appear to be treading water this morning, looking for direction.

-The yield on the 10-year Treasury bond is at 4.41 percent.

-The average 30-year mortgage rate fell last week to 6.77 percent from 6.79 percent the week before. New mortgage applications rose by 9 percent, and refinance applications also rose by 9 percent.

-Gold is down to the $3,291 per ounce level. Bitcoin is up to the $109,100 level.

-Asian markets closed mixed today. The Hang Seng sold off by 1.1 percent, the Nikkei rose by 0.3 percent, and the Shenzhen fell by 0.1 percent.

OIL/ENERGY

-U.S. crude oil prices are up and at the $68 a barrel level.

-Gasoline prices are up to $3.16 a gallon, national average.

-Renewable energy company AES (AES) is reportedly considering selling itself off amid interest from infrastructure companies. AES shares are up 14 percent in the premarket.

WEARING TECH

-Facebook parent Meta (META) has reportedly taken a 6 percent stake in Ray Ban parent EssilorLuxottica. This is all part of Meta's move to increase offerings of wearable technology, now powered by AI. Meta shares are up slightly in the premarket.

COFFEE SALE

-Starbucks (SBUX) is taking bids for stakes in Starbucks China that value that division of the company at $10 billion. Starbucks shares are up 3 percent in the premarket.

LET'S MAKE A DRUG DEAL

-Merck (MRK) is buying Britain's Verona Pharma for $10 billion as Merck looks to expand its offerings to treat respiratory conditions. Merck shares are up slightly in the premarket.

AD SLUMP

-Advertising giant WPP (WPP) says it had a "deterioration of performance" in the second quarter of this year and lowered its full year earnings guidance. Its shares are down 16 percent in the premarket.

SICK INSURANCE

-UnitedHealth (UNH) is reportedly the focus of a probe by the Justice Department’s criminal healthcare-fraud unit investigating the company’s Medicare billing practices. Its shares are down 1 percent in the premarket.