Jake Novak's Morning Business Briefing 7/2

STOCKS/ECONOMY

-Stock futures are mostly flat after Tuesday's 400-point gain for the Dow, 0.1 percent loss for the S&P 500, and a 0.8 percent drop for the Nasdaq. Investors are still focusing on the fate of the budget bill in Washington, and some economic data due out this morning.

-The ADP private sector payrolls report for June came in showing a loss of 33,000 jobs versus estimates that 110,000 jobs would be added.

-The yield on the 10-year Treasury bond is at 4.26 percent.

-The average 30-year mortgage rate fell to 6.79 percent last week from 6.88 percent the week before. That pushed refinance applications up by 7 percent, while new mortgage applications only rose by 0.1 percent.

-Gold is at the $3,351 per ounce level. Bitcoin is at the $107,400 level.

-Asian markets closed mostly lower today. The Nikkei lost 0.6 percent, the Hang Seng gained 0.6 percent, and the Shenzhen fell 0.6 percent.

OIL/ENERGY

-U.S. crude prices are up and at the $66 a barrel level.

-Gasoline prices are at $3.17 a gallon, national average.

PARAMOUNT PAYOFF

-CBS parent Paramount Global (PARA) has agreed to pay $16 million upfront and as much as $30 million to settle President Trump's lawsuit against 60 Minutes for its deceptive editing of its interview with Kamala Harris last year. Paramount shares are flat in the premarket.

CLOTHES WARS

-Lululemon (LULU) is suing Costco (COST), alleging that the discount chain is stealing its clothing designs. Lululemon shares are up 1 percent in the premarket. Costco shares are flat.

BANK BOOM

-JPMorgan Chase (JPM) is increasing its quarterly dividend to $1.50 per share and announcing a $50 billion share buyback program. Its shares are up slightly in the premarket. Other large banks, including Goldman Sachs (GS) and Citigroup (C) also boosted their dividends and their shares are also up slightly in the premarket.

SICK NUMBERS

-Managed care giant Centene (CNC) says it's seeing lower enrollment rates in health insurance marketplaces in several states. The news is forcing the company to withdraw its full year earnings guidance. Centene shares are plummeting 31 percent lower in the premarket.