Jake Novak's Morning Business Briefing 6/28
STOCKS/ECONOMY
-Stock futures are higher after Thursday's 36-point gain for the Dow, identical 0.1 percent gain for the S&P 500, and a 0.3 percent advance for the Nasdaq. Investors are responding to a key inflation report this morning and several earnings reports.
-The May personal consumption expenditures price index (PCE), an inflation gauge, came in unchanged from April as expected. The annual rate was 2.6 percent, also as expected.
-The yield on the 10-year Treasury bond is at 4.28 percent.
-Gold is up to the $2,344 per ounce level. Bitcoin is at the $61,500 level.
-Asian markets closed mostly higher today. The Nikkei rose 0.6 percent, while the Hang Seng and the Shenzhen each broke even.
OIL/ENERGY
-U.S. crude prices are up and at the $82 a barrel level.
-Gasoline prices are at $3.50 a gallon, national average.
JUST NOT DOING IT
-Nike (NKE) reported weaker than expected quarterly revenues and lowered forward guidance. Its shares are down 15 percent in the premarket.
DEBATE DEBACLE
-Shares of Trump Media and Technology (DJT), the parent of the pro-Trump Truth Social social media platform, are up 8 percent in the premarket after reviews of President Joe Biden's performance at Thursday night's debate were mostly scathing.
DEALS/NO DEALS
-Nokia is buying networking solutions company Infinera (INFN) for $2.3 billion. Infinera shares are up 18 percent in the premarket.
NFL LOSS
-A federal jury has handed down a $4.7 billion verdict against the NFL, siding with plaintiffs who claimed the Sunday Ticket package is anticompetitive because it forces consumers to pay hundreds of dollars for a product that also includes games they didn’t want, and whose price might be inflated. The NFL says it will appeal.