Jake Novak's Morning Business Briefing 7/2
STOCKS/ECONOMY
-Stock futures are lower after Monday's 51-point gain for the Dow, larger 0.3 percent rise for the S&P 500, and a 0.8 percent advance for the Nasdaq. Earnings reports are in focus this morning as the July 4th holiday makes this a short week of trading.
-The yield on the 10-year Treasury bond is down to 4.44 percent.
-Gold is down to the $2,330 per ounce level. Bitcoin is at the $62,700 level.
-Asian markets closed mostly higher today, led by a 1.1 percent rally for the Nikkei. The Hang Seng gained 0.3 percent, but the Shenzhen sold off by 1 percent.
OIL/ENERGY
-U.S. crude prices are up and at the $84 a barrel level; nearly a two-month high.
-Gasoline prices are back up to $3.50 a gallon, national average.
DEALS/NO DEALS
-The Paramount+ streaming arm of Paramount Global (PARA) is reportedly in merger talks with Warner Brothers Discovery (WBD) and possibly others. Paramount shares are up 4 percent in the premarket. Warner Brothers Discovery shares are up slightly.
MOVING AMERICA
-Tesla (TSLA) is set to report its June delivery numbers this morning. Ahead of that report, Tesla shares are down 2 percent in the premarket.
CEO PUSHBACK
-Salesforce (CRM) shareholders have rejected the pay packages of CEO Marc Benioff and other top executives. The vote is not binding, but Salesforce shares are down 1 percent in the premarket.
WEIGHT LOSS WARS
-As more companies enter the injectable weight loss drug market, Novo Nordisk (NVO) has ramped up advertising for its Wegovy brand. The new Wegovy ad campaign was the third-most watched on U.S. TV in June. Novo Nordisk shares are down 3 percent in the premarket.