Jake’s Takes
Jake’s Takes Podcast
Jake Novak's Morning Business Briefing, 6/23
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Jake Novak's Morning Business Briefing, 6/23

Iran to block Strait of Hormuz after US ...

STOCKS/ECONOMY

-Stock futures are lower as investors are eyeing the results of the U.S. attack on the Iranian nuclear sites Saturday night. The markets have turned lower in response to oil prices turning higher after crude trading was actually trending downward during most of the overnight hours.

-The yield on the 10-year Treasury bond is down to 4.34 percent.

-Gold is at the $3,393 per ounce level. Bitcoin is at the $101,200 level after falling below the $100,000 level overnight.

-Asian markets closed mostly higher. The Hang Seng rose 0.7 percent, the Shenzhen gained 0.4 percent, and the Nikkei lost 0.1 percent.

OIL/ENERGY

-U.S. crude prices are flat and at the $73 a barrel level.

-Gasoline prices are up to $3.22 a gallon, which is still only 3 cents higher than a month ago today.

-Iran's parliament has authorized the closing of the crucial Strait of Hormuz in the Persian Gulf in response to the U.S. attack on the regime's nuclear sites. But Iran has made similar authorizations more than 20 times since 1979, and never carried it out.

SPENDING DATA

-JPMChase Bank analysts say their data shows U.S. consumer spending remains steady so far this month, even as investors expect slowdowns to come soon.

INSURANCE WARS

-The top U.S. health insurance companies say they have voluntarily decided to speed up the process for prior approval patients often need to get before having certain procedures done. Shares of UnitedHealth Group (UNH). CVS Health (CVS), Cigna (CI), and Humana (HUM) are all flat in the premarket.

WEIGHT LOSS WARS

-Novo Nordisk (NVO) will no longer supply Wegovy to Hims and Hers Health (HIMS) because Novo Nordisk objects to Hims continuing to sell copycat weight loss injectables. Hims shares are down 23 percent in the premarket. Novo Nordisk shares are down 7 percent.

DEALS/NO DEALS

-Bank of New York Mellon (BONY) is reportedly talking to Northern Trust Bank about a merger. Northern Trust shares are up 6 percent in the premarket.

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