BY THE NUMBERS
U.S. equity futures were flat at the start of the shortened trading week, with U.S. oil prices hitting six-year highs on Tuesday. The Dow Jones, which posted a fourth consecutive positive session on Friday, ended at its first record close since early May. The S&P 500, on a seven-day winning streak, set a new closing record. The Nasdaq also finished Friday with a record close. (CNBC)
* For CNBC Pro subscribers: Biggest analyst calls today include Tesla, Apple, Nvidia, Coinbase
All three stock indexes were higher last week, helped by the better-than-expected June jobs report on Friday. Trading in US stocks was closed on Monday on the occasion of July 4th. Bond yields fell on Tuesday. Gold prices hit a nearly two-week high, dropping back above $ 1,800 an ounce. (CNBC)
U.S. benchmark West Texas Intermediate crude broke above $ 76.98 per barrel on Tuesday, its highest price since November 2014. International benchmark Brent was trading around late 2018 highs above $ 77. These steps came after talks between OPEC and its oil-producing allies were postponed indefinitely. (CNBC)
S&P Oil and Gas ETF gained 1.8% in pre-market, while shares of Occidental Petroleum (OXY) rose 1.9%, shares of ConocoPhillips (COP) rose 1.7 % and shares of APA Corporation (APA) rose 2.2%.
Shares of ride-sharing giant Didi Chuxing slumped as much as 25% to less than $ 12 each in pre-market trading on Tuesday, before cutting some of those losses, less than a week after the Chinese app was listed as a public company on the New York Stock Exchange. Didi valued its IPO at $ 14 per share. (CNBC)
* If you’re going to invest in a Chinese stock, here’s what you need to know (CNBC)
The drop comes after China announced Friday night that new users in that country will not be able to download the Didi app while a company’s cybersecurity review is underway. The Didi action is the latest in a high-profile Chinese crackdown on its tech titans after years of relatively weak regulation. (Reuters)
Intensified rescue effort at collapsed Surfside condo building faced with further delays of the weather when Tropical Storm Elsa began to hit Florida. Research teams can work in the rain. But lightning from previous thunderstorms forced them to suspend operations. Sunday’s demolition gave rescuers access to places previously inaccessible. (PA)
Up to 1,500 companies around the world were affected by a ransomware attack centered on Florida-based information technology company Kaseya. Russia-linked REvil gang, which extorted $ 11 million from meat processor JBS last month, said it would unravel all affected machines for $ 70 million in cryptocurrency. (Reuters)
President Joe Biden said on Saturday that he ordered a “deep dive” by US intelligence on the Kaseya breach, warning that the US would respond if it were to determine the Kremlin’s involvement. A spokesman for Russian President Vladimir Putin said Moscow was not aware of the attack. (PA)
Jeff Bezos handed over the reins of Amazon CEO on Monday to cloud boss Andy Jassy, closing the founder’s monumental race at the head of technological power since its inception in 1994. The action over these 27 years has gained nearly 234,000%. Bezos, 57, remains with the company as executive chairman. (CNBC)
Bezos is preparing to channel his energy into other pursuits, including his space company Blue Origin and his planned space trip later this month. Jassy, 53, inherits an Amazon company that surpassed $ 100 billion in quarterly sales for the first time in Q4 2020 (CNBC)
It won’t be a weekend for the record books, but the July 4th box office of this year is a marked improvement over the 2020 edition. Despite three new national releases, “F9” once again triumphed over the competition and clinched the top spot box office charts. (Variety)
STOCKS TO MONITOR
AMC Entertainment (AMC) said on Tuesday it had filed a proposal that would have asked its shareholders to allow the movie channel to issue up to 25 million additional shares. AMC, which has soared this year in a rally fueled by Reddit, has jumped another 3% in pre-market trading. The stock has gained more than 2,300% so far in 2021.
Chinese regulators have opened an investigation into Boss Zhipin (BZ) and subsidiaries of the Full Truck Alliance (YMM), both of which are listed in the United States. Shares of Boss Zhipin, listed as Kanzhun, fell around 10% early in trading. Shares of Full Truck Alliance plunged about 16% in pre-market. Shares of other Chinese companies traded in the United States also fell, including Baidu (BIDU) and JD.com (JD). (CNBC)
Pfizer (PFE) stock fell around 1% after Israel’s health ministry reports a decrease in efficiency in the Covid vaccine from the US drug maker in the prevention of infections and symptomatic illnesses. However, Israel said Pfizer’s vaccine was still very effective in preventing serious illness. The announcement comes as the highly infectious delta variant is spreading in Israel and around the world. (Reuters)
American Express (AXP) shares gained 2.5% pre-market after Goldman Sachs improved the share to buy from neutral. The company also set a price target of $ 225 per share for American Express, more than 33% above the share’s close on Friday.
Shares of 3M (MMM) edged down early in the session after Credit Suisse lowered industrials’ stock to neutral from outperforming, citing legal issues. “Despite the fundamental upside potential of a cyclical recovery in global IP and possible inventory replenishment, we believe it will be difficult for 3M to regain its premium multiple at this point in the cycle,” said an analyst from Credit Suisse.
Subway is hoping that upgrading its ingredients and mobile app will help bring customers back to the sandwich chain. As of July 13, one day after the closure of all its American restaurants in preparation, the company will offer nearly a dozen new or improved ingredients, as well as 10 revisited or original sandwiches. (CNBC)