The S&P 500 futures are flat, Nasdaq 100 futures are up 20 points (0.1% above fair value), and Dow Jones Industrial Average futures are down 24 points (0.1% below fair value).
Stock futures are mixed. Investors are cautious after the holiday break and before the June Employment Report release at 8:30 ET. Some big names are trading higher, giving a boost to the broader market.
Treasury yields are down ahead of the jobs report. The 2-year note yield is down to 4.68%, and the 10-year note yield is down to 4.33%.
In other news, Keir Starmer's Labour Party won the UK snap elections, and Prime Minister Sunak resigned.
In corporate news:
- Tesla (TSLA 251.25, +4.84, +2.0%): Added to a Chinese local government's list of EVs allowed for public purchase. CEO Elon Musk halts talks with India over investments.
- Nvidia (NVDA 128.48, +0.20, +0.1%): Expected to sell $12 billion in AI chips in China in 2024.
- Elevance Health (ELV 531.00, +0.61, +0.1%): Digital pharmacy sent out incorrect prescriptions.
- Macy's (M 19.20, +1.27, +7.1%): Arkhouse Management raises bid for Macy's.
- Coinbase (COIN 214.98, -9.96, -4.4%): Dropping premarket after Bitcoin briefly fell below $55,000.
Reviewing overnight developments:
Today's News
Christopher Furlong/Getty Images News 14 years of Conservative rule have ended in the U.K. after the Labour Party won the U.K. general election by a landslide, with Keir Starmer becoming the new prime minister. He's been given a major mandate with 411 seats out of 650 in parliament, picking up 211 seats in the latest vote, according to the last exit polls. It's a big shift for Britain's political landscape, which has dealt with a tumultuous decade that has included Brexit, a cost-of-living crisis following COVID and the war in Ukraine, as well as four Tory prime ministers in the past five years. Major turnaround: Labour suffered its worst election result in nearly a century in 2019, but it has since made inroads with the general public dealing with a sluggish economy and strained public services. The loss also reflects diminishing confidence in the Conservative Party, which has seen its
Zhang mengyang/iStock via Getty Images Tesla (TSLA) traded higher on Friday amid reports that several state-owned entities in Shanghai have placed orders for Model Y crossovers as part of the city's efforts to optimize the business environment and demonstrate equal treatment for domestic and foreign companies. State-owned enterprises, including Chengtou Xinggang Group and Lingang Investment Holding Group, have recently purchased a number of Tesla Model Ys as service vehicles for corporate use, according to the Lingang investment promotion service center. The official statement indicated that the purchases were the Lingang special area's response to implementing equal treatment of domestic and foreign enterprises in government procurement activities. Local media reports also indicated that Tesla (TSLA) cars have been made eligible for a Chinese local government purchase list. Wedbush Securities thinks the electric vehicle maker saw a "mini rebound" in the June quarter in China. Analyst Dan Ives pointed to momentum with
peterschreiber.media/iStock via Getty Images Stock futures were largely unchanged a day after the Independence Day holiday as investors awaited a significant jobs report. Here are some of Friday's biggest stock movers: Biggest stock gainers Macy's (M) shares rose 3% after an investor group led by Arkhouse Management and Brigade Capital Management upped their takeover bid for the second time to $24.80 per share, valuing the company at about $6.9B, according to sources familiar with the matter cited by the Wall Street Journal. This revised proposal targets acquiring Macy's (M) shares not already owned by the investor group, following rejections of their prior offers of $24 in March and $21 in December. Biggest stock losers Crypto-related stocks were tumbling as Bitcoin (BTC-USD) extended its losses for the fourth consecutive trading session. Bitcoin, the largest cryptocurrency, fell nearly 6% to $54,300 just before the planned $9B payout to users of the defunct
Vertigo3d/iStock via Getty Images Bitcoin (BTC-USD) continued to slump on Friday as it dropped below $56K, its lowest levels in over four months. The sell-off comes after defunct Japanese exchange Mt. Gox started its payout process. Early on Friday, the company said it has started to repay its customers in Bitcoin and Bitcoin Cash. Media reports suggested the payout includes about $9 billion worth of tokens. The cryptocurrency fell 3.3% to $55.1K as at 6:44 am ET. The world's largest cryptocurrency slump continued after it had dropped 5% in intraday trading on Thursday amid concerns of Mt. Gox distributing a large amount of BTC to its creditors, and the German government moving its stash of BTC to crypto exchanges. Friday makes the fourth consecutive session of losses for BTC. The drop in BTC price also pulled down crypto-linked stocks in premarket trade: Marathon Digital (MARA) -6.3%, CleanSpark (CLSK) -5.4%, Coinbase
Andy Feng/iStock Editorial via Getty Images EV-maker NIO (NIO) said that Mr. Steven Wei Feng has tendered his resignation as the CFO for personal and family reasons, effective July 5, 2024. The board of directors approved to concurrently promote the company's senior VP of Finance, Mr. Stanley Yu Qu, as the new CFO. Prior to joining NIO (NIO), Mr. Qu held various financial leadership roles at leading multinational companies, including Lear Corporation and Johnson Controls. The stock price traded 2.46% lower to $4.87 on Friday during pre-market hours of trading. More on Nio NIO: It's Getting Interesting NIO Stock: Slam The Brakes On This No-Moat EV Operator NIO: Growth At All Costs May Not Last
Siriporn Lin/iStock via Getty Images MediWound (MDWD) soared 40% in premarket trading amid a report that Solventum (SOLV) made a $34 a share offer for the company. The management of MediWoud (MDWD) is said to be evaluating the offer, according to a report from Israel's The Marker earlier this week. The offer represents a 118% premium to MediWound's closing price on Tuesday. MediWound and Solventum didn't immediately respond to Seeking Alpha's email request for comment. More on MediWound MediWound Ltd. (MDWD) Q1 2024 Earnings Call Transcript MediWound Q1 2024 Earnings Preview Seeking Alpha’s Quant Rating on MediWound Historical earnings data for MediWound Financial information for MediWound
RiverNorthPhotography HBC confirmed on Friday that will it acquire Neiman Marcus Group for $2.65 billion. The combination of Neiman Marcus with the company that already owns Saks Fith Avenue is expected to fuel growth and benefit customers, brands, and employees by meeting the increasing demands of the rapidly evolving luxury retail industry. After the transaction closes, HBC will establish Saks Global, a combination of world-class luxury retail and real estate assets, including Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, each of which will continue operations under their respective brands. Saks Global was highlighted as being well positioned to meet customers’ increasing demands for a highly personalized, seamless experience with greater opportunities for product discovery across all channels. "We're thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman,” said Richard Baker, HBC Executive Chairman and CEO.
Drew Angerer/Getty Images News Morgan Stanley weighed in on NIO's (NIO) announcement from earlier on Friday that Chief Financial Officer Steven Wei Feng has resigned for personal reasons, to be replaced by Senior Vice President Stanley Yu Qu. Analyst Tim Hsiao noted that C-level change is rarely positive news, but added that NIO's (NIO) sound operation as of late should help to ease market concern and thus prevent any panic knee-jerk reaction. "We don't expect this change to disrupt NIO's current operation or future fund-raising plans... Our recent channel checks suggest NIO's orders have been steady at a ~5k weekly run rate. With improving mix/scale and reduction in promotions for certain models, we expect 2Q GPM to meet the company's guidance of double digits, or our expectation of low teens." In addition, Morgan Stanley thinks the Onvo L60 remains a more crucial stock catalyst for NIO (NIO) as more feedback
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