Stock futures slip, oil prices fall
BY THE NUMBERS
Futures contracts for the Dow Jones Industrial Average and S&P 500 were pointing to a negative open for the stock market on Monday morning. Those averages closed at record highs on Friday after the July jobs report was stronger than expected. Futures for the Nasdaq 100 edged up 0.1%.
The 10-year Treasury yield was down slightly on Monday morning, trading near 1.28%. The key rate jumped above 1.3% on Friday following the jobs report. The return has been volatile recently and was trading near 1.13% less than a week ago. Yields move inversely with prices. (CNBC)
Oil prices fell sharply on Monday morning as public health restrictions in China and other Asian countries fueled concerns about global economic growth. Futures on West Texas Intermediate crude, which has traded above $ 70 a barrel in recent weeks, were below $ 66 a barrel on Monday. (CNBC)
Berkshire Hathaway’s operating profit jumped 21% in the second quarter, supported by the recovery in energy and rail businesses. Warren Buffett’s company also repurchased $ 6 billion of its own shares during the quarter. Berkshire now has $ 144 billion in cash. (CNBC)
* Warren Buffett’s winning stock portfolio is focused on just 4 stocks. This is what they are (CNBC)
Bitcoin continued to climb, climbing back above $ 45,000 on Monday morning. Cryptocurrencies received a boost last week when a group of senators introduced an amendment to the infrastructure bill that would clarify the rules regarding tax reporting requirements for crypto companies and individuals. (CNBC)
IN THE NEWS TODAY
A United Nations report on climate change warned that the current situation is “a code red for humanity”. The group of scientists warned the world needed rapid, widespread and carbon-free energy to prevent global temperatures from rising more than 1.5 degrees, which is seen as a key tipping point for the world. Global warming. (CNBC)
A federal judge has said that Norwegian Cruise Line Holdings (NCLH) may require Florida passengers to show proof of vaccination before boarding a ship, at least temporarily blocking new state law. The preliminary injunction is expected to allow Norwegian to enforce vaccine requirements when it resumes travel from Florida later this month. (CNBC)
* The world is far from the end of the pandemic, according to famous epidemiologist Larry Brilliant (CNBC)
* CDC reversal on masks changed the way companies view the delta variant, profit calls show (CNBC)
Melissa DeRosa, a top aide to New York Gov. Andrew Cuomo, has resigned amid growing calls for the governor’s resignation. The state attorney general alleged in a report last week that Cuomo sexually harassed 11 women. Cuomo has denied the allegations. (NBC News)
Lawsuits against specialist acquisition companies are on the rise after the investment structure has exploded in popularity over the past year. There have been 15 SPAC class actions so far this year, up from just five in 2020, according to data from Woodruff Sawyer. (CNBC)
Alibaba (BABA) fired an official accused of sexual harassment on the company’s intranet. Alibaba CEO Daniel Zhang said in a letter to employees that the manager admitted to behaving inappropriately with drunk employees and that he “would never be rehired.” (CNBC)
STOCKS TO MONITOR
Dish Network (DISH) broke upper and lower earnings estimates in its second quarter earnings report. The company said it suffered a net loss of 67,000 pay-TV subscribers in the quarter, a smaller drop than in the same period last year.
Tyson Foods (TSN) reported earnings of $ 2.70 per share for the second, more than $ 1 ahead of estimates. The food business’s revenue also exceeded expectations, and sales grew more than 24% year-on-year.
Sanderson Farms (SAFM) has agreed to a deal to buy Cargill and agricultural investment firm Continental Grain for $ 4.5 billion. The trade price is at a premium of around 11% from the stock’s close on Friday.
DraftKings (DKNG) continued to be active in the acquisitions business, announcing a deal with Golden Nugget Online Gaming (GNOG) for approximately $ 1.6 billion.
US Foods (USFD) exceeded estimates for adjusted earnings per share and revenue in its second quarter report. The company said organic checkout volume jumped 50% year-over-year as the restaurant recovery gained momentum.