U.S. Markets Close at 1 p.m. ET for Independence Day Holiday
5 Things to Know Before the Stock Market Opens
Fed Minutes, Jobs, and Service Sector Data Come Ahead of Holiday
1. U.S. Markets Close at 1 p.m. ET for Independence Day Holiday
U.S. financial markets will close early at 1 p.m. ET today ahead of the Independence Day holiday on Thursday. Banks, government offices, and many businesses will be closed. Normal trading hours will resume on Friday, with the highlight being the release of June U.S. employment and wage data.
2. Paramount Global Shares Jump on Reports of Merger Deal with Skydance
Shares of Paramount Global (PARA) are up more than 12% in premarket trading after reports emerged that Skydance Media will pay $1.75 billion to acquire National Amusements, which controls about 77% of Paramount’s voting shares. Skydance will then merge with Paramount. This follows previous attempts by David Ellison’s Skydance to acquire Paramount, which were halted when Shari Redstone ended negotiations last month. On Tuesday, Paramount shares rose 5.7% after news that billionaire Barry Diller's IAC was exploring a bid for the media giant. The potential Skydance deal requires approval by a special committee of Paramount directors.
3. Fed Minutes, Jobs, and Service Sector Data Come Ahead of Holiday
Before the holiday, investors will receive a wave of economic reports, including data on the jobs market, services sector, and updates from the Federal Reserve. The ADP employment report, providing a look at private sector employment, will be released, followed by initial jobless claims, which are typically released on Thursdays. The Purchasing Managers Index (PMI) will reveal the health of the services sector, while factory orders data will give insights into manufacturing. Additionally, New York Fed President John Williams will speak in Europe, and the minutes from the June Federal Open Market Committee (FOMC) meeting will be released, offering updates on inflation, interest rates, and economic conditions.
4. Eli Lilly Shares Move Higher After FDA Approves Alzheimer’s Treatment
Eli Lilly (LLY) shares are edging higher in premarket trading following the FDA’s approval of its Alzheimer’s drug donanemab, marketed as Kisunla. This approval comes after decades of development and recent regulatory delays. Kisunla will compete with Leqembi, an Alzheimer’s treatment from Biogen (BIIB) and Japanese partner Eisai. On Tuesday, shares of Eli Lilly and Novo Nordisk (NVO) declined as President Joe Biden and Senator Bernie Sanders criticized the companies over the costs of their prescription weight-loss drugs.
5. Tesla Shares Rise Further After Q2 Deliveries Beat
Tesla (TSLA) shares are up 2% in premarket trading, continuing to rise after the company reported better-than-expected Q2 deliveries. Tesla delivered 443,956 vehicles in the second quarter, surpassing analyst expectations of around 439,000 deliveries. This follows a 10% jump in Tesla’s shares on Tuesday, reaching their highest level since January. Despite recent gains, Tesla shares remain down about 7% year-to-date.