Paramount Shares Jump as Barry Diller Becomes Streamer’s Latest Bidder
5 Things to Know Before the Stock Market Opens
Salesforce Investors Vote Against CEO Benioff’s Pay Plan
U.S. stock futures are falling after the Nasdaq Composite reached a record high on Monday. Here's what investors need to know today:
1. Tesla to Issue Highly Anticipated Q2 Deliveries Figures
Tesla (TSLA) shares are down nearly 2% in premarket trading, retracting some of Monday's gains. The EV giant is set to report its second-quarter deliveries today, with current consensus from Visible Alpha estimating just under 439,000 deliveries, up from nearly 387,000 in the first quarter. China’s EV manufacturers Nio (NIO), Li Auto (LI), and XPeng (XPEV) have all posted solid monthly and quarterly delivery gains, with Nio announcing a record monthly high for June.
2. Paramount Shares Jump as Barry Diller Becomes Streamer’s Latest Bidder
Paramount Global (PARA) shares are up 3% in premarket trading following a report that billionaire Barry Diller is exploring a bid to take control of the entertainment giant. Diller’s digital-media conglomerate, IAC, has signed nondisclosure agreements with National Amusements, Paramount’s controlling shareholder. This development comes after Paramount’s deal with Skydance Media fell apart last month.
3. Investors Look to Powell Speech, JOLTS Data for Rate-Cut Clues
Investors are anticipating two key events for clues on the Federal Reserve's rate cut plans. Fed Chair Jerome Powell is speaking at the ECB Forum on Central Banking in Portugal. Additionally, the Job Openings and Labor Turnover Survey (JOLTS) data, expected at 10 a.m. ET, is forecasted to show job openings in May decreased to 7.9 million from 8.1 million in April.
4. Salesforce Investors Vote Against CEO Benioff’s Pay Plan
Salesforce (CRM) investors have voted against the compensation plans for CEO Marc Benioff and other top executives, following complaints from shareholder advisory groups about high equity awards. Benioff earned $39.65 million in total compensation for fiscal 2024, a 32% year-over-year increase. Despite the board's recommendation to approve the compensation plan, shareholder advisory firms Glass Lewis and Institutional Shareholder Services had advised voting against it. Salesforce shares are down nearly 1% in premarket trading.
5. Cruise Operators Fall Further as Beryl Becomes Earliest Atlantic Category 5 Hurricane
Shares of cruise operators continue to decline in premarket trading after Beryl was upgraded to a Category 5 hurricane, the earliest such hurricane in the Atlantic. Beryl’s upgrade has caused ships to reroute, indicating a potentially dangerous hurricane season. Shares of Royal Caribbean (RCL), Carnival (CCL), and Norwegian Cruise Line (NCLH) are all lower after substantial declines on Monday.
Conclusion
As U.S. stock futures fall, investors are closely monitoring key developments, including Tesla's Q2 delivery figures, Paramount's potential acquisition, Powell's speech, Salesforce's executive pay dispute, and the impact of Hurricane Beryl on cruise operators. These events will likely set the tone for today's trading session and could have significant implications for market trends in the coming weeks.