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Here are the most important news, trends and analysis investors need to start their trading day:
1. Stock futures stagnate after Dow hits record highs on Friday
Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
2. US oil prices jump to 6-year highs after OPEC + collapse
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria.
Ramzi Boudina | Reuters
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. The moves came after talks between OPEC and its oil-producing allies were postponed indefinitely as the group failed to reach an agreement on production policy for August and beyond. OPEC + took historic action in April 2020 and cut nearly 10 million barrels per day of production in a bid to support prices as demand for petroleum products plummeted at the start of Covid lockdowns.
3. Shares of Chinese tank Didi, less than a week after the US IPO
A trader works during the IPO of Chinese rideshare company Didi Global Inc on the New York Stock Exchange (NYSE) floor in New York, United States, June 30, 2021.
Brendan McDermid | Reuters
Shares of ride-sharing giant Didi Chuxing slumped as much as 25% to less than $ 12 each in pre-market trading on Tuesday, before associating some of those losses, less than a week after the listing listed. Chinese application as a public company on the New York Stock Exchange. Didi valued its IPO at $ 14 per share. 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.
4. Hackers Asking $ 70 Million for Global Ransomware Attack
As many as 1,500 companies worldwide have been affected by a ransomware attack centered on Florida-based information technology company Kaseya. Russia-linked gang REvil, which extorted $ 11 million from meat processor JBS last month, said it was decrypting all affected machines for $ 70 million in cryptocurrency. President Joe Biden said on Saturday he had ordered US intelligence services to “dive deep” into the Kaseya breach, warning that the United States would respond if it was to determine Kremlin involvement. A spokesman for Russian President Vladimir Putin said Moscow was unaware of the attack.
5. Amazon gets new boss faces as Bezos takes to space
Jeff Bezos handed over the reins of Amazon CEO to cloud boss Andy Jassy on Monday, 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 remains with the company as executive chairman.
The 57-year-old 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 a booming Amazon business, surpassing $ 100 billion in quarterly sales for the first time in Q4 2020.
– Reuters and The Associated Press contributed to this report. Follow all market actions like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.
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