Here are the top news, trends, and analysis investors need to start their trading day:
1. Stock futures flat after Dow entered the records on Friday
Traders work on the trading floor of the New York Stock Exchange.
Brendan McDermid | Reuters
2. US oil prices jump to 6-year highs after the collapse of OPEC +
The OPEC logo before an informal meeting between members of the Organization of Petroleum Exporting Countries (OPEC) in Algiers, Algeria.
Ramzi Boudina | Reuters
The US benchmark West Texas Intermediate crude topped $ 76.98 a barrel on Tuesday, its highest price since November 2014. The international benchmark Brent crude traded 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 policies for August and beyond. OPEC + took historic measures in April 2020, removing nearly 10 million barrels per day of production to prop up prices as demand for petroleum products plummeted in the early days of the Covid lockdowns.
3. Shares in China’s Didi tank less than a week after the US IPO
A trader works during the IPO of the Chinese ride-hailing company Didi Global Inc on the floor of the New York Stock Exchange (NYSE) in New York City, the United States, June 30, 2021.
Brendan McDermid | Reuters
Ride-hailing giant Didi Chuxing’s shares plunged up to 25% to below $ 12 each in pre-trading on Tuesday, before some of those losses less than a week after the Chinese app was listed as a publicly traded company on New York Stock Exchange were offset. Didi has pegged its IPO at $ 14 per share. Fall comes after China announced late Friday that new users in that country will not be able to download the Didi app while a cybersecurity review is in progress on the company. The Didi action is the latest in a high-profile Chinese crackdown on its tech titans after years of relatively little regulation.
4. Hackers demand $ 70 million for global ransomware attacks
Up to 1,500 companies around the world have been affected by a ransomware attack on Florida-based information technology company Kaseya. Russia-affiliated gang REvil, which extorted $ 11 million from meat processor JBS last month, said they would decrypt all affected machines for $ 70 million in cryptocurrency. President Joe Biden said Saturday that he had ordered US intelligence to take a “deep look” into the Kaseya break-in and warned the United States if they discovered Kremlin involvement. A spokesman for Russian President Vladimir Putin said Moscow was unaware of the attack.
5. Amazon gets a new boss while Bezos prepares to take off for space
Jeff Bezos handed over the reins of Amazon CEO to Cloud CEO Andy Jassy on Monday, crowning the founder’s monumental run, who has led the tech powerhouse since it was founded in 1994. The stock has gained nearly 234,000% in those 27 years. Bezos will remain with the company as Executive Chairman.
The 57-year-old is preparing to redirect his energies to other destinations, including his space company Blue Origin and his planned trip into space later this month. Jassy, 53, inherits a company from Amazon that is well on its way to surpassing $ 100 billion in quarterly revenue for the first time in the fourth quarter of 2020.
– Reuters and The Associated Press contributed to this report. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.
