NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, July 3:
1. -- U.S. stock futures were trading lower Wednesday and oil prices jumped as Egyptian President Mohammed Morsi vowed not to resign despite the demands of millions of protesters.
Asian stocks ended the session to the downside. Japan's Nikkei 225 index lost 0.3%.
European shares declined amid renewed fears of a collapse of the government in Portugal following the resignations of key ministers.
2. -- The economic calendar in the U.S. Wednesday includes the ADP Employment Change index for June at 8:15 a.m. EDT, weekly initial jobless claims at 8:30 a.m., trade balance for May at 8:30 a.m. and the ISM Services index for June at 10 a.m.
3. -- U.S. stocks on Tuesday declined as the S&P 500 again failed to close beyond its 50-day moving average. The index fell 0.1% to close at 1,614.08. The Dow Jones Industrial Average slumped 0.3%, finishing at 14,932.41, while the Nasdaq was little changed for the session at 3,433.40.
4. -- U.S. stock markets will close at 1 p.m. on Wednesday. Bond markets have been recommended to close at 2 p.m. U.S. markets will be closed on Thursday for the Independence Day holiday in the U.S.
5. -- Michael Dell has been advised to raise his $24.4 billion offer for PC-maker Dell (DELL), the company he founded, as activist investor Carl Icahn said he has secured loans of $5.2 billion to pay for his alternative buyout plan for the company, a report said. Dell's special committee told Michael Dell a few days ago that he should raise his offer if he wants it to succeed, a person familiar with the matter told Reuters. The special committee came to that conclusion based on its meetings with investors as well as concerns over a key upcoming recommendation by investment advisory firm ISS, the person told Reuters.
6. -- Apple (AAPL) hired Paul Deneve, former CEO of French fashion company Yves Saint Laurent, for "special projects" reporting to CEO Tim Cook. "We're thrilled to welcome Paul Deneve to Apple," an Apple spokeswoman said. "He'll be working on special projects as a vice president reporting directly to Tim Cook."
7. -- Yahoo! (YHOO) acquired Qwiki, a mobile app for sharing music, photos and videos, for an undisclosed sum. Yahoo! said Tuesday it will keep the Qwiki application running, and Qwiki's employees will join Yahoo! in its New York office.
8. -- Softbank's $21.6 billion bid for Sprint (S) has won the support it needs from the Federal Communications Commission, the last U.S. regulatory body reviewing the transaction, people familiar with the matter told Bloomberg.
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