July 11 Premarket Briefing: 10 Things You Should Know
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Here are 10 things you should know for Monday, July 11:
1. -- U.S. stock futures were rising Monday and European and Asian shares jumped following a strong U.S. employment report.
Financial stocks, miners and homebuilders boosted markets in London.
Japan's Nikkei 225 soared 3.98% after a victory for the coalition led by Prime Minister Shinzo Abe in Sunday elections for the upper house of the Japanese parliament.
Oil prices in the U.S. fell 1.3% early Monday to $44.81 a barrel.
2. -- The economic calendar in the U.S. Monday includes the Labor Market Conditions Index at 10 a.m. EDT.
3. -- U.S. stocks on Friday closed out the holiday-shortened week with a bang after a blowout jobs report brought relief over the state of the U.S. economy.
The U.S. nonfarm payrolls report showed that 287,000 jobs were added in June, well above economists' expectations of 175,000. The report was the best beat since December 2009.
The S&P 500 gained 1.53% on Friday, reversing all losses suffered over the Brexit selloff. The benchmark index also closed the session near its record high, just a point below its record close of 2,130. The S&P 500 rose above that level during the day.
The Dow Jones Industrial Average added 1.40%, returning to a level above 18,000 and closing at its best level of the year. The Nasdaq climbed 1.64%.
4. -- Tesla Motors (TSLA) - Get Report CEO Elon Musk went on Twitter Sunday to say he's working on another "Top Secret Tesla Masterplan." He said he hoped to publish details this week.
The message echoes an August 2006 blog post, titled "The Secret Tesla Motors Master Plan (just between you and me)," in which Musk unveiled the cars that became the Tesla Model S four-door family car and the Tesla 3 sports sedan.
Tesla and Musk have been hit with a recent string of bad news, in particular a federal investigation into a crash in Florida in May that killed a man after his Model S's cameras failed to detect a turning tractor-trailer and didn't automatically activate the brakes.
5. -- Walmart (WMT) - Get Reportwill offer free shipping with no minimum purchase on all online orders for five days starting Monday, stepping up its battle against Amazon.com's (AMZN) - Get Report "Prime Day" that begins Tuesday.
Amazon expects its second annual Prime Day event on July 12, to be bigger than last year, according to Reuters. Amazon last year generated more sales on Prime Day than on Black Friday.
"We believe saving money every day is better than just one, and that all customers should save, not only some," Walmart said in a statement that directly takes on Amazon's shopping event, which is only for members of Amazon Prime's $99 shipping and digital content service.
6. -- Kinder Morgan (KMI) - Get Report reached a deal to sell a stake in the 7,600-mile Southern Natural Gas pipeline system to Southern Co. (SO) - Get Report for $1.47 billion.
Kinder Morgan said it would use all the proceeds from the transaction to reduce debt.
The sale will help bring the company's ratio of debt to earnings before interest, taxes, depreciation and amortization below the level it has targeted for the year, according to The Wall Street Journal.
The pipeline system connects natural gas supply basins in Texas, Louisiana, Mississippi, Alabama and the Gulf of Mexico to markets in Louisiana, Mississippi, Alabama, Florida, Georgia, South Carolina and Tennessee.
7. -- Ultimate Fighting Championship is expected to announce as soon as Monday that it has sold itself to a group led by the talent giant WME-IMG for about $4 billion, The New York Times reported, citing people with direct knowledge of the matter.
Backing the deal are private-equity companies Silver Lake, Kohlberg Kravis Roberts, and the investment firm of the billionaire Michael S. Dell, according to the Times.
The 23-year-old league shows its fights in more than 156 countries. It also claims millennials are about 45% of its audience, the Times reported.
8. -- Great Britain signed a contract for nine new Boeing (BA) - Get Report P-8A Poseidon military aircraft in the first big deal announced at the Farnborough International Airshow.
The Defense Ministry said the cost of delivering the deal, including paying for training of people, infrastructure and necessary support, will be around 3 billion pounds ($3.88 billion) over the next decade.
Boeing said Monday it planned to work with the U.K. government to build a new 100 million pound ($129 million) support and training base for the aircraft at RAF Lossiemouth in Scotland.
9. -- The Secret Life of Pets, from Illumination Entertainment and Comcast's (CMCSA) - Get Report Universal Pictures, raked in $103.2 million at the box office in the film's opening weekend, according to studio estimates.
Not adjusting for inflation, Pets earned the title of best opening ever for an original animated property. The previous record-holder was Disney and Pixar'sInside Out, which opened to $90.4 million last year.
10. -- Earnings are expected Monday from aluminum giant Alcoa (AA) - Get Report .