Here are five things you must know for Tuesday, July 3:
1. -- Global Stocks Steady
U.S. stock futures were higher on Tuesday, July 3, and global stocks steadied after a late-session rally in China lifted equities amid speculation the country's central bank had entered the foreign exchange market in order to support the slumping yuan.
Investors have feared a prolonged trade war with the United States will hamper growth in the world's second-largest economy. The looming impact of tariffs on $34 billion in China-made goods, which go into effect on Friday, July 6, as well as threats by Donald Trump to slap levies on billions more, have reduced investor appetite for Asia stocks and blunted investor sentiment in other markets around the world.
Contracts tied to the Dow Jones Industrial Average
Earnings are expected Tuesday from Acuity Brands Inc. (AYI) .
2. -- Amazon's Prime Day Begins July 16
Prime Day will begin at 3 p.m. ET on July 16 and will run through the July 17. It has been extended to 36 hours from 30 hours last year.
In a press release, Amazon said it will launch more than 1 million deals on Prime Day exclusively for members around the world. Whole Foods, which Amazon acquired in 2017, will be part of the mix this time around. Amazon said Prime members will be offered select deals at its more than 460 Whole Foods Market stores in the U.S.
3. -- Federal Probe of Facebook Now Includes FBI, SEC - Report
A federal investigation into Facebook Inc.'s (FB) sharing of data with political consultancy Cambridge Analytica now involves the FBI, the Securities and Exchange Commission and the Federal Trade Commission, the Washington Post reported, citing people familiar with the official inquiries.
Representatives for the FBI, the SEC and the FTC have joined the Department of Justice in its inquiries about the two companies and the sharing of personal information of 71 million Americans, the newspaper reported, citing five people familiar with the matter.
Facebook discovered in 2015 that Cambridge Analytica, which later worked for the Trump campaign, had obtained Facebook data to create voter profiles. Yet Facebook didn't disclose that information to the public until March.
The questioning from federal investigators centers on what Facebook knew three years ago and why the company didn't reveal it at the time to its users or investors, the Post reported.
"We are cooperating with officials in the U.S., U.K. and beyond," Facebook spokesman Matt Steinfeld told the newspaper. "We've provided public testimony, answered questions, and pledged to continue our assistance as their work continues."
Facebook fell 1.7% in premarket trading.
4. -- Tesla's Top Engineer Leaves the Company
Tesla Inc.'s (TSLA) top engineer, Doug Field, won't be returning to the electric vehicle maker after taking a leave of absence.
"After almost five years at Tesla, Doug Field is moving on. We'd like to thank Doug for his hard work over the years and for everything he has done for Tesla," the company said in a statement to The Wall Street Journal. Field, who served as senior vice president for engineering, had taken a leave of absence in early May.
Tesla announced Monday, July 2, that it had met its goal of producing 5,000 Model 3s in the last week of the second quarter. But to get there, Tesla has been making "on the fly" changes to its Model 3 production lines, including doing some work in a giant makeshift tent that serves as a third assembly line, according to The New York Times.
5. -- Glencore Receives DOJ Subpoena
Glencore PLC (GLNCY) plunged almost 12% in London Tuesday after the world's biggest commodities trader said it received a subpoena from the U.S. Department of Justice seeking documents related to the Foreign Corrupt Practices Act and money laundering statutes.
Glencore said the DOJ subpoena, dated July 2, relates to its business in Nigeria, the Democratic Republic of Congo and Venezuela and covers an 11-year period from 2007 to the present. The Baar, Switzerland-based company said it was "reviewing the subpoena and will provide further information in due course as appropriate."