STOCKS RISE: Here's what you need to know
REUTERS/Mike Blake
Nike lead the way for the Dow after reporting strong earnings on Thursday, jumping over 10% in trading.
As a reminder, the stock market will be open on Monday until 1 p.m. ET and closed Tuesday for the July 4 holiday.
We've got all the headlines, but first, the scoreboard:
- Dow: 21,401.30, +114.27, (+0.51%)
- S&P 500: 2,427.00, +7.30, (+0.32%)
- Nasdaq: 6,148.25, +3.90, (+0.07%)
- US 10-year yield: 2.302%, (+0.035)
- Trump is considering a 20% tariff on imported steel. The move, reported by Axios, is being considered by Trump along with tariffs on other goods like semiconductors and household appliances. While the tariff is directed primarily at China, White House officials have warned Trump it would likely also impact allies like Germany, Japan, and Canada.
- The Securities and Exchange Commission will allow companies to file IPOs secretly. This would allow all public companies to file confidential draft registration statements prior to initial public offerings, in a move designed to revitalize the IPO market. The new rule will take effect from July 10
- Warren Buffett is now Bank of America's largest shareholder. The investing legend converted his preferred stock into common shares of the bank, netting $12 billion in the process. Buffett is now the largest shareholder of both Bank of America and Wells Fargo.
- The oil rig count declined for the first time in 24 weeks. The oil-rig count fell by two to 756, oilfield-services giant Baker Hughes said in its weekly report on Friday, ending the record streak of increases.
- Blue Apron fell below its IPO price. Shares of the food delivery company fell below its IPO price of $10 a share on Friday. The company's original price range for the IPO was $15 ro $17 a share.
- Senate Republicans still don't have a healthcare deal. Senate Republicans headed home for a week-long recess without coming to an agreement on their bill, named the Better Care Reconciliation Act. This represents another delay for the Trump agenda.
ADDITIONALLY:
Blue Apron has a much bigger problem than Amazon.
Trump's tariff just opened the door to the next global economic crisis
A big question mark is hanging over the hottest trend in investing
KYLE BASS: America's relationship with China just took 'a major step for the worse'
GUNDLACH: Here's the 'critical level' I'm watching for the 10-year
The dollar just had its worst quarter in years, and that's exactly what Trump wants
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- From terrace to table: 8 Edible plants you can grow in your home
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley