July 2 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Wednesday, July 2:
1. -- U.S. stock futures were rising on greater manufacturing activity in the U.S. and China and as the Dow Jones Industrial Average storms toward 17,000.
European and Asian stock s rose on Tuesday. In Tokyo, the Nikkei 225 index gained 0.3%
2. -- The economic calendar in the U.S. on Wednesday includes the ADP National Employment Report for June at 8:15 a.m. EDT, and factory orders for May at 10 a.m.
3. -- U.S. stocks on Tuesday rose with the Dow moving within reach of the historic 17,000-level and the S&P 500 blazing a new intraday record high, both energized by data from Detroit carmakers and signs of a Chinese economy clunking back into gear.
The Dow spiked more than 1%, around 2 points short of 17,000, on Tuesday afternoon before settling 0.77% higher at 16,956.07.
Likewise, the S&P 500 jumped to an intraday record high of 1,978.58 earlier in Tuesday's session but receded to 1,973.32, though still up 0.67%. The Nasdaq surged 1.14% to 4,458.65.
4. -- Jamie Dimon, CEO of JPMorgan Chas e
"I wanted to let you know that I have just been diagnosed with throat cancer," Dimon said in memo sent to employees and shareholders . " The good news is that the prognosis from my doctors is excellent, the cancer was caught quickly, and my condition is curable. Following thorough tests that included a CAT scan, PET scan and a biopsy, the cancer is confined to the original site and the adjacent lymph nodes on the right side of my neck. Importantly, there is no evidence of cancer elsewhere in my body."
Dimon, 58 years old, said he plans to remain on the job and be actively involved in key decisions at the bank while undergoing radiation and chemotherapy treatment. The eight-week treatment will begin soon at Memorial Sloan Kettering Hospital in New York.
"While the treatment will curtail my travel during this period, I have been advised that I will be able to continue to be actively involved in our business, and we will continue to run the company as normal," Dimon said.
5. -- Fidelity Investments told investors outside the U.S. they can't buy mutual funds after July 31.
Fidelity informed about 60,000 customers, or about 0.3% of account holders, of the change in a letter, Stephen Austin, a spokesman, told Bloomberg. The clients won't be forced to sell existing holdings and will still be allowed to reinvest dividends in their funds.
The announcement reflects "a continually evolving global regulatory environment and is not in response to any specific issue, regulatory or otherwise," Austin told Bloomberg.
6. -- Roche subsidiary Genentech agreed to purchase U.S. biotechnology firm Seragon Pharmaceuticals for up to $1.725 billion in cash and contingency payments.