Here are the most important news, trends and analysis investors need to start their trading day:
1. Stock futures stagnate after Dow hits record highs on Friday
Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
2. US Oil Prices Jump To 6 Year Highs After OPEC + Collapse
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria.
Ramzi Boudina | Reuters
US benchmark West Texas Intermediate crude surpassed $ 76.98 per barrel on Tuesday, its highest price since November 2014. International benchmark Brent was trading around late 2018 highs above $ 77. The moves came after talks between OPEC and its oil-producing allies were postponed indefinitely as the group failed to reach an agreement on production policy for August and beyond. OPEC + took historic action in April 2020 and cut nearly 10 million barrels per day of production in a bid to support prices as demand for petroleum products plummeted at the start of Covid lockdowns.
3. Shares of Chinese tank Didi, less than a week after the US IPO
A trader works during the IPO of Chinese rideshare company Didi Global Inc on the New York Stock Exchange (NYSE) floor in New York, United States, June 30, 2021.
Brendan McDermid | Reuters
Shares of ride-sharing giant Didi Chuxing slumped as much as 25% to less than $ 12 each in pre-market trading on Tuesday, before cutting some of those losses, less than a week after the app was listed. Chinese as a public company on the New York Stock Exchange. Didi valued its IPO at $ 14 per share. The drop comes after China announced Friday night that new users in that country will not be able to download the Didi app while a company’s cybersecurity review is underway. The Didi action is the latest in a high-profile Chinese crackdown on its tech titans after years of relatively weak regulation.
4. Hackers Asking $ 70 Million for Global Ransomware Attack
As many as 1,500 companies worldwide have been affected by a ransomware attack centered on Florida-based information technology company Kaseya. The Russia-linked REvil gang, which extorted $ 11 million from meat processor JBS last month, said it was deciphering all affected machines for $ 70 million in cryptocurrency. President Joe Biden said on Saturday he had ordered a “deep dive” by US intelligence services into the Kaseya breach, warning that the United States would respond if it were to determine the Kremlin’s involvement. A spokesman for Russian President Vladimir Putin said Moscow was not aware of the attack.
5. Amazon has a new boss as Bezos prepares to leave for space
Jeff Bezos handed over the reins of Amazon CEO to cloud boss Andy Jassy on Monday, closing the founder’s monumental race at the head of technological power since its inception in 1994. The action over these 27 years has gained nearly 234,000%. Bezos remains with the company as executive chairman.
The 57-year-old is preparing to channel his energy into other pursuits, including his space company Blue Origin and his planned space trip later this month. Jassy, 53, inherits a booming Amazon business, surpassing $ 100 billion in quarterly sales for the first time in Q4 2020.
– Reuters and The The Bharat Express News contributed to this report. Follow all market actions like a pro on TBEN Pro. Get the latest pandemic news with TBEN’s coronavirus coverage.