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What to Watch Today: Stock Futures Slip, Oil Prices Drop

Andrew Kelly | Reuters

BY THE NUMBERS

Futures for the Dow Jones Industrial Average and the S&P 500 were pointing toward a negative open for the stock market on Monday morning. Those averages closed at record highs on Friday after the July jobs report came in stronger than expected. Futures for the Nasdaq 100 edged higher by 0.1%.

The 10-year Treasury yield was slightly lower on Monday morning, trading near 1.28%. The key rate surged above 1.3% on Friday following the jobs report. The yield has been volatile recently and traded near 1.13% less than a week ago. Yields move inverse to prices. (CNBC)

Oil prices fell sharply on Monday morning as public health restrictions in China and other Asian countries stoked concerns about global economic growth. Futures for West Texas Intermediate crude, which has traded above $70 per barrel in recent weeks, was below $66 per barrel on Monday. (CNBC)

Berkshire Hathaway's operating profit jumped 21% in the second quarter, buoyed by the recovery in energy and railroad companies. Warren Buffett's company also bought back $6 billion of its own stock during the quarter. Berkshire now has a cash pile of $144 billion. (CNBC)

*Warren Buffett's winning equity portfolio is concentrated in just 4 stocks. Here's what they are (CNBC)

Bitcoin continued to climb higher, breaking back above $45,000 on Monday morning. Cryptocurrencies received a boost last week when a group of Senators introduced an amendment to the infrastructure bill that would clarify rules about tax reporting requirements for crypto firms and individuals. (CNBC)

IN THE NEWS TODAY

A United Nations report on climate changed warned that the current situation is "code red for humanity." The group of scientists warned that the world needed a rapid, widespread to carbon-free energy to avoid global temperatures increasing by more than 1.5 degrees, which is seen as a key tipping point for the warming planet. (CNBC)

A federal judged said that Norwegian Cruise Line Holdings (NCLH) can require Florida passengers to show proof of vaccination before boarding a ship, at least temporarily blocking a new state law. The preliminary injunction should allow Norwegian to enforce vaccine requirements when it resumes voyages from Florida later this month. (CNBC)

*The world is nowhere near the end of the pandemic, says famed epidemiologist Larry Brilliant
(CNBC)

*The CDC reversal on masks changed the way companies view the delta variant, earnings calls show (CNBC)

Melissa DeRosa, a top aide to New York Gov. Andrew Cuomo, has resigned amid increasing calls for the governor to step down. The state attorney general alleged in a report last week that Cuomo sexually harassed 11 women. Cuomo has denied the allegations. (NBC News)

Lawsuits directed at special purpose acquisition companies are on the rise after the investment structure boomed in popularity over the past year. There have been 15 class action suits against SPACs so far this year, compared to just five in all of 2020, according to data from Woodruff Sawyer. (CNBC)

Alibaba (BABA) fired a manager accused of sexual harassment on the company's intranet. Alibaba CEO Daniel Zhang said in a letter to employees that the manager admitted to inappropriate behavior with inebriated female employees and will "never be rehired." (CNBC)

STOCKS TO WATCH

Dish Network (DISH) beat estimates on the top and bottom lines for its second-quarter earnings report. The company said it had a net loss of 67,000 pay-TV subscribers during the quarter, a smaller decline than during the same period last year.

Tyson Foods (TSN) reported earnings of $2.70 per share for the second, more than $1 ahead of estimates. The food company's revenue also came in above expectations and sales were up more than 24% year over year.

Sanderson Farms (SAFM) agreed to a buyout deal from privately-held Cargill and agriculture investment firm Continental Grain for $4.5 billion. The deal price is at a premium of about 11% from where the stock closed on Friday.

DraftKings (DKNG) continued to be active in the acquisition business, announcing a deal to Golden Nugget Online Gaming (GNOG) for about $1.6 billion.

US Foods (USFD) topped estimates for adjusted earnings per share and revenue in its second quarter report. The company said organic case volume jumped 50% year over year as the restaurant recovery gained steam.

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