Top brass chopped

BEFORE THE OPEN

Markets:

Stock futures slightly up Monday night, as investors anticipate next economic data batch and end of June/Q2.

• Dow futures added 41 points (0.1%), S&P 500 and Nasdaq-100 futures each gained around 0.2%.

• This comes after a Wall Street downturn; Nasdaq fell nearly 1.2% with profit-taking on tech stocks.

• Tesla down 6%, Nvidia, Alphabet, and Meta Platforms all more than 3% lower.

• S&P 500 dropped about 0.5%, Dow closed slightly lower, marking its sixth consecutive negative session - longest since September 2022.

• Despite downturn, S&P 500 and Nasdaq set to end June over 3% higher, Dow eyes nearly 2.5% monthly advance.

• Russell 2000 marginally up by 0.09% Monday.

• Investors eyeing Tuesday's data on home sales, durable goods, consumer confidence, and Walgreens' quarterly earnings.

• Russian developments also watched after weekend rebellion.

EARNINGS

What we’re watching this week:

• Today: Walgreens Boots Alliance (WBA), Jefferies (JEF)

• Wednesday: General Mills (GIS), Micron (MU)

• Thursday: Acuity Brands (AYI), McCormick (MKC), Nike (NKE), Rite Aid (RAD)

• Friday: Constellation Brands (STZ)

• Next week’s calendar here

NEWS BRIEFING

• Biden to announce $42 billion to expand high-speed internet access (more)

• Aborted mutiny sends volatile Rouble to 15-month low (more)

• Wall Street slips as investors eye Russia, Fed hikes (more)

• Deutsche Bank tells investors some of their Russian shares are missing (more)

• Microsoft CEO Nadella said last year goal to hit revenue of $500 billion by 2030 (more)

• Alphabet bets on lasers to deliver internet in remote areas (more)

• Netflix quietly axes its basic plan in Canada (more)

• Legacy media companies face dark times as failures mount, Netflix rises again (more)

• Salt Lake City ups the ante in bid to become a fintech hub (more)

• Pfizer scraps one weight loss drug in race to develop Ozempic rival (more)

• Goldman Sachs plans to lay off 125 managing directors worldwide (more)

• AMD doubling down OonAI chips (more)

• Unicorn social app IRL to shut down after admitting 95% of its users were fake (more)

• Honda recalls 1.2 million vehicles (more)

• Lincoln Educational Services to join the Russell 3000 index (more)

• Japan CPI inflation higher than expected in May (more)

• European business activity slows in June as higher interest rates begin to bite (more)

• Sweden sees 'cause for concern' on retailer margins as food prices surge (more)

DEALFLOW

• Ryan Reynolds and RedBird Capital to invest in Alpine F1 team (more)

• IBM confirms agreement to acquire Apptio for $4.6B (more)

• Ares Management acquires $3.5B lender finance portfolio from PacWest Bancorp (more)

• Nordson to Acquire Arag, At EV of €960M (more)

• UnitedHealth Seals All-Cash Deal to Buy Amedisys (more)

• Blackstone weighing offers for Bellagio casino stake (more)

• Prologis to buy industrial properties from Blackstone for $3.1 billion (more)

• Berkshire Hathaway sells $86.3 million worth of shares in China's BYD (more)

• Software company Enfusion draws takeover interest from private equity, Irenic Capital (more)

CRYPTO

• Binance eyes United Arab Emirates as ‘focal point’ for future operations (more)

• Russians Appeared to Seek Refuge in Crypto During Wagner Revolt (more)

• Ethereum Price Finally Breaks Above the $1,750 Resistance (more)

• NEAR Foundation Partners With Alibaba Cloud to Accelerate Web3 Growth in Asiap (more)

• Coinbase Credit lends Hut 8 $50M to support Bitcoin treasury (more)

• BlackRock sees institutional adoption of DeFi ‘many years away’ (more)

• BCB Group's CEO departs after failed German Bank merger (more)

• Influencer formerly associated with Azuki postpones NFT drop after plagiarism accusations (more)

• SBF can't subpoena law firm Fenwick & West for documents, U.S. judge rules (more)

• FTX’s New Management Recovers $7 Billion in ‘Substantial Progress (more)

SHARES

Thank you for reading - until tomorrow! -mb