BY THE NUMBERS
U.S. stock futures were steady Tuesday, one day after Facebook's first close above a $1 trillion market value broadly boosted tech stocks. The S&P 500 and Nasdaq both ended at record highs. However, as energy stocks came under pressure Monday, the Dow broke a two-session winning streak. The 30-stock average was 1.4% away from its record close early last month. (CNBC)
On today's economic calendar, the S&P/Case-Shiller report on April home prices is out at 9 a.m. ET. Economists expect a 14.5% increase in the nation's 20 largest cities. That would be up from 13.5% in March. The Conference Board releases its June consumer confidence index at 10 a.m. ET. (CNBC)
* Treasury yields climb with focus on employment data (CNBC)
Goldman Sachs (GS), Morgan Stanley (MS), JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC) all announced dividend increases after passing the Federal Reserve's latest stress tests. Citigroup was the only one of the six largest U.S. banks to keep its dividend unchanged. (CNBC)
IN THE NEWS TODAY
United Airlines (UAL) unveiled its largest aircraft order ever Tuesday as the carrier charts a path for post-pandemic growth. United plans to buy 200 Boeing Max jets. United ordered 70 a321neos from Europe's Airbus. United expects to add 25,000 union jobs to staff the new jets. Seatback screens and more roomier seats in coach will be central to the new interiors. (CNBC)
* Airport restaurants, TSA offer $1,000 bonuses in hiring scramble (CNBC)
JPMorgan has agreed to buy OpenInvest, a San Francisco-based start-up backed by venture capital giant Andreessen Horowitz and founded by former employees of the Bridgewater Associates hedge fund, CNBC has learned. OpenInvest allows investors to create personalized, dynamic values-based portfolios focused on ESG. (CNBC)
Cathie Wood's Ark Invest is creating a bitcoin exchange-traded fund, according to a filing with the Securities and Exchange Commission. The ETF's investment objective is to track the performance of bitcoin. Ark Invest is working in partnership with 21Shares to launch the ETF. (CNBC)
* Tom Brady admits his ‘laser eyes’ didn’t work on the bitcoin trade (CNBC)
The NBA made a record $1.46 billion in sponsorship revenue in its 2020-21 regular season, according to estimates by IEG, a sports consultancy. The league saw 13 new deals, including one from Microsoft (MSFT). The tech sector helped the league bring in roughly $115 million per year in new spending. (CNBC)
Walmart (WMT) will start to sell a less expensive version of analog insulin to people who do not have health insurance or struggle to afford the drug's cost. The retailing giant has made a bigger push into health care as it tries to leverage its massive reach for new opportunities. It's sought to bring "everyday low price" to medical care. (CNBC)
Juul Labs has agreed to pay North Carolina $40 million and change its business practices in the state in a settlement of a teen marketing lawsuit. The company is currently facing similar lawsuits from at least nine other states. Regulators and health officials have blamed Juul for the popularity of e-cigarettes among teens. (CNBC)
The slow work of sifting through the remnants of a collapsed Florida condo building stretched into a sixth day Tuesday. Just two additional bodies were found Monday, raising the count of confirmed dead to 11. That leaves 150 people still unaccounted for in the community of Surfside, just outside Miami. (AP)
* In collapsed building’s twin, most residents are staying put (AP)
The historic heat wave hitting the Pacific Northwest pushed daytime temperatures Monday into the triple digits, disrupting Olympic qualifying events and breaking all-time high temperature records in places unaccustomed to such extreme heat. (AP)
* Amazon opens cooling center at Seattle headquarters (CNBC)
President Joe Biden is set to travel to Wisconsin on Tuesday, hoping to convince voters of the economic benefits of the new bipartisan infrastructure compromise. The president presented his message to Democratic donors Monday, saying that the $973 billion package "signals to the world that we can function, we can deliver" and that "we can do significant things, show that America is back." (AP)
A new committee to investigate the Jan. 6 insurrection at the U.S. Capitol would have 13 members and the power to subpoena witnesses, according to legislation released by House Speaker Nancy Pelosi. The House is expected to vote on the bill this week. (AP)
STOCKS TO WATCH
UBS cut its price target on Tesla (TSLA) shares to $660 from $730, while maintaining a "neutral" rating, noting increasing competition as well as operational delays. Tesla has dropped more than 20% from its all-time high of $900.40 per share on Jan. 25. The stock was down slightly in Tuesday's premarket.
Herman Miller (MLHR) reported quarterly profit of 56 cents per share, beating estimates of 39 cents a share. The office furniture maker's revenue came in above estimates as well. Herman Miller gave a lower-than-expected earnings forecast, however, and shares fell 4% in the premarket.
Jefferies Financial (JEF) beat Wall Street forecasts for both profit and revenue for its latest quarter, and the financial services firm also announced a 25% dividend increase. Jefferies rallied 3.3% in premarket trading.
XPO Logistics (XPO) announced that its public offering of 5 million common shares was priced at $138 per share, compared to Monday's close of $140.61. The transportation and logistics company plans to use the funds to pay down debt and for general corporate purposes. XPO fell 1.5% in the premarket.
General Electric (GE) named the stock a "top idea," based in part on an upbeat view of GE's cash flow prospects as the industrials sector recovers. Goldman rates GE "buy" with a price target of $16 compared to Monday's close of $12.89. GE rose 1% in premarket trading.