Morning Brief

What to watch today: S&P 500 looks to add to Friday's record high close

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BY THE NUMBERS

U.S stock futures were mixed Monday after the S&P 500 closed at another record high Friday and had its best weekly gain since February. The Nasdaq, which dipped Friday from a record close the previous session, logged its best week since April. The Dow rose Friday, now within 1% of its latest record close in early May. The 30-stock average had its best weekly advance since March. (CNBC)

Investors look ahead to the second half of the year as the second quarter ends Wednesday. Ahead of the new week, the S&P 500 was up nearly 14% in 2021; the Dow was up 12.5% in 2021; and the Nasdaq was up 11.4% in 2021. (CNBC)

The 10-year Treasury yield ticked lower Monday, trading around 1.51%, with the government's latest monthly employment report, set for release this coming Friday, ending a busy week of economic data. Economists expect 683,000 nonfarm payrolls were created in June as the nation's unemployment rate dipped to 5.7%. (CNBC)

* Americans leaving unemployment rolls more quickly in states cutting off benefits (WSJ)
* Where unemployment benefits were cut, jobs are still hard to fill (NY Times)
* During Covid recession, most Americans got richer: Especially the rich (WSJ)

IN THE NEWS TODAY

It looks like the bipartisan infrastructure deal is back on track. Sen. Rob Portman, R-Ohio, said Sunday the compromise agreement can move forward, following President Joe Biden's clarification that he'll sign the measure even if it comes without a second package of Democratic priorities. The president had said last week that he'd refuse to sign the deal unless the two bills came in tandem. (CNBC)

Boeing (BA) is unlikely to receive certification for its 777X long-range aircraft until mid-to-late 2023 at the earliest. That's according to a letter from an FAA official to Boeing that was obtained by CNBC, saying there were numerous technical issues that needed to be resolved. Boeing, a Dow component, fell 1% in Monday's premarket.

Johnson & Johnson (JNJ) has agreed to a $230 million settlement with New York state, which bars the health-care company from promoting opioids. J&J confirmed that it's ended distribution of such products within the U.S. J&J has not marketed opioids in the U.S. since 2015 and fully discontinued the business in 2020. The Dow stock rose 0.5% in premarket trading. (CNBC)

Nine people are confirmed dead and 152 are unaccounted for as search and rescue operations continued Sunday evening almost four full days after a 12-story condominium building collapsed in Florida. The families of the missing were allowed to privately visit the site in Surfside, outside Miami, for the first time Sunday. (AP)

Covid protection from the two-shot Pfizer (PFE) and Moderna (MRNA) vaccines could last for years, a detailed look at immune responses suggests. Researchers at Washington University School of Medicine in St. Louis found evidence that the immune response to such vaccines was both strong and potentially long-lasting. (NY Times & Press Release)

* FDA adds warning about risk of rare heart inflammation to Pfizer, Moderna shots (CNBC)
* CDC says roughly 4,100 people hospitalized or died with infections after vaccination (CNBC)
* N.C.'s first Covid vaccine lottery winners expected to be announced Monday (WXII12)

"F9," the latest installment in the "Fast and Furious" franchise, topped the North American weekend box office with $70 million in ticket sales. That the most of any movie released in the wake of the pandemic. The previous Covid-era record holder was "A Quiet Place Part II," which opened in May with just under $50 million on its debut weekend. (CNBC)

In another sign of live entertainment's rebirth, Bruce Springsteen returned to Broadway this weekend. Springsteen had ended his residency there in December 2018 after 236 performances, but was persuaded to return for a summer's encore ahead of most Broadway shows coming back in September. (AP)

STOCKS TO WATCH

Intellia Therapeutics (NTLA) shares surged more than 50% in the premarket after the Massachusetts-based company and partner Regeneron (REGN) announced positive results in a phase 1 study of a gene-editing treatment for a disease called transthyretin amyloidosis. Regeneron shares gained 1.6%.

Two other companies involved with the same gene-editing technology also rallied in Monday's premarket, with Crispr Therapeutics (CRSP) soaring over 13% and Editas Medicine (EDIT) jumping 17%.

House lawmakers announced an inquiry into the process that approved Biogen's (BIIB) Alzheimer's treatment as well as its pricing. Biogen told Reuters it would cooperate with any inquiries it received from lawmakers. Biogen shares fell 1% in the premarket.

Tesla (TSLA) is virtually recalling nearly 300,000 cars to implement a software update related to assisted driving. The owners will not actually have to return the vehicles in order to receive the update.

Nvidia (NVDA) received support for its planned $40 billion takeover of ARM from some of the U.K. chip maker's major customers, according to a report in the Sunday Times. The public display of support comes from Broadcom (AVGO), Marvell (MRVL) and MediaTek.

Perion Network (PERI) shares surged nearly 10% in the premarket after the advertising technology firm reported upbeat second-quarter earnings and increased its full-year forecast.

MicroStrategy (MSTR) shares gained 3.3% in premarket trading, continuing to trade in sync with bitcoin. – The business analytics firm has several billion dollars of the cryptocurrency on its books.

MetLife (MET) received an offer from Netherlands-based insurer NN Group for some of MetLife's European businesses, though NN did not say which businesses were involved or how much it had offered.

Ocwen Financial (OCN) and Joann (JOAN) will be included in the small-cap Russell 2000 index as of today. Ocwen is a mortgage origination and servicing company. Joann is an arts and crafts retailer.