Advertisement
U.S. markets open in 8 hours 18 minutes
  • S&P Futures

    5,282.75
    +17.50 (+0.33%)
     
  • Dow Futures

    39,817.00
    +137.00 (+0.35%)
     
  • Nasdaq Futures

    18,516.75
    +67.75 (+0.37%)
     
  • Russell 2000 Futures

    2,102.70
    +10.10 (+0.48%)
     
  • Crude Oil

    80.98
    -0.64 (-0.78%)
     
  • Gold

    2,176.90
    -0.30 (-0.01%)
     
  • Silver

    24.58
    -0.05 (-0.19%)
     
  • EUR/USD

    1.0832
    -0.0004 (-0.03%)
     
  • 10-Yr Bond

    4.2340
    0.0000 (0.00%)
     
  • Vix

    13.24
    +0.05 (+0.38%)
     
  • GBP/USD

    1.2616
    -0.0013 (-0.10%)
     
  • USD/JPY

    151.7030
    +0.1910 (+0.13%)
     
  • Bitcoin USD

    70,285.71
    -258.02 (-0.37%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,930.96
    +13.39 (+0.17%)
     
  • Nikkei 225

    40,834.92
    +436.89 (+1.08%)
     

Income jumps but spending flat; Microsoft's new OS; High priced drugs under scrutiny

It wasn't "sell in May and go away" for Wall Street as the S&P 500 (^GSPC) begins June following a 1% gain last month.

On investors' radar this morning, a Commerce Department report showing a better-than-expected 0.4% gain in personal income in May, although personal spending came in unchanged, short of economists' forecasts.

Yahoo Finance Senior Columnist Michael Santoli feels the market would prefer seeing American consumers ramping it up a bit right now.

"This lends some credence to the idea that people are not eager to spend what wage gains they are actually booking," he says.  "People want to see a pickup in economic growth in the second quarter.  The market does not want to see weak data right now because they think the Fed wants to move (on an interest rate hike)."

Get the Latest Market Data and News with the Yahoo Finance App

Intel/Altera deal is official

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.

Altera (ALTR) shares are soaring in early trading.  It's official. Intel (INTC) is buying its smaller rival for about $16.7 billion in cash, or $54 a share, putting an end to the two month takeover drama.  Shares of Intel are also on the move on the news.

Related: Intel buys Altera; Bristol-Meyers drug combo promising; Microsoft Windows 10 date

Microsoft (MSFT) shares also grabbing headlines. The tech giant announced it will release its new Windows 10 operating system on July 29th. Microsoft will offer free upgrades for users with Windows 7 and Windows 8.1.

Visa (V) and MasterCard (MA) are in focus this morning. Starting today foreign credit card companies will be allowed to process domestic Chinese payments, tapping into the $73 trillion market, which was dominated by China's state-backed UnionPay.

Bristol-Meyers Squibb (BMY) shares are higher in early trading after clinical trials showed that combining two of the Bristol-Meyers' immune-boosting medicines kept skin cancer from progressing longer than using either drug alone.  However, the level of side effects also increased, raising concerns about the drug combo's safety.  The company made the announcement at the American Society of Clinical Oncology annual conference in Chicago.

Cancer Drugs Sticker Shock

At the cancer conference...the high cost of cancer drugs came under fire from prominent cancer researcher Leonard Saltz.  Saltz criticizing the rapid increase in cancer drug prices, which he said have not corresponded to increases in effectiveness.

Oil in focus as OPEC set to meet

Delegates of the OPEC oil cartel are meeting in Vienna this week. They expect to keep oil production levels at the current 30 million barrels per day.

Advertisement