It’s a color that hasn’t been seen in a few days—green. Index futures for the Dow, S&P 500, and Nasdaq Composite are all higher this morning. Asian markets led the way earlier, with the Nikkei and Shanghai indexes closing up. And markets all over Europe are seeing gains. The FTSE is finally back up, as are the DAX and the CAC. All are up 2% or more today. Even the British pound is seeing rebound. Sterling is back above $1.33. The euro trading modestly higher, testing the $1.11 mark. Over in the commodities markets, crude is on the upswing. West Texas intermediate is trading above $47 dollar a barrel right now. (FS) Meanwhile, safe-haven trades are giving back a bit. Gold is down 1%, fetching $1,311 dollars an ounce. The yields on the U.S. 10-year bond is up 5 basis points from yesterday’s low, now at 1.48% while the 10-year gilt yields are edging up closer to 1%.
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Barclays (BCS) was up 3% today, posting gains along with the European and British markets. The London-based bank lost a third of its value following the Brexit vote. JP Morgan, Bank of America Merrill, and Jefferies all downgraded the stock yesterday in light of Britain's decision to leave the European Union. Year-to-date, Barclays shares are down 45%.
Nike (NKE) was up less than 1% in pre-market trading. Its 4th quarter results will be posted after the market close. Ahead of the Olympics in Rio this summer, analysts at Wells Fargo warned that Nike shares tend to decline after releasing earnings before a major sporting event. Nike's stock fell nearly 10% on the day it provided guidance just prior to each of the last two summer Olympics. So far this year, Nike shares are down nearly 16%.
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Biggest tech IPO to debut
Japan’s Line Corporation could be the largest tech IPO of the year with a valuation of up to $6.57 billion. It's set to debut on the New York Stock Exchange July 14. Is this a sign the IPO market is gaining momentum?
Lyft’s big move
Lyft has hired investment bank Qatalyst Partners. The Wall Street Journal is reporting that the bank is contacting companies, including automakers, about acquiring a stake in Lyft. Does this mean Lyft is struggling or looking to get an edge on competitors?
Airbnb sues their hometown
Airbnb is suing San Francisco over a rental law. Starting next month, hosts will be required to register with the city. For every rental that isn’t registered, Airbnb will be fined up to $1,000 dollars a day. Is this fine outrageous?
[Correction: A previous version of this story stated that Apollo Education Group will report after the bell on June 28. The company has yet to announce a report release date.]
