Wall Street is eager to see the S&P 500's (^GSPC) next move after the index closed last Friday at a record high.
Diamondback Energy (FANG) is set to acquire Endeavor Energy Resources for $26 billion.
Lastly, a federal judge ordered Elon Musk to testify in the Securities and Exchange Commission's (SEC) probe into the billionaire's purchase of X.com — formerly Twitter — in 2022.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
BRAD SMITH: So let's get right to it with the three things that you need to know, your roadmap for the trading day. Yahoo Finance's Josh Schafer, Ines Ferre, and Jared Blikre have more.
JOSH SCHAFER: Hey, Brad. Futures seeing a slow start this morning following Friday's closing bell excitement. Wall Street celebrating the S&P 500 closing above 5,000 for the first time ever. The three major averages logging a positive week for the 13th time in the last 14 weeks. This coming on upbeat corporate earnings, which have helped drive momentum in markets these last few weeks. And this week, we'll see that again with 15% of the S&P 500 companies set to report results.
iNES FERRE: And oil rivals are teaming up with Diamondback Energy, announcing that it will acquire Endeavor energy resources for $26 billion. The deal would value the combined company at over $50 billion. This is the latest in a slew of consolidation moves in the US Permian Basin.
JARED BLIKRE: And legal troubles mount for Tesla CEO Elon Musk. A California federal judge on Saturday ordered Musk to comply with an SEC subpoena to testify again in the agency's investigation over his '22 purchase of Twitter, now called X. The billionaire called the request harassment. Musk has one week to settle on a date and location for testimony after failing to appear back in September.
