10 things you need to know before the opening bell
Here's what you need to know before markets open.
1. The Bank of England is set to unveil another $125 billion stimulus package as it fights coronavirus. Data released by the country's statistics authority showed inflation dropped to a four-year-low of 0.5% in May.
2. Bank of Japan boosts its coronavirus stimulus plan to more than $1 trillion amid 'extremely severe' economic crash. Japan has been one of the least infected major economies from coronavirus, with fewer than 1,000 people dying in the country — less than 1% of the death toll seen in the US.
3. 'Foolish to stand in the way': Fed support and the day-trading boom will drive stocks higher, analyst says. It's tough to be a bear with "the Fed's unlimited printing and the Davey Day Trader crowd buying like mad," Bianco's research chief said.
4. Mark Zuckerberg announces Facebook will now allow users to turn off political ads. "We'll still remind you to vote," Zuckerberg said.
5. Apple is facing rage and insurrection from developers over the commission it charges apps on the App Store. The standoff is with buzzy new subscription email service Hey over integrating in-app purchases into its iOS app and taking up to 30% commission on payments.
6. HSBC resumes cutting around 35,000 jobs. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when'," chief executive Noel Quinn said.
7. United Airlines sweetens voluntary exit deal for flight attendants. Under the new deal, flight attendants would receive a $1,500 health credit for every year worked, up to $45,000.
8. Tesla signs three-year pricing deal with battery cell maker Panasonic. Panasonic hinted in May that it was working to develop new batteries with the electric-vehicle maker, possibly with higher capacity.
9. Global stocks are mostly up. In Europe, Germany's DAX rose 0.3%, Britain's FTSE 100 rose 0.4%, and the Euro Stoxx 50 rose 0.3%. In Asia, China's Shanghai Composite rose 0.2%, Hong Kong's Hang Seng rose 0.6%, and Japan's Nikkei fell 0.6% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose 0.4%.
10. On the data docket today. Housing Starts Change, the Energy Information Administration's Crude Oil Stocks Change, and Federal Reserve Chairman Jerome Powell's second day of testimony are scheduled for later today.
Join Business Insider on July 8 at 12 p.m. ET for "Planning for the Future in Uncertain Times," a free digital event and part of the Master Your Money series. Presented by Fidelity, it will explore components of a strong financial plan and how to adjust it given recent events. Click here to register.