U.S. extends EU tariff deadline, Salesforce to acquire Informatica: Morning Buzz

The major averages were sharply higher near noon following a delay in U.S. tariffs on European Union imports. President Donald Trump postponed the planned 50% tariffs until July 9, providing a temporary reprieve that has helped reverse some of last week’s losses, which had been driven by credit rating concerns and rising fiscal anxiety.

The Federal Reserve’s meeting minutes, due later this week, will be closely watched for clues about the central bank’s approach to inflation and interest rates in the face of geopolitical uncertainty. Overall, the market appears cautiously optimistic, with relief over trade news tempering concerns about the country’s longer-term economic trajectory.

Looking to commodities, gold prices are down sharply, falling below the $3,300 threshold. Meanwhile, oil prices were also falling, threatening to slip under $60.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 

1. STOCK NEWS:

• Salesforce (CRM) agreed to acquire Informatica (INFA) in an $8B transaction
• Trump Media (DJT) will sell $2.5B in stock and notes in a Bitcoin treasury deal
• President Trump said he agreed to an extension to July 9 for a “called to quickly establish meeting dates”
• Scotiabank (BNS) reported mixed Q2 results, raised its quarterly dividend, and announced plans to repurchase up to 20M common shares

2. WALL STREET CALLS:

• Block (XYZ) upgraded at BNP Paribas Exane, here’s why
• CoreWeave (CRWV) downgraded to Equal Weight at Barclays
• Cummins (CMI) upgraded to Buy from Neutral at Goldman Sachs
• National Storage (NSA) downgraded to Underweight at Morgan Stanley
• Wingstop (WING) upgraded to Buy from Hold at Truist

3. AROUND THE WEB:

• Japan’s Nippon Steel (NPSCY) is expected to acquire U.S. Steel (X) for $55 per share, CNBC reports
• Roche (RHHBY) is planning to move a new antibiotic into late stage clinical trials after early studies showed it had potential to tackle a common superbug that has become resistant to other treatments, FT says
• Alibaba (BABA) is weighing options to reduce its minority stake in ZTO Express (ZTO), Bloomberg says
• Toyota (TM) is moving some production of its GR Corolla sports car to Britain and will spend $56M on a line to build exports for North America, Reuters reports
• Yum! Brands’ (YUM) KFC plans to invest $2B in Britain and Ireland over the next five years, with a plan to create over 7,000 jobs within the business and across its supply chain, Reuters says

4. MOVERS:

• E2open (ETWO) gains after announcing it will be acquired by WiseTech Global (WTCHF) for $3.30 per share in cash
• Arqit Quantum (ARQQ) increases in New York after announcing acquisition of Ampliphae’s product portfolio IP
• Pony AI (PONY) higher in New York after entering an MOU with Dubai Roads and Transport Authority
• Savara (SVRA) falls after receiving a refusal to file letter from the FDA for the BLA of Molbreevi
• Eos Energy (EOSE) lower after filing to sell 158.43M shares of its stock

5. EARNINGS/GUIDANCE:

• PDD Holdings (PDD) reported Q1 results, with EPS lower year-over-year
• AutoZone (AZO) reported Q3 results, with CEO Phil Daniele thanking “AutoZoners across the globe for their efforts in delivering strong sales results”
• Evaxion Biotech (EVAX) reported Q1 results, with EPS and revenue lower year-over-year
• Multi Ways (MWG) reported results for FY24
• Dynagas LNG (DLNG) reported Q1 results, with the company stating it was “pleased with our financial performance”

INDEXES:

Near midday, the Dow was up 1.44%, or 598.66, to 42,201.73, the Nasdaq was up 2.08%, or 390.42, to 19,127.63, and the S&P 500 was up 1.68%, or 97.72, to 5,900.54.