U.S. futures are pointing to a modestly higher open, following a positive session in Europe that offset a mixed tone in Asian markets. Investors are processing significant corporate merger and acquisition news while awaiting key economic data.
Stocks to Watch:
- Olin Corporation and Huntsman Corporation: The companies announced a merger of equals valued at over $12 billion, expecting more than $400 million in synergies.
- Fox Corporation: Shares plunged after the company announced a $22 billion acquisition of Roku, Inc., raising investor concerns about the cost and integration.
- Micron Technology, Inc.: The stock rallied significantly yesterday on enthusiasm for artificial intelligence and analyst upgrades, with earnings expected on June 24.
- Exxon Mobil Corporation: Shares fell yesterday as declining oil prices, following a U.S.-Iran peace agreement, impacted the broader energy sector.
Looking ahead, markets will be monitoring the Housing Starts and Permits data at 8:30 AM for insights into the health of the housing sector.