Top News Stories for July 2, 2024: Tesla Deliveries, Paramount Bid, Powell Speech, Salesforce Compensation, and Cruise Operators React to Hurricane Beryl

The stock market is abuzz with news today, with several key developments impacting major companies and industries. Here are the top stories investors need to know for July 2, 2024:

1. Tesla (TSLA) shares are facing a slight dip in premarket trading as the electric vehicle maker prepares to reveal its highly anticipated second-quarter delivery numbers. Analysts are expecting just under 439,000 deliveries, following a strong performance in the first quarter. This comes as China EV manufacturers Nio, Li Auto, and XPeng all reported solid delivery gains on Monday.

2. Paramount Global (PARA) shares are on the rise after reports emerged that billionaire Barry Diller’s IAC is exploring a bid to take control of the entertainment giant. This development adds a new twist to the ongoing battle for Paramount, with Diller’s digital-media conglomerate signing nondisclosure agreements with the company’s controlling shareholder.

3. Federal Reserve Chair Jerome Powell is set to speak at the ECB Forum on Central Banking, where investors will be looking for clues on the central bank’s interest rate plans. Additionally, the Job Openings and Labor Turnover Survey (JOLTS) data due later today could provide further insights into the Fed’s rate trajectory.

4. Salesforce (CRM) investors have voted against the cloud software firm’s compensation plans for CEO Marc Benioff and other top executives. Shareholder advisory groups raised concerns about the high pay levels, leading to a rejection of the proposed compensation plan. Salesforce shares are down almost 1% in premarket trading.

5. Shares of cruise operators Royal Caribbean (RCL), Carnival (CCL), and Norwegian Cruise Line (NCLH) are extending losses as Hurricane Beryl becomes the earliest Category 5 hurricane in the Atlantic. The storm has forced ships to reroute, signaling a potentially dangerous hurricane season ahead.

Overall, U.S. stock futures are falling after the Nasdaq Composite reached a record high on Monday. Investors will be closely monitoring these developments and more as the day unfolds.