Key Market Updates Ahead of Independence Day Holiday: Paramount Global, Eli Lilly, and Tesla in Focus

The stock market is gearing up for an early close today at 1 p.m. ET in anticipation of the Independence Day holiday on Thursday. As investors prepare for a shortened trading day, there are several key developments to keep an eye on.

Firstly, Paramount Global (PARA) shares are surging in premarket trading following reports of a merger deal with Skydance Media. The deal, valued at $1.75 billion, would see Skydance acquire National Amusements, the media company owned by Shari Redstone that controls a significant portion of Paramount’s voting shares. This news comes after previous acquisition attempts by Skydance were halted last month, and investors will be closely watching for further updates on this potential deal.

In addition to the merger news, investors will be monitoring a stream of economic data, including reports on the jobs market and services sector. The ADP employment report, initial jobless claims, PMI data, and factory orders will provide insights into the health of the economy ahead of the holiday. Updates from the Federal Reserve, including the release of the minutes from the June FOMC meeting, will also be closely watched for clues on inflation, interest rates, and economic conditions.

Furthermore, Eli Lilly (LLY) shares are on the rise after the FDA approved its Alzheimer’s treatment, Kisunla. This approval comes after years of development and regulatory delays, positioning Eli Lilly to compete in the Alzheimer’s treatment market alongside Biogen and Eisai. Meanwhile, Tesla (TSLA) shares continue to climb after reporting better-than-expected second-quarter deliveries, with the electric vehicle maker seeing a 2% increase in premarket trading.

Overall, U.S. stock futures are relatively unchanged ahead of the holiday, but with a flurry of news and developments in the market, investors will have plenty to keep an eye on as they prepare for the Independence Day break.