Futures move higher
U.S. stocks are expected to open in the green on Monday as the market prepare to reopen after the Independence Day holiday weekend.
Many traders remain hopeful that the economy will recover from the coronavirus pandemic and lawmakers and central banks will expand stimulus to help combat the impact of the pandemic.
By 5:30 a.m. ET, futures tied to the blue-chip Dow indicated a gain of 307 points, or 1.19% to 26,066. S&P 500 futures rose 31.88 points, or 1.02% to 3,160.88 while the tech-heavy Nasdaq 100 futures advanced 117.25 points, or 1.13% to 10,473.
Uber agrees to buy Postmates for $2.65 billion in stock
On the acquisition front, Uber (NYSE: UBER) has agreed to buy food delivery service Postmates in a $2.65 billion all-stock deal, Bloomberg reports. According to the news outlet, which cited people familiar with the matter, the deal may be announced today (Monday) morning.
The report says Uber will combine Postmates with its own food delivery subsidiary, Uber Eats. Pierre-Dimitri Gore-Coty, CEO of Uber Eats is expected to continue to run the combined delivery business once the deal is finalized.
Uber had previously set its sights on GrubHub (NYSE: GRUB) but lost out to Europe’s Just Eat Takeaway.
Shares of the ride-hailing company rose 5.28% to $32.30 each in the premarket trading session Monday.
Dominion shares surge after Buffett buys its natural gas assets
Meanwhile, shares in Dominion Energy (NYSE: D) are surging after the energy company agreed to sell all of its gas transmission and storage assets to Warren Buffett’s Berkshire Hathaway Energy in an all-cash deal valued at $9.7 billion.
This is first major deal the legendary investor has made since the COVID-19 pandemic rocked the nation.
According to a statement released on Sunday evening, Berkshire Hathaway will pay $4 billion in cash for the assets and assume $5.7 billion in debt from Dominion.
Headquartered in Virginia, Dominion is one of the biggest producers and transporters of energy in the country, providing electricity or natural gas to 7 million customers in 20 states.
At the time of this writing, Dominion shares were up 11.9% to $92.50 in Monday’s premarket trading session.