Morning Briefing: Pentagon cancels $10 billion cloud contract given to Microsoft

Moomoo Breakfast US wrote a column · Jul 7, 2021 18:47

By Zoe

Good morning moomooers! Here are things you need to know before the opening bell:

- U.S. stock futures are slightly higher as the market tries to restart rally, energy stocks gain

- U.S. services sector slowed in June

Market snapshot

U.S. stock futures traded in slightly positive territory early Wednesday morning after the S&P 500 ended a seven-day winning streak, its longest since August.

Dow Jones Industrial Average futures rose just 13 points. S&P 500 and Nasdaq 100 futures both traded in mildly positive territory.

Source: Bloomberg

Crypto

$Bitcoin (BTC.CC)$, the leading cryptocurrency, was trading at $34,642 at the time of writing, gaining 2.62% and $Ethereum (ETH.CC)$was trading at 2,373, dipping 3.76%.

Morning Briefing: Pentagon cancels $10 billion cloud contract given to Microsoft

Top news

Pentagon cancels $10 billion cloud contract given to Microsoft over Amazon

The Department of Defense announced Tuesday that it is canceling the Joint Enterprise Defense Infrastructure (JEDI) contract that was previously awarded to $Microsoft (MSFT.US)$. It will instead seek new solicitations for an updated Joint Warfighting Cloud Capability (JWCC) contract from $Amazon (AMZN.US)$and Microsoft.

German manufacturing output falls unexpectedly

German industrial production decreased 0.3% in May, missing expectations for an increase, with the manufacture of capital goods sharply down on the previous month.

Glynn's Take: RBA will eventually wake to rapid job-market tightening

The Reserve Bank of Australia fully expects it will be among the last of the world's major central banks to begin the task of winding down and eventually exiting its bond-buying program, before starting to normalize interest rates.

U.S. services sector slowed in June

Activity in the U.S. service sector continued to grow at a high pace in June, but the growth rate eased compared with the previous month amid cooling demand and labor shortages, data from the Institute for Supply Management showed.

Market for bonds meant to keep world cool heats up

Sales of bonds with borrowing costs linked to climate change have accelerated dramatically this year, led by companies with high carbon emissions, such as Canadian pipeline operator Enbridge and Italian energy giant Enel.

Hong Kong moves to speed up IPOs

Its stock exchange is overhauling a system where investors must wait at least a week for a newly priced stock to start trading, an effort to help keep the Asian financial hub competitive as a listing venue.

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