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Correction: North American Morning Briefing: Stock -2-

The U.S. Department of Transportation awarded Spirit Airlines Inc. rights to operate flights at Newark-Liberty International Airport at the busiest times of day, capping more than two years of legal wrangling.

The dispute arose after Southwest Airlines Co. pulled out of Newark in 2019, sparking a turf war among rival airlines at the congested New Jersey hub. Low-cost airlines including Spirit saw a rare chance to expand their footprint at the airport and add flights at peak times of day, which they previously hadn't been able to do.


Nasdaq, NYSE Win Court Battle With SEC Over Market Data

A federal court partly rejected a Securities and Exchange Commission plan to loosen the control that stock exchanges have over public market-data feeds, handing a victory to Nasdaq Inc. and the New York Stock Exchange.

In a ruling released Tuesday, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit found that the SEC had exceeded its authority under federal law when it issued a 2020 order overhauling the governance of the data feeds.


Walmart Tells Suppliers New Fuel and Pickup Fees Are Coming

Walmart Inc. said it would charge some of its suppliers a new fee to transport goods to its warehouses and stores, according to a memo viewed by The Wall Street Journal, the latest example of how businesses are looking to offset rising costs for things such as transportation and fuel.

Companies that use Walmart to transport goods to the retailer's warehouses and stores will be charged a fuel surcharge and a "collect pickup charge" starting Aug. 1, said the memo. The shift "is a result of Walmart adapting to the significant transformation and increased cost seen in the transportation industry over the past few years," said the memo sent to suppliers last Friday.


German Manufacturing Orders Unexpectedly Rose in May

German manufacturing orders increased slightly in May, beating forecasts for a decline amid rising producer prices and supply constraints.

Manufacturing orders rose 0.1% on month in adjusted terms, according to data from the German Economics Ministry released Wednesday.


Malaysia's Central Bank Raises Benchmark Interest Rate as Expected

Malaysia's central bank raised its benchmark interest rate amid rising inflation and signs that the country's economy is recovering.

Bank Negara Malaysia on Wednesday raised its overnight policy rate by 25 basis points to 2.25%. The decision was expected by all eight economists previously polled by The Wall Street Journal.


Derby's Take: Once Again, Bond Yields Have Ominous Message on Outlook

The U.S. Treasury market sent out another warning signal about the U.S. economic outlook Tuesday.

The difference between the two-year and 10-year Treasury notes turned negative-it was at negative one basis point at 5 p.m. E.T.-and created what's called an inversion of the yield curve. That is when the normally positive relationship between these two yields flips, and it is a key metric for market participants, as yield curve inversions have a very strong track record of predicting downturns.


Norway's Government Ends Strike After European Gas Prices Soar

The Norwegian government stepped in to end a strike that threatened to more than halve the country's gas exports, saying it was causing widespread risks to energy security.

Before the strike was halted, a benchmark for gas futures contracts in northwestern Europe rose as much as 14% to EUR172.88, or about $180, a megawatt-hour Tuesday, the highest level since March. Electricity prices across the region also rose, as many power plants run on gas.


OPEC Secretary-General Mohammed Barkindo Dies

Mohammed Barkindo, who transformed the role of OPEC secretary-general and oversaw an expansion of the oil-producing group's role in the markets, has died. He was 63 years old.

Mr. Barkindo's unexpected death on Tuesday night came just a few weeks before he was due to end his six-year tenure at the top of the Organization of the Petroleum Exporting Countries.


NATO Advances Sweden, Finland Toward Membership as Fighting Rages in Eastern Ukraine

Russian artillery pounded Sloviansk, one of Ukraine's last lines of defense to protect the remaining Kyiv-held strongholds in eastern Ukraine, while the North Atlantic Treaty Organization on Tuesday advanced plans to add Sweden and Finland to the alliance.

Vadim Lyakh, the mayor of Sloviansk, reported "massive shelling" of the city in a Facebook post and said the central market was on fire. Pavlo Kyrylenko, head of military administration in the eastern region of Donetsk, said on Telegram that at least two people died and seven were injured.


U.N. Atomic Chief Warns of Growing Nuclear Risks

The head of the United Nations nuclear agency gave a sharp warning Tuesday about growing nuclear risks, saying that Iran's activities risked a regional nuclear arms race and that Russia's occupation of Ukrainian nuclear sites threatened to imperil the agency's ability to ensure nuclear material wasn't being misused.

In a wide-ranging speech at the Australian National University in Canberra, Rafael Grossi, the head of the International Atomic Energy Agency, warned that "we are reaching a defining moment for global nuclear nonproliferation," in which the risks of the spread of nuclear weapons "pose a problem for everyone."


Biden Administration Sues Arizona Over Proof-of-Citizenship Voter Law

The Biden administration on Tuesday sued Arizona, saying the state violates federal law by requiring proof of citizenship to vote for president.

In its latest challenge to Republican-backed changes to state voting procedures, the Justice Department said Arizona's newly enacted requirement that residents provide documentary proof of citizenship would keep eligible voters from participating in certain federal elections.


U.S. State Department Names New Global Anticorruption Coordinator

The U.S. State Department has named a sanctions and nuclear weapons expert as its coordinator for global anticorruption efforts, a position created after the Biden administration pledged to fight more vigorously against corruption.

It will be a return stint at the State Department for Richard Nephew, who most recently was a senior research scholar at Columbia University's Center on Global Energy Policy in New York, the department said on Tuesday.


Highland Park Parade Shooting Suspect Charged With First-Degree Murder

A 21-year-old man who police said fired more than 70 rounds from a rooftop into a crowd gathered for a Fourth of July parade in the Chicago suburb of Highland Park, Ill., was charged with seven counts of first-degree murder.

The suspect, Robert E. Crimo III, allegedly planned the attack for weeks and dressed as a woman to hide his identity, officials said Tuesday.


CERN's Large Hadron Collider Scientists Reveal New Particle Discovery as Accelerator Research Resumes

The Large Hadron Collider resumed scientific operations on Tuesday after a three-year hiatus for repairs and upgrades, opening a new chapter in physicists' longstanding quest to understand the fundamental building blocks of the universe.

The resumption came shortly after scientists with the European Organization for Nuclear Research, or CERN-the international body that operates the collider-announced that earlier research conducted at the facility revealed three previously unknown subatomic particles.




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Stocks to Watch:

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Expected Major Events for Wednesday

02:00/JPN: Jun Imported Vehicle Sales

06:00/GER: May Manufacturing orders

06:00/GER: May Manufacturing turnover

08:30/UK: Jun S&P Global / CIPS UK Construction PMI

08:30/UK: Jun Narrow money (Notes & Coin) and reserve balances

11:00/US: 07/01 MBA Weekly Mortgage Applications Survey

12:15/CAN: Jun Official International Reserves

12:55/US: 07/02 Johnson Redbook Retail Sales Index

13:45/US: Jun US Services PMI

14:00/US: Jun ISM Report On Business Services PMI

14:00/US: May Job Openings & Labor Turnover Survey

15:00/US: Jun Global Services PMI

20:30/US: 07/01 API Weekly Statistical Bulletin

23:01/UK: CBI and PwC Financial Services Survey

23:50/JPN: Jun International Reserves / Foreign Currency

23:50/JPN: Jun Provisional Trade Statistics for 1st 20 days of Month

All times in GMT. Powered by Onclusive and Dow Jones.


Expected Earnings for Wednesday

ASA Gold & Precious Metals Ltd (ASA) is expected to report for 2Q.

BeyondSpring Inc (BYSI) is expected to report $-0.24 for 1Q.

Computer Services Inc (CSVI) is expected to report for 1Q.

Educational Development Corp (EDUC) is expected to report for 1Q.

Friedman Industries (FRD) is expected to report for 4Q.

Portage Biotech Inc (PBT.U-L,PRTG) is expected to report for 1Q.

Saratoga Investment (SAR) is expected to report $0.53 for 1Q.

Simulations Plus Inc (SLP) is expected to report $0.18 for 3Q.

Trilogy Metals Inc (TMQ,TMQ.T) is expected to report for 2Q.

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Antero Resources Raised to Buy From Hold by Truist Securities

Aveanna Healthcare Cut to Hold From Buy by Truist Securities

Crocs Raised to Buy From Hold by Loop Capital

Excelerate Energy Raised to Overweight From Equal-Weight by Wells Fargo

HP Cut to In-Line From Outperform by Evercore ISI Group

Live Nation Raised to Outperform From Neutral by Macquarie

Micron Technology Cut to Equal-Weight From Overweight by Fox Advisors

PerkinElmer Cut to In-Line From Outperform by Evercore ISI Group

Talaris Therapeutics Cut to Equal-Weight From Overweight by Morgan Stanley

(MORE TO FOLLOW) Dow Jones Newswires

July 06, 2022 06:49 ET (10:49 GMT)

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