U.S. stock futures are pointing higher following Friday's record-high closes by the S&P 500 and Nasdaq; Canada walks back digital services tax on U.S. tech firms; the Senate is going to debate the updated version of President Donald Trump's signature tax-and-spending bill today; President Trump says there is a group of “very wealthy people” prepared to acquire TikTok; and Lululemon Athletica (LULU) sues Costco Wholesale (COST) for allegedly selling knockoffs of some of its products. Here's what investors need to know today.
1. US Stock Futures Point Higher After S&P 500, Nasdaq Set Records Friday
U.S. stock futures are pointing higher after the S&P 500 and Nasdaq finished at record highs last Friday, amid trade-deal optimism. Futures associated with the S&P 500, Nasdaq, and Dow Jones Industrial Average are up 0.4%, 0.6%, and 0.6%, respectively. Bitcoin (BTCUSD) is slightly higher to trade at nearly $108,000. The yield on the 10-year Treasury note and oil futures are slightly lower. Gold futures are ticking higher.
2. Canada Scraps Digital Services Tax
Canada said that it is rescinding its digital services tax targeting U.S. technology firms, in a bid to restart trade talks between Washington and Ottawa. U.S. President Donald Trump paused trade talks on Friday over Canada's adoption of the 3% tax on tech companies' revenue from providing digital services to domestic users. Collection of the tax was slated to begin Monday.
3. Senate Set to Debate Trump Bill Today
The Republican-controlled Senate on Monday is going to debate the updated version of President Donald Trump's signature tax-and-spending bill ahead of his July 4 deadline. Before the Senate advanced the “One Big Beautiful Bill” late Saturday in a 51-49 vote, billionaire Elon Musk reiterated his distaste for it, writing in a post on his X platform that “the latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!”
4. Trump Says Has ‘Very Wealthy People' Ready to Buy TikTok
President Trump said in a Fox News interview broadcast on Sunday that there was a group of “very wealthy people” prepared to acquire TikTok. Trump said he will reveal their identities “in about two weeks,” adding he believes he needs China's approval for the deal. “I think President Xi will probably do it,” he said, referring to his belief that Chinese President Xi Jinping would approve the sale. Earlier this month, Trump signed an executive order giving TikTok another 90 days to be sold or banned in the U.S.
5. Lululemon Sues Costco for Selling ‘Confusingly Similar' Products
Lululemon Athletica (LULU) has sued Costco Wholesale (COST) in a California federal court, accusing the warehouse retail giant of infringing on its trademarks by selling clothing that is “confusingly similar” to designs trademarked by the Canadian firm. Lululemon lists six products Costco sells that allegedly violate its trademarked designs, including Kirkland pants, and five jackets and hoodies from Danskin, Jockey, Spyder, and Hi-Tec. Lululemon shares are up 0.7% and those of Costco are little changed in premarket trading.
