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Tesla investors have just seen their worst half-yearly run since June 2019, and according to many chart analyst, the automaker is approaching a technical level that could bring potential further losses. Indeed, the stock is on the verge of a death cross, which happens when a security's average price over the last 50 days falls below its 200-day moving average. 

Swiss-American PMI to buy Fertin Pharma S/A, a developer and manufacturer of innovative pharmaceutical and well-being products based on oral intake. The deal is approximately $820M. The acquisition will help PMI move towards a smoke-free future in their beyond nicotine gum initiatives.

US stock futures traded slightly higher on the first day of the third quarter following fresh record highs in the prior session, boosted by continued fiscal and monetary support. The market notched consecutive record highs in recent weeks, but the gains have been relatively modest, with investors awaiting Friday’s jobs report for an update on the labor market recovery.

European shares rose firmly on the first trading day of July, after notching their fifth consecutive month of gains in June, amid prospects of a solid global economic recovery and continued support from central banks. Investors now eye the publication of June's manufacturing activity reports across the continent and Friday's US job data which could give some clues on the Fed's next move, as well as earnings reports from both fashion retailer H&M and Associated British Foods, owner of discount clothing retailer Primark. On the economic data front, Germany's retail sales rebounded in May due to the easing of restrictions, but less than expected; while China's factory activity growth slowed in June, as the recent uptick in COVID-19 cases and supply chain difficulties weighed on output.

The use of call options to bet on gains in individual stocks is on the rise with the 5-day average of US equity calls outstanding rising 8.6% in the past week, while the 5-day average of puts outstanding has fallen by 7%. The use of call options has coincided with the sharp surge in stock prices for many of the meme-type stocks that rose earlier in the year, and then dropped back again.