10 things you need to know before the opening bell

Here is what you need to know.

Russia and Saudi Arabia are talking about oil. The two countries are working toward creating “market stability” in oil. According to a quote from Saudi newspaper Asharq al-Awsat, cited by Reuters, Russian oil minister Alexander Novak said, “We are ready to achieve the widest possible level of coordination… and put in place joint measures to achieve oil market stability, with the condition that these measures will not be for a limited period of time.” West Texas Intermediate crude oil is up 0.4% at $44.68 per barrel.

Japan’s economy went nowhere in the second quarter. The Japanese economy posted 0.0% growth for the second quarter. Additionally, the world’s third largest economy grew at just a 0.2% annualized rate, well below the 0.8% growth that was experienced in the first quarter. The Japanese yen is stronger by 0.3% at 100.99 per dollar.

Honeywell is closing in on a deal for JDA Software. The deal is worth around $3 billion, including debt, and is expected to be announced on Monday, according to the Wall Street Journal. An acquisition of JDA would continue Honeywell’s push into software as about half of its 23,000 engineers have already made the transition into the industry.

Mid-America is merging with Post Properties. The merger brings together two big-time apartment owners that have benefited from the explosion of rental demand, according to the Wall Street Journal. The $4 billion deal is said to give Post investors 0.71 share of new MAA stock per share of Post.

GM reportedly tried to buy Lyft. According to a report out late Friday from The Information’s Amir Efrati, the auto giant attempted to buy the ride-hailing company for an undisclosed sum. GM already owns a 9% stake in Lyft, but reportedly wants to buy the whole company.

PwC is being sued for $5.5 billion. The accounting giant is being accused of negligence in its audits of Colonial Bank, which became the sixth largest bank failure in history back in 2009. “Year after year, PriceWaterhouse didn’t do their job, they didn’t follow the rules and they failed to detect the fraud,” Steven Thomas, an attorney for the trustee of Taylor Bean & Whitaker Mortgage Corporation, whose parent company was Colonial Bank.

David Tepper has a new position. A regulatory filing released late Friday says the hedge fund manager amassed a position of 1.45 million shares of Western Digital during the second quarter. As Tepper’s fund, Appaloosa Management, moved into Western Digital, it sold shares of Facebook and Delta Air Lines, Bloomberg says.

Stock markets around the world are higher. Germany’s DAX (+0.4%) leads the gains in Europe after China’s Shanghai Composite (+2.4%) paced the advance in Asia. S&P 500 futures are up 3.50 points at 2,183.75.

Earnings reporting is extremely light. Sysco will report ahead of the opening bell and Red Rock Resorts will announce its quarterly results after markets close.

US economic data flows. Empire manufacturing will be released at 8:30 a.m. ET before the NAHB Housing Market Index and net long-term TIC flows cross the wires at 10 a.m. ET and 4 p.m. ET, respectively. The US 10-year yield is down 1 basis point at 1.50%.

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