Stock Market Update

The S&P 500 futures currently trade ten points above fair value.

Skyworks Solutions (SWKS 86.30, +10.46, +13.8%) and Qorvo (QRVO 102.97, +10.84, +11.8%) announced a definitive agreement to merge in a cash-and-stock transaction valuing the combined company at approximately $22 billion. The deal aims to establish a U.S.-based global leader in high-performance radio frequency, analog, and mixed-signal semiconductors.

In other corporate news, Amazon (AMZN 228.82, +1.85, +0.8%) confirms organizational changes that will see around 14,000 roles reduced, which is less than the initial reports of 30,000 roles.