The daily business briefing: July 1, 2016

1. Regulators investigate fatal Tesla autopilot crash

Federal regulators said Thursday they had opened a preliminary investigation into the fatal crash of a Tesla Model S that happened while its driver was using the autopilot feature. The male driver was killed May 7 in Williston, Florida, when a tractor-trailer made a left turn in front of him. His 2015 Tesla passed under the trailer, which hit the electric car's windshield. "Neither autopilot nor the driver noticed the white side of the tractor-trailer against a brightly lit sky, so the brake was not applied," Tesla said. The fatality appeared to be the industry's first involving an autopilot feature.

Los Angeles Times

2. Three-day rally nearly erases post-Brexit U.S. stock losses

U.S. stocks surged for a third straight day on Thursday, nearly erasing their post-Brexit losses after Bank of England Governor Mark Carney said Britain's central bank might pump more fiscal stimulus into the nation's economy over the summer. The Dow Jones Industrial Average rose by 234 points or 1.3 percent to 17,929. S&P 500 futures edged 0.1 percent lower on Friday, however, suggesting a lower open for big U.S. stocks after a three-day rally that helped the index notch its third consecutive quarterly gain.

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3. Hershey rejects Mondelez takeover bid

Hershey said Thursday it had rejected a $23 billion takeover offer by fellow candy maker Mondelez International, which produces Oreo cookies and Cadbury chocolates. A deal would have given Mondelez direct control over Cadbury production in the U.S., now handled under a license by Hershey, which pays Mondelez royalties. Hershey's board unanimously rejected the proposal, finding it had "no basis for further consideration." A merger of Mondelez and Hershey would have created a company larger than Mars Inc., which has 13 percent of the global market.

Reuters

4. Regulators warn of defective airbags in some older Hondas and Acuras

The National Highway Traffic Safety Administration on Thursday urged owners of 313,000 older Hondas and Acuras to replace the Takata airbag inflators in their cars. Lab tests have shown that Takata airbags in 2001 and 2002 Honda Civics and Accords, 2002 and 2003 Acura TL, 2002 Honda Odyssey and CR-V, and 2003 Acura CL and Honda Pilot have "as high as a 50 percent chance of a dangerous airbag inflater rupture in a crash," Transportation Secretary Anthony Foxx said. "Folks should not drive these vehicles unless they are going straight to a dealer to have them repaired immediately, free of charge."

The New York Times The Associated Press

5. Apple reportedly in talks to buy Jay Z's Tidal music service

Apple has entered preliminary talks to acquire Tidal, rap mogul Jay Z's streaming-music service, according to people familiar with the exploratory discussions. Tidal, with its ties to popular artists such as Kanye West and Madonna, would help Apple boost its Apple Music service. Jay Z bought the business for $56 million last year from Swedish company Aspiro, and relaunched it as Tidal. A Tidal spokesman said the company had not held talks with Apple.

The Wall Street Journal MarketWatch