The daily business briefing: June 21, 2016

1. U.S. stocks edge up ahead of Yellen speech

U.S. stock futures rose on Tuesday, pointing to a higher open ahead of a speech by Federal Reserve Chair Janet Yellen. Investors will be looking for fresh indications from Yellen on where interest rates are heading, and when. Yellen is due to give her semi-annual testimony to the Senate Banking Committee at 10 a.m. Some analysts, however, said her remarks will be overshadowed by the looming Thursday Brexit referendum in the UK. "The markets have a myopic focus on one thing: the U.K. referendum vote," said IG market analyst Chris Weston.

MarketWatch

2. Ex-VW CEO investigated over diesel emissions scandal

German prosecutors on Monday opened a criminal investigation of former Volkswagen CEO Martin Winterkorn in connection with the car maker's diesel emissions scandal. Prosecutors first identified Winterkorn as a suspect in September, then said he was not under investigation a few days later. Now they are looking into whether he was linked to manipulating the market for the company's stock by failing to come clean about the scandal sooner. VW admitted late last year that it cheated on emissions tests with software it put into as many as 11 million diesel vehicles.

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CNN

3. Declining Brexit support lifts global stocks

U.S. stocks gained on Monday after polls suggested growing support in Britain for remaining in the European Union. The Dow Jones Industrial Average rose by 129.71 points, or 0.73 percent, to 17,804.87. The S&P 500 gained 12.03 points, or 0.58 percent, and the Nasdaq Composite rose by 36.88 points, or 0.77 percent. Fear of financial fallout if Britons back the Brexit in a June 23 referendum has weighed on stocks. "The market is positioning for a 'remain' vote, so you see the fear and uncertainty trade unwinding right now," said Prudential Financial market strategist Quincy Krosby.

Reuters

4. Walmart makes a big e-commerce deal in China

Walmart is teaming up with China's No. 2 e-commerce company, Alibaba rival JD.com. Under the deal, Walmart will get a $1.5 billion stake in JD.com — about 5 percent of the company — and Walmart will sell JD.com its own Chinese e-commerce site, Yihaodian. Walmart also will set up a store for Sam's Club China on JD.com's marketplace. The partnership could give Walmart leverage to compete more effectively in China's highly competitive retail industry, potentially driving business into its brick-and-mortar stores, too.

The Wall Street Journal CNN

5. FCC considers opening airwaves for 5G networks

The FCC is considering making new radio spectrum bands available for 5G data networks, Chairman Tom Wheeler announced on Monday. The FCC is scheduled to vote on the proposal on July 14. If it signs off, the move will give cellphone providers and chip manufacturers the opportunity to use higher-frequency bands to improve service. "The big game-changer is that 5G will use much higher-frequency bands than previously thought viable for mobile broadband and other applications," Wheeler said.

PC