US index futures are moving with no clear direction, with a
bearish trend, due to anticipation around the June US jobs report,
Payroll. Investors are waiting for the data to assess the
performance of the job market and its possible influence on the
economy.
By 07:01 AM, Dow Jones Futures (DOWI:DJI) were down 3 points, or
0.01%. S&P 500 futures were down 0.05%, while Nasdaq-100
futures were down 0.14%. The 10-year Treasury yield is at
4,066%.
Elsewhere, European stocks are operating close to stability, but
are on track to end the week at their lowest levels since March,
due to indications throughout the week of a tightening stance by
central banks on monetary policy. In Asia, markets closed
lower, with the Hong Kong HSI index down 0.90% and the Shanghai
Composite down 0.28%. The Tokyo Stock Exchange’s Nikkei 225
index fell 1.17%.
Janet Yellen, Secretary of the US Treasury, held informal
discussions with Liu He, Vice Premier of China, and Yi Gang,
President of the People’s Bank of China, during their visit to the
Asian country. These meetings are part of the strategy to
promote stability in economic and diplomatic relations between the
two nations. Yellen said she was “concerned” about the new
export controls imposed by China, in her first speeches in
Beijing.
On Friday’s American economic agenda, the US Department of Labor
releases, at 8:30 am, the June Payroll, with an average expectation
of market agents for the creation of 225,000 formal job openings,
below the 339,000 in May. The Baker Hughes rig count will be
released at 1 pm.
Elsewhere in commodities markets, West Texas Intermediate crude
for August was up 0.58% to trade at $72.22 a barrel. Brent
crude for September is close to $76.91 a barrel. Iron ore
futures traded in Dalian, China, fell 1.87% to $112.16 a tonne.
At the close of Thursday, the numbers for the US economy
released yesterday continued to show the labor market’s resistance
to the Fed’s monetary tightening, which promotes greater caution
that the US BC will continue to raise interest rates in the coming
meetings. As a result, international risk assets closed the
day down, while they also await today’s Payroll data. After falling
more than 500 points in morning trading, the Dow Jones ended the
day down 366.38 points or 1.07% to 33,922.26 points. The
S&P 500 fell 35.23 points, or 0.79%, to 4,411.59 points. The
Nasdaq Composite fell 112.61 points, or 0.82%, to 13,679.04
points.
The ADP job creation data released yesterday showed a
number of 497,000 jobs in June, with a projection of
250,000. In the month of May, the number had been 278
thousand, that is, there was an acceleration in the pace of job
growth in the country. This was also reflected in the numbers
for the services sector, with the ISM PMI index for this
sector rising to 53.9 points against 51
expected. Employment and new orders rates also rose.
Investors are awaiting the start of the US second-quarter
earnings season starting next week.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple plans to
launch its Vision Pro headset in select US markets early next year
with in-store appointments and promotions. The company will
designate special areas with demo units and sizing tools. The
headset will also be sold online in the US before expanding to
other countries. Apple is working on a cheaper model and a
second-generation Pro version for later release.
Alphabet (NASDAQ:GOOGL) – Google delayed
the launch of its custom chip for Pixel smartphones, internally
called Redondo, to 2025. The company planned to replace Samsung’s
semi-custom chips and switch to TSMC (NYSE:TSM)
to manufacture the chips called Tensors. The new
chip, called Laguna, will be based on TSMC’s 3-nanometer
manufacturing process.
Meta
Platforms (NASDAQ:META), Twitter –
Twitter has threatened to sue Meta Platforms over its new Threads
platform, alleging hiring of former Twitter employees with access
to confidential information. Meta has denied the
allegations. Meanwhile, Elon Musk, owner of Twitter, commented
on the competition. Threads amassed 30 million subscriptions
within 18 hours of its launch.
Uber (NYSE:UBER), Meta –
PwC Australia has advised Uber and Facebook to restructure their
operations due to a law combating tax evasion in
Australia. However, both companies were surprised to discover
that PwC’s advice could have been based on leaked government
plans. PwC is under pressure to disclose all clients it has
advised based on this leaked information. Uber and Facebook
said they were unaware of PwC’s wrongdoing and had taken steps to
comply with the law.
Uber, DoorDash (NYSE:DASH)
– Delivery companies such as DoorDash, Uber and Grubhub have filed
lawsuits against New York City over a new law requiring couriers to
pay minimum wage. Companies question the fact that they are
required to pay couriers for the entire time they are connected to
the apps, and not just during deliveries. The law will take
effect next week unless blocked by the courts.
Amazon (NASDAQ:AMZN) – Andy Jassy, CEO
of Amazon, rejects the idea that the company has fallen behind in
the artificial intelligence race. He highlighted AI
investments across the company, with a particular focus on services
from Amazon Web Services (AWS). AWS launched the Bedrock
service, offering language templates for building chatbots, as well
as developing its own AI chips, Inferentia and Trainium. Jassy
believes that Amazon has a real advantage in AI with these
features. Despite recent cost cuts, Amazon continues to invest
in AI as a strategic area.
Amazon, iRobot (NASDAQ:IRBT)
– Amazon’s proposed $1.7 billion acquisition of iRobot is under
investigation by the European Commission over concerns that it
could reduce competition and strengthen Amazon’s position as a
market provider online. Antitrust regulators around the world
are increasing scrutiny of acquisitions made by tech giants,
seeking to avoid data hoarding and dominance in new
markets. Amazon says the acquisition will drive innovation and
lower prices for consumers.
Alibaba (NYSE:BABA) – Alibaba has launched
an artificial intelligence imager called Tongyi Wanxiang, competing
with rivals such as OpenAI’s DALL-E. Alibaba Cloud also
released Tongyi Qianwen, a ChatGPT-like text generator. Other
Chinese companies such
as Baidu (NASDAQ:BIDU)
and SenseTime (USOTC:SNTMF) have also
released AI generators. In other news, Ant Group will receive
a fine of at least $1.1 billion. The decision will allow Ant
Group to obtain a license as a financial holding company and revive
its IPO plans.
Broadcom (NASDAQ:AVGO) – Broadcom
announced that it will invest in an EU-funded program to develop
the semiconductor industry in Spain. The project, valued at up
to $1 billion, will involve the construction of large-scale
semiconductor facilities. The Spanish government has earmarked
billions of euros from EU pandemic relief funds to subsidize the
development of the sector. The initiative aims to strengthen
the European chip industry and reduce dependence on supply from the
US and Asia.
Zoom Video Communications (NASDAQ:ZM) –
Zoom is increasing its investments in the Asia-Pacific region to
drive growth despite post-pandemic challenges. The company is
expanding its presence with data centers in Singapore and research
and development centers in India. Additionally, the company is
investing in AI and expanding features like Zoom IQ.
Cronos
Group (NASDAQ:CRON), Altria
Group (NYSE:MO) – Cronos Group, a Canadian cannabis
producer backed by Altria Group, has confirmed that it is in talks
with potential buyers for a possible sale of the
company. Curaleaf Holdings is one of the interested
companies. Cronos posted a loss in the first quarter of
2023.
Johnson &
Johnson (NYSE:JNJ), Bausch +
Lomb (NYSE:BLCO) – Bausch + Lomb has acquired the
Blink brand from Johnson & Johnson for $106.5 million as part
of its efforts to strengthen its eye care product portfolio
. The Blink brand includes eye drops and drops to relieve dry
eye symptoms. This is Bausch + Lomb’s second acquisition in
two weeks, following the agreement
with Novartis (NYSE:NVS) to buy
ophthalmic products. The company is separating from Bausch
Health Companies. The global dry eye market is estimated at
US$5 billion.
Pfizer (NYSE:PFE), Caribou
Biosciences (NASDAQ:CRBU) – Pfizer invested $25
million to acquire a minority stake in Caribou Biosciences, a
biotechnology company specializing in cell therapy using CRISPR
genome-editing technology. Pfizer’s investment boosted Caribou
shares by more than 61%. The funds will be used to advance an
experimental CAR-T cell therapy, CB-011, in early-stage testing in
patients with blood cancer.
Biogen (NASDAQ:BIIB) – The Alzheimer’s
treatment called Leqembi, developed by Biogen in partnership with
Eisai, has received full approval from the Food and Drug
Administration (FDA). The Centers for Medicare and Medicaid
Services had already announced that they would cover most of the
cost of Leqembi, which costs $26,500 annually, for patients if it
gets full FDA approval.
Dish
Network (NASDAQ:DISH), EchoStar (NASDAQ:SATS)
– Charlie Ergen, president of Dish Network, is considering a merger
between Dish and EchoStar. The companies have hired
consultants, but there are no details on the timing or size of the
deal.
Comcast (NASDAQ:CMCSA) – Mike Cavanagh of
Comcast announced leadership changes at NBCUniversal, with Donna
Langley assuming the expanded role of President, NBCUniversal
Studio Group and Chief Content Officer. Mark Lazarus will be
the new president of NBCUniversal Media Group, while Cesar Conde
will have an expanded role as head of the news
division. Pearlena Igbokwe will continue to lead the TV
studios. Cavanagh will remain chairman of Comcast and will not
name a new CEO. These changes aim to facilitate
decision-making and promote collaboration within the company.
Shell (NYSE:SHEL) – Shell has informed
investors that its second-quarter earnings will be lower, following
Exxon’s announcement earlier this week. While official results
have yet to be released, the company expects gas trading profits to
be considerably lower compared to the first quarter. The drop
in profits comes after the record year of 2022, when energy prices
rose due to geopolitical tensions in Ukraine.
Ford Motor (NYSE:F) – Ford Motor announced
an increase in US auto sales in the second quarter, driven by
improved supply chain and pent-up demand. Quarterly sales were
up about 10% year-over-year, driven by an increase in truck
sales. However, overall electric vehicle sales have declined
due to supply issues.
Stellantis (NYSE:STLA) – Canada will
provide up to C$15 billion in manufacturing incentives for the
Stellantis-LG Energy Solution battery plant in Ontario. The
deal aims to attract clean tech projects and boost the electric
vehicle supply chain. Funding will be split between the
federal government and the province of Ontario, following a model
similar to the agreement with Volkswagen. Production is
scheduled to start in 2024, creating thousands of
jobs. Incentives will be based on the production and sale of
batteries.
Tesla (NASDAQ:TSLA) – Tesla has offered
cash rebates to boost sales in China, a day after making a pledge
with 15 other companies to avoid unusually high prices. At the
same time, workers at the Shanghai factory received notices of
layoffs. In other news, US auto safety regulators are seeking
updated responses from Tesla regarding its ongoing investigation
related to 830,000 vehicles and the Autopilot driver assistance
system. The National Highway Traffic Safety Administration
(NHTSA) sent a letter to Tesla requesting updates and responses by
July 19.
Nikola (NASDAQ:NKLA) – Nikola has again
postponed its annual shareholder meeting due to a lack of
sufficient votes for a proposed increase in the number of
shares. The company is looking to issue more shares to raise
funds. A proposed amendment to Delaware corporate law may
facilitate passage of the proposal.
Blackstone (NYSE:BX), TPG (NASDAQ:TPG)
– Private equity firms including Blackstone and TPG are considering
competing bids to acquire Standish Management, a third-party
services company for the buyout industry, in a deal that could
reach $ 1.7 billion. The company is being advised
by Morgan Stanley, and Thomas H. Lee Partners
has also expressed interest. Standish, which manages about
$450 billion in assets, is seen as an attractive investment given
its predictable revenue and ability to grow through
acquisitions. However, economic uncertainty may affect buyers’
decision due to the slowdown in private equity fundraising.
Goldman Sachs (NYSE:GS) – According to Goldman
Sachs, the increase in the use of electric vehicles is a crucial
factor for the growth in demand for copper. The bank predicts
that demand from the electric vehicle sector will reach 1 million
tonnes this year and reach 1.5 million tonnes in 2025. Copper is
ideal for power transmission in electric vehicles. Although
copper prices have fallen recently, the bank remains bullish on
electric vehicle sales in China. The amount of copper used in
electric vehicles could decrease in the long term. In other
news, a Chinese state-owned newspaper refuted Goldman Sachs
research that recommended selling shares in local banks. The
Securities Times argued that the negative assumptions were
misinterpretations of the facts, highlighting the efforts of
Chinese banks to reduce real estate lending risks. This public
rebuke reflects Beijing’s discomfort with the erosion of investor
confidence and highlights Wall Street banks’ complex relationship
with Chinese authorities.
Morgan Stanley (NYSE:MS) – Morgan Stanley
is more optimistic about the chip sector in China, Japan and South
Korea due to the long-term prospects for semiconductors related to
artificial intelligence. The broker raised the chip sector in
China and Japan to attractive and raised price targets for
companies including Samsung Electronics and SK Hynix. The
company has also seen an increase in demand for AI semiconductors
in recent weeks. Korean memory chip makers such as SK Hynix
are expected to benefit from the DRAM market growth in the coming
years.
UBS (NYSE:UBS) – UBS has announced
management changes stemming from the Credit Suisse acquisition,
including the hiring of former Credit Suisse managers. The
bank will return to Australia and India in the wealth management
sector and take over Credit Suisse’s remittance finance
business. In other news, Credit Suisse is facing a lawsuit in
Japan over securities linked to a fund managed in partnership with
Greensill Capital, which went bankrupt. The plaintiffs allege
that the bank provided inadequate information about the product
sold, the returns of which were linked to a fund that subsequently
collapsed.
Booking Holdings (NASDAQ:BKNG) – Booking
Holdings will seek to convince EU antitrust regulators to approve
the acquisition of Etraveli Group, despite concerns about
competition. The European Commission said the deal would
strengthen Booking’s dominant position in the accommodation market
and expand its reach into travel services. Booking will have a
hearing with regulators to address these concerns and may need to
offer solutions to avoid a deal rejection. The final decision
will be made by August 30th.
Levi Strauss & Co (NYSE:LEVI) – Levi
Strauss & Co lowered its full-year profit forecast due to
higher costs and declining sales in its North American wholesale
channels. The company plans to lower prices on certain
products to attract more price-sensitive
shoppers. Second-quarter net income was down 9%, and Levi’s
expects lower adjusted gross margin and reduced revenue
growth. The decline in wholesale sales is a trend that may
call for more promotions and price reductions. The company
posted a net loss of $1.6 million in the second quarter.
Macy’s (NYSE:M) – Macy’s jumped on the
bandwagon by launching its Black Friday-like summer savings event
in July. The sales event will run from Thursday July 6th to
July 12th to attract shoppers looking for great deals.
Costco (NASDAQ:COST) – Comparable sales
for Costco stores in June were down 1.4%. According to the
retailer, this decrease was largely attributed to lower gasoline
prices, which negatively affected sales by 4 percentage
points. However, excluding the effects of gasoline prices and
exchange rates, comparable sales in June were up 3%.
Market view
Xpeng (NYSE:XPEV) – Shares in XPeng, the
Chinese electric vehicle maker, are down 2% in premarket trading on
Friday after a ratings downgrade by Bocom International from
“Neutral” to “Sell”. The brokerage expressed concerns about
optimistic sales expectations for XPeng’s new G6 model and
highlighted challenges such as fierce competition and pressure on
the company’s margins.
KLA Corp (NASDAQ:KLAC) – KLA Corp has been
downgraded to “Sector Weight” from “Overweight” by KeyBanc due to
its position as a supplier of chip manufacturing equipment.
American Express (NYSE:AXP) – Shares in
American Express fell 2.4% on Thursday after a rating downgrade by
Baird from “Outperform” to “Neutral”, citing low expectations for
the upcoming quarterly results. The price target was
maintained at $185. The company’s forecast net interest margin was
considered softer due to rising funding costs and changing funding
mix. American Express will report second-quarter results on
July 21.
Keurig Dr Pepper (NASDAQ:KDP) – Keurig Dr
Pepper has been upgraded by Morgan Stanley analysts from “Equal
Weight” to “Overweight” who believe the company’s stock is ripe for
a new boost. The price target was left at $36. They
highlighted Keurig’s increased market share in the soft drink
sector, over-risk in the coffee segment and the low valuation of
the stock as the main reasons for the upgrade. Keurig will
report its second-quarter results on July 27.
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