US Index Futures operate without a defined direction, as investors digest mixed earnings from last night and await more numbers.

By 07:01 AM, Dow Jones futures (DOWI:DJI) were up 41 points, or 0.12%. S&P 500 futures were down -0.11%, while Nasdaq-100 futures were down -0.65%. The 10-year Treasury yield is at 3.789%.

In Europe, the producer price index in Germany had a decrease of 0.3% in June in the monthly comparison, and the consensus estimated a decrease of 0.40%. In the year, the index changed by 0.1%, while the consensus predicted stability.

In the euro zone, the current account balance reached a deficit of 11.30 billion euros in May. At 10am, the bloc will release the consumer confidence rate for July, with a consensus of 16.

Turkey’s central bank raised its key interest rate by 250 basis points to 17.5%, below analysts’ expectations. The Turkish lira fell against the dollar on the news as the country struggles with double-digit inflation.

In China, markets closed lower on Thursday, after the Chinese central bank maintained the one-year prime rate – the reference rate for loans – at 3.55%, the same consensus projection. Despite being in line with the consensus, investors are also weighing the need for new stimuli, including monetary ones, amid a recent sequence of weaker activity data.

In the American economic agenda for Thursday, the Department of Labor will disclose at 8:30 am the unemployment aid requests for the week until 07/15, with consensus pointing to 242 thousand new vacancies. Also at 8:30 am, the Philadelphia industrial activity index will be released. At 10:00 am, the May pre-owned home sales report will be released.

Investors are watching Russia’s attacks on Ukrainian ports, which could impact commodity prices, as the region is a major route for food supply.

Elsewhere in commodities markets, West Texas Intermediate crude for August is up 0.15% at $75.46 a barrel. Brent crude for September is up 0.45% near $79.82 a barrel. Iron ore futures traded in Dalian, China, rose 1.74% to $118.18 a tonne, bouncing back from recent losses after the Chinese economy has cooled.

By Wednesday’s close, the Dow was up 109.28 points or 0.31% to 35,061.21 points. The S&P 500 rose 10.74 points, or 0.24%, to 4,565.72 points. The Nasdaq Composite rose 4.38 points or 0.03% to 14,358.02 points. Investors were buoyed after UK inflation data showed lower-than-expected numbers, easing pressure on the Bank of England to keep raising interest rates. At the same time, traders were awaiting the quarterly reports from Netflix (NASDAQ:NFLX) and Tesla (NASDAQ:TSLA), which came out after the market closed.

Thursday’s corporate results, to be released before the start of trading, will see earnings from TSMC (NYSE:TSM), American Airlines (NASDAQ:AAL), Johnson & Johnson (NYSE:JNJ), Nokia (NYSE:NOK), Abbott (NYSE:ABT) and DR Horton (NYSE:DHI), among others. After market close, among the most anticipated reports are Intuitive Surgical (NASDAQ:ISRG) and CSX Corp (NASDAQ:CSX).

Wall Street Corporate Highlights for Today

Apple (NASDAQ:AAPL) – According to Bloomberg News, Apple is working on artificial intelligence (AI) offerings similar to OpenAI’s ChatGPT and Google’s Bard. The company has built its own framework called “Ajax” to create large language models (LLMs) and is testing a chatbot known as “Apple GPT”. Apple intends to make an AI-related announcement next year.

Microsoft (NASDAQ:MSFT) – Microsoft has asked the United States Federal Trade Commission (FTC) to drop a lawsuit against the acquisition of Activision Blizzard (NASDAQ:ATVI). The company stated that the district court has already considered the FTC’s claims and concluded that the Commission was unlikely to succeed in them. The trial before an FTC administrative law judge is expected to begin in August. In other news, Microsoft is expanding its suite of free security tools for customers, following criticism about the company’s bug protection charges. The advanced features of the audit suite, now called Microsoft Purview, will be available for free in the coming months. Additionally, Microsoft CEO Satya Nadella has crossed the $1 billion mark in total profit, driven by the company’s artificial intelligence rally. This amount includes payments from Microsoft such as stock grants, salary, bonuses and dividends.

Amazon (NASDAQ:AMZN) – Amazon is expanding its content offering in India by streaming BBC programmes. Prime Video members in India can now access popular British shows such as The Great British Bakeoff and Strictly Come Dancing through BBC Player and BBC Kids. This strategic move allows Amazon to compete with Mukesh Ambani’s JioCinema platform as it seeks to increase its share of India’s premium streaming market.

Tesla (NASDAQ:TSLA) – Tesla CEO Elon Musk has indicated he will cut prices on electric vehicles again in response to “turbulent times” despite pressure on the company’s margins. In other news, Tesla is planning to invest more than $1 billion in its Project Dojo, an in-house supercomputer meant to handle huge volumes of data, including videos of Tesla cars to develop its self-driving software. Elon Musk stated that the investment will be made over the next few years and is in line with the previously stated expenditure perspective. Musk acknowledged that his previous predictions about autonomous driving were optimistic, but he believes Tesla will be better than humans by the end of the year. Furthermore, Nissan has become the first Japanese automaker to adopt Tesla’s electric vehicle charging technology in the US and Canada starting in 2025, as announced on Wednesday. Tesla also launched the Model Y in Malaysia with an asking price of around $44,000.

Carvana (NYSE:CVNA) – Shares in Carvana closed up 40.2% on Wednesday after the company struck a deal with its bondholders to reduce its debt by more than $1 billion. The company faces liquidity problems due to the drop in demand for used cars. Apollo Private Equity CEO John Zito praised the deal. Carvana plans to raise $350 million through a share sale to pay off some of the debt.

Netflix (NASDAQ:NFLX) – Netflix has removed its basic plan in the US and UK as it seeks to attract more subscribers to its ad-supported tier. The $9.99/month plan is no longer available to new members, but existing users can continue. The company launched ad-supported options last November and clamped down on password sharing.

Disney (NYSE:DIS) – Walt Disney stock has fallen more than 13% over the past 12 months, despite the S&P 500 performing positively. The company faces challenges, including pressure on its streaming unit, union strikes, declining attendance at its theme parks and debt levels. However, some analysts believe it makes more sense for CEO Bob Iger to remain in the role despite worries about succession.

Domino’s (NYSE:DPZ) – The world’s largest pizza brand, Domino’s, is tackling high inflation in India with a lower price strategy. The company is offering pizzas for 49 rupees (about $0.60), Domino’s cheapest anywhere. The measure is a response to runaway inflation and aims to attract customers in a highly price-sensitive market. Other major fast-food chains such as Pizza Hut (NYSE:YUM) and McDonald’s (NYSE:MCD) are also rolling out low-cost products to tackle inflation and maintain their share of the Indian market.

Pfizer (NYSE:PFE) – Pfizer said its Rocky Mount, North Carolina manufacturing facility sustained significant damage due to a tornado. The company is assessing the impact on production and has confirmed that all employees have been safely evacuated. The facility is responsible for producing a wide range of sterile injectable products.

Catalent (NYSE:CTLT) – According to the Wall Street Journal, activist investor Elliott Investment has acquired a significant stake in Catalent and is pushing for changes to the company’s board. They are in talks with potential candidates to form a shortlist of nominees in a proxy race. Catalent faces challenges, including production problems and the resignation of its chief financial officer.

United Parcel Service (NYSE:UPS) – United Parcel Service (UPS) has announced that it will return to the negotiating table with a better offer to avoid a potential strike by its 340,000 workers represented by the Teamsters union in the US. UPS is willing to increase wages and benefits to reach a fair settlement and avoid significant economic impact. Both sides are dependent on each other, which increases the likelihood of an early deal.

SiriusXM (NASDAQ:SIRI) – SiriusXM stock has been experiencing an apparent “short squeeze” that has boosted its value of late. The company has the highest ratio of short interest to available float in the Russell 1000 index. Investors who adopted an arbitrage strategy between SiriusXM and Liberty SiriusXM Group shares suffered significant losses as SiriusXM shares rose 35% and Liberty SiriusXM’s just 12% over the last month. The rise in SiriusXM stock is related to an increase in top-selling stocks, resulting in a narrowing of the discount between SiriusXM and Liberty SiriusXM stock. While the company’s future path is uncertain, some analysts are optimistic based on restructuring prospects and potential mergers.

Deutsche Bank (NYSE:DB) – Deutsche Bank and its US affiliates were fined $186 million by the Federal Reserve due to money laundering control issues and other shortcomings. The German bank must resolve these issues or face more serious penalties.

UBS (NYSE:UBS) – UK and US development finance institutions have agreed to become anchor investors in a new $100 million public-private funding initiative led by the philanthropic arm of UBS and the non-profit organization Bridges Outcomes Partnerships. Initial investments will support education projects in Sierra Leone and Ghana, as well as a plastic waste recycling social enterprise in Nigeria, in line with the Sustainable Development Goals.

Bank of America (NYSE:BAC) – BofA Global Research has revised down its forecast for China’s economic growth to 5.1% this year, due to disappointing GDP performance in the second quarter and possible delays in the policy response. The brokerage also reduced the growth forecast for 2024 to 4.8%. However, a modest recovery is expected in the fourth quarter on policy easing efforts.

Mizuho (NYSE:MFG) – Mizuho Financial Group will launch a debt fund for startups in Japan, following the megabank trend. With funding of 10 billion yen, the fund will seek to invest in mid- to advanced-stage startups. The initiative aims to meet the demand for debt and strengthen the relationship with future IPO millionaires.

Oddity Tech (NASDAQ:ODD) – Shares of Oddity Tech, a technology company for the beauty industry, had a positive trading debut on Wednesday. They closed the day at US$47.53, up 36%. Oddity is focused on transforming the global beauty and wellness market through technology, data science and direct-to-consumer experience. The company is profitable and plans to add more brands to its platform.

Earnings

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – Shares in the world’s largest chipmaker fell about 2.7% in premarket Thursday after second-quarter results missed analysts’ estimates. Revenue was NT$480.84 billion, with net income of NT$181.8 billion. TSMC cited customers’ inventory adjustment and macroeconomic headwinds as factors hurting its business. The company forecast third-quarter revenue of between $16.7 billion and $17.5 billion and highlighted potential growth with its 3-nanometer technology.

Netflix (NASDAQ:NFLX) – Shares of Netflix are down -7.0% in premarket trading on Thursday. In the last quarter, Netflix achieved earnings of $3.29 per share and revenue of $8.19 billion. Analysts polled by Refinitiv had forecast earnings of $2.86 a share and revenue of $8.3 billion. The company stated that it was too early to assess the effects of its crackdown on password sharing and the revenue from its ad-supported offering. 

IBM (NYSE:IBM) – Following the mixed second-quarter earnings report, IBM stock is down -1.0% in premarket Thursday. Recorded revenue was $15.48 billion, missing Wall Street’s forecast of $15.58 billion, as reported by Refinitiv. IBM announced adjusted earnings of $2.18 per share, beating the analyst consensus estimate of $2.01 per share.

Tesla (NASDAQ:TSLA) – Shares of Tesla are down 2.9% in premarket Thursday. While the company achieved record quarterly revenue, operating margins dropped to 9.6%, hitting their lowest level in the last five quarters, due to price cuts and incentives. Stocks initially held steady, but fell during the earnings conference call. For the second quarter, reported revenue was $24.93 billion and adjusted earnings per share were $0.91 cents. The estimate of analysts consulted by Refinitiv was for revenue of US$ 24.47 billion and adjusted earnings per share of US$ 0.82 cents. 

United Airlines (NASDAQ:UAL) – United Airlines stock was up 2.9% in premarket Thursday after its second-quarter earnings and revenue beat analyst expectations despite flight disruptions in its Newark, New Jersey hub. The company reported adjusted earnings of $5.03 per share and total revenue of $14.18 billion. Meanwhile, analysts polled by Refinitiv estimated earnings of $4.03 a share and revenue of $13.91 billion. The company also released a stronger-than-expected forecast for the current quarter.

Zions Bancorp (NASDAQ:ZION) – Shares in regional bank Zions Bancorp were up 4.6% in premarket Thursday after its earnings results beat analysts’ estimates. For the second quarter, Zions posted earnings of $1.11 per share, while analyst consensus estimates, according to FactSet, were $1.08.

Las Vegas Sands (NYSE:LVS) – Despite a better-than-expected performance at both the top and bottom lines, shares in the resort developer were down about 2% in Thursday’s premarket trade. For the second quarter, Las Vegas Sands reported adjusted earnings of 46 cents per share and revenue of $2.54 billion. Analysts polled by Refinitiv had forecast earnings of 43 cents a share and revenue of $2.39 billion. Las Vegas Sands also announced dividends.

Discover Financial (NYSE:DFS) – Shares of the digital banking company suffered a 12.2% drop in premarket Thursday after second-quarter results missed analysts’ estimates. Discover Financial reported earnings of $3.54 per share and revenue of $3.88 billion for the period. According to FactSet, analysts were forecasting earnings of $3.67 per share and revenue of $3.88 billion. Discover has revealed that it is in discussions with regulators over a “card product misclassification” issue and has also suspended share buybacks.

Nokia (NYSE:NOK) – Shares in Nokia are down -1.3% premarket after the Finnish telecoms equipment group reported a drop in second-quarter profit due to reduced margin as growth in 5G equipment sales in low-margin markets has not offset slowing demand in North America. The company expects similar net sales in the second half and views the drop in demand as a short-term impact. Comparable second-quarter operating profit fell to $702.37 million, but beat market estimates. Nokia also reported a new patent license agreement with Apple (NASDAQ:AAPL).

Goldman Sachs (NYSE:GS) – Goldman Sachs reported a 58% drop in second-quarter profit, below estimates, due to writedowns at its consumer businesses and property investments. Profit was $1.22 billion, or $3.08 per share, due to sharp declines in trading and investment banking, as well as losses related to GreenSky and legacy investments. Revenue also fell 8% to $10.9 billion.

Northern Trust (NASDAQ:NTRS) – Shares in Northern Trust rose more than 14% on Wednesday after the company reported a smaller-than-expected drop in second-quarter net interest income. This was driven by higher interest rates and slower deposit losses. The results eased investor concerns about the company’s net interest income trajectory after State Street’s disappointing performance. Northern Trust’s profit fell 17%, but assets under custody and asset management rose.

Wintrust Financial Corp (NASDAQ:WTFC) – Wintrust Financial Corp. released second-quarter results below expectations, with net interest income and margins below estimates. The bank faced higher deposit costs due to increased customer deposits. The company reported net income of $154.8 million, or $2.38 per share, compared with $94.5 million, or $1.49 per share, in the year-ago quarter. Revenue was $560.6 million, compared to $440.7 million in the year-ago quarter. Total deposits grew by 12.4%.

Nasdaq (NASDAQ:NDAQ) – Nasdaq beat second-quarter earnings estimates due to demand for its investment-related products and capital markets solutions. Its diversification strategy helped mitigate the effects of the drought in the IPO market. The company closed a $10.5 billion deal with Adenza to expand its regulatory solutions. However, Nasdaq has announced that it will not be moving forward with its digital asset custody business in the US due to a lack of regulatory clarity. Earnings per share were $0.71 cents, versus the estimate of $0.66 cents (Refinitiv).

Halliburton (NYSE:HAL) – Halliburton reported net income of $610 million, or $0.68 per share, for the quarter, compared with $117 million, or $0.12 per share, in the same quarter. period of the previous year. Adjusted earnings per share were $0.77 cents, beating FactSet’s consensus of $0.75 cents.

Baker Hughes (NASDAQ:BKR) – Baker Hughes second quarter adjusted earnings per share, excluding non-recurring items, rose from $0.11 cents to $0.39 cents, beating the FactSet consensus of $0.33 cents. Revenue also saw a significant increase, reaching $6.32 billion, up 25.1% year-over-year and above FactSet estimates of $6.27 billion. Additionally, orders increased by 27.5% to $7.47 billion. 

Johnson & Johnson (NYSE:JNJ) – J&J reported second-quarter adjusted revenue and earnings that beat expectations, driven by increased sales from its medical technology business. The company is benefiting from a recovery in demand for non-urgent surgery and has raised its full-year sales and earnings forecast. Net income was $5.14 billion, or $1.96 per share. That compares to net income of $4.8 billion, or $1.80 per share, in the year-earlier period. Adjusted earnings per share were $2.80 on revenue of $25.53 billion, above the estimate of $2.62 on revenue of $24.62 billion.

American Airlines (NASDAQ:AAL) – American Airlines has raised its 2023 earnings projections after a strong start to the peak travel season. In the second quarter, the company beat Wall Street expectations, posting adjusted earnings per share of $1.92 and total revenue of $14.06 billion. The estimate was $1.59 per share on $13.74 billion in revenue.

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