US index futures are up in Monday’s pre-market, staging a
recovery and digesting data from Europe and China, following a week
in which U.S. interest rate concerns left investors apprehensive
and fueled a global risk-averse sentiment.
By 6:48 AM, Dow Jones (DOWI:DJI) futures were up 105
points, or 0.30%. S&P 500 futures were up 0.43% and
Nasdaq-100 futures were up 0.55%. The 10-year Treasury yield
was at 4,298%.
In Germany, the producer price index recorded a monthly drop of
1.10% in July, beating expectations of -0.20%. In annual
terms, there was a decrease of 6.0%, indicating a positive scenario
amid the restricted conditions of the largest European economy.
In Asian markets, lack of direction prevailed due to growing
concerns about China. Evergrande, the real estate giant, has
filed for creditor protection in the US. The People’s Bank of
China (PBoC) cut the one-year lending rate to 3.45%, down from
3.55% previously, while the five-year rate remained at
4.20%. Despite expectations of a bigger cut to boost sectors,
the PBoC implemented measures to mitigate financial risks in the
face of concerns about contagion in the real estate sector.
In commodities markets, West Texas Intermediate crude for
September was up 1.05% to trade at $82.10 a barrel. Brent
crude for October was up 0.88% near $85.55 a barrel. Iron ore
futures traded in Dalian, China, were up 0.91% to $106.18 a
tonne.
At Friday’s close, the Dow Jones rose 25.83 points, or 0.07%, to
34,500.66 points. The S&P 500 was broadly flat, or -0.01%,
at 4,369.71 points, while the Nasdaq ended up losing 26.16 points,
or 0.20%, at 13,290.78 points. Anxieties related to rising
interest rates worldwide continue to influence risk aversion
sentiment, and increases in yields hit technology and finance
companies hardest.
The increase in long-term interest rates in the United States,
in part, seems to be linked to the idea that the probability of an
imminent recession is now less likely, and a mild slowdown scenario
seems to be taking shape. In any case, the fall in asset
values over the last few days found a point of stability on
Friday, as US stocks, except for the technology sector, showed a
day of appreciation.
Ahead of Monday’s corporate results, traders are watching
reports from Zoom Video (NASDAQ:ZM) and Nordson (NASDAQ:NDSN).
Wall Street Corporate Highlights for Today
Walmart (NYSE:WMT) – Walmart and Centric
Brands are investigating their supply chains in Cambodia following
allegations that female inmates at the country’s largest women’s
prison illegally produced clothing for export. AAFA has
expressed concerns about forced labor.
Starbucks (NASDAQ:SBUX) – A judge ordered
Starbucks to pay an additional $2.7 million in lost wages and tax
damages to Shannon Phillips, a former regional manager who alleged
racial discrimination. In June, she was already awarded $25
million for wrongful termination following the 2018 black male
arrest incident. The company is seeking a new trial, while
Phillips’ lawyers want $1.4 million in fees. The case
addresses allegations of unfair punishment of white employees after
the incident, which sparked protests and settlements with the men
involved.
Domino’s (NYSE:DPZ) – Russian franchise
Domino’s Pizza faces a challenging backdrop with the news of its
bankruptcy and subsequent exit from Russia. DP Eurasia, the
main franchisee of the Domino’s brand in Russia and listed in
London, announced that it is filing for bankruptcy after facing
financial difficulties. This situation marks the end of an
attempt to sell the Russian unit.
Citigroup (NYSE:C) – Citigroup CEO Jane
Fraser is evaluating a plan to spin off the bank’s main division,
the Institutional Clients Group (ICG), into three key segments:
investment and corporate banking, global markets and transaction
services, according to the Financial Times. The move comes as
divisional CEO Paco Ybarra is expected to leave in the first half
of 2024.
Adobe (NASDAQ:ADBE) – John Warnock,
co-founder of Adobe, has passed away at age 82. The cause of
death was not disclosed. He founded Adobe in 1982 with Charles
Geschke, serving in leadership roles until 2017.
Nvidia (NASDAQ:NVDA) – Next Wednesday,
quarterly results from Nvidia Corp. will test its position as
a leader in the AI boom and its ability to meet high expectations
after forecasting record revenue. Despite the supply
bottlenecks, analysts see potential for growth due to rising demand
for technology, especially AI.
Meta Platforms (NASDAQ:META) – Meta
Platforms has plans to introduce a web edition of its Threads
microblogging app soon, as reported by the Wall Street Journal on
Sunday.
Palo Alto Networks (NASDAQ:PANW) – After a
brief moment of panic over its unusual earnings report, Palo Alto
Networks brought analysts some relief. Its long-term growth
boosted cybersecurity stocks, with Palo Alto, Zscaler and
CrowdStrike rising in premarket trading. The report beat
expectations, highlighting a compound annual growth rate of 17% to
19% over the next three years, allaying concerns against a backdrop
of macroeconomic uncertainty. The momentum in big business was
also highlighted, raising valuations and positive prospects for the
sector.
Baidu (NASDAQ:BIDU) – Baidu is scheduled
to release its second-quarter results on Tuesday. Forecasts
suggest that its net income will increase by 44% year-over-year to
reach $719.6 million for the quarter ended June 30. In
addition, second-quarter revenue is estimated to grow 14%
year-over-year.
Napco Security Technologies (NASDAQ:NSSC)
– Napco Security Technologies shares fell 34.7% in premarket after
the company disclosed errors in previous financial
statements. The inflated numbers for the first three quarters
of fiscal 2023 were identified by the wireless communications and
security equipment maker.
DuPont De Nemours (NYSE:DD) – DuPont De
Nemours is in advanced talks to sell its Delrin resins business to
The Jordan Company for approximately $1.8 billion, according to
Bloomberg News. The sale may be announced soon, although
uncertainties remain.
General Motors (NYSE:GM) – The California
Motor Vehicle Regulatory Authority is investigating recent
incidents involving autonomous vehicles operated by General Motors’
Cruise business in San Francisco. The regulator has asked the
company to pull half of its robotaxis off the road and immediately
reduce its active fleet by 50% pending the completion of the
investigation. Cruise agreed to the reduction. The
investigation was triggered after an accident involving an
emergency vehicle and a Cruise robotaxi.
Xpeng (NYSE:XPEV) – Shares in XPeng rose
6.1% in premarket trading on Monday after analysts at BofA raised
the Chinese electric vehicle maker’s recommendation from “Neutral”
to “Buy”, raising the price target from $16.30 to $22. The shares
had fallen 4.3% on Friday after the company forecast revenue below
estimates, reflecting weak demand and intense competition after
price cuts. In the second quarter, Xpeng’s revenue fell 32%,
with negative gross margins due to inventories of the G3i crossover
SUV.
Tesla (NASDAQ:TSLA) – In May, Tesla’s data
breach affected more than 75,000 individuals, including employee
records, resulting from “internal errors,” Maine’s attorney general
disclosed on Friday. About 9 Maine residents were affected,
all of whom are current or former employees of the Austin,
Texas-based automaker. The investigation identified that
former employees misappropriated information, resulting in lawsuits
and device seizures. Tesla is taking steps to prevent the
continued use, access and disclosure of data.
Stellantis (NYSE:STLA) – Stellantis is
considering moving production of the Ram 1500 pickup from suburban
Detroit to Mexico, according to United Auto Workers vice president
Rich Boyer. The company discussed this change in contract
negotiations with the union.
Hawaiian Electric Industries (NYSE:HE) –
Hawaiian Electric said it is not planning a restructuring but is
seeking expert advice amid concerns about its role in the Maui
wildfires. The company did not detail the purpose of the
counseling. Rating agencies downgraded its credit rating, and
analysts compare its situation to that of PG&E Corp in
California.
Estee Lauder (NYSE:EL) – Estée Lauder projected
lower-than-expected full-year sales and earnings on Friday,
indicating a slower-than-expected recovery in its travel retail
business, particularly in Asia, and weakened demand in the United
States. The company expects the Asia-Pacific region, in
particular Hainan and mainland China, to remain
challenging. Annual sales are forecast to increase between 5%
and 7%, while adjusted annual earnings are expected to be between
$3.50 and $3.75 per share.
WeWork (NYSE:WE) – WeWork on Friday confirmed
its intention to undertake a 1-for-40 reverse stock split to regain
compliance with listing requirements, after raising doubts about
its viability. The company’s shares, previously valued at $47
billion, are now worth around $336 million. The company has
faced challenges since the collapse of its IPO plans in 2019 and
has pursued savings and restructuring measures. The stock
split is expected to take effect on September 1.
Deere & Co (NYSE:DE) – Deere & Co beat
estimates for third-quarter earnings, up 60%, but its shares fell
last Friday on concerns about future sales. Net income rose to
$2.98 billion for the quarter ended July 31. Earnings per
share came in at $10.20, beating analysts’ forecast of $8.20,
according to Refinitiv data. Although it raised the annual
projection, the market reacted lukewarm due to the possible
slowdown in demand in 2024.
Jet.AI (NASDAQ:JTAI) – Jet.AI shares fell 16.3%
in premarket Monday after the launch of its AI-powered booking app
on Apple’s App Store, after closing up 64% on Friday -fair.
Pfizer (NYSE:PFE), Moderna
(NASDAQ:MRNA) – Amid an increase in COVID-19 hospitalizations,
vaccine manufacturers report efficacy of updated vaccines for
circulating variants. Pfizer reported positive results, while
Moderna said its vaccine also responds to emerging variants,
alleviating concerns. As hospitalizations grow, variants such
as EG.5 raise global concerns. Approval and recommendation of
new vaccines are expected.
Baidu (NASDAQ:BIDU)
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