SHEL Shell plc

US index futures were mixed in premarket Thursday, with traders awaiting further US indicators and mulling over eurozone inflation data and UBS’s first earnings after the Credit Suisse acquisition.

By 6:51 AM, Dow Jones (DOWI:DJI) futures were up 109 points, or 0.31%. S&P 500 futures were up 0.07% and Nasdaq-100 futures were down 0.11%. The 10-year Treasury yield was at 4.102%.

On Thursday’s US economic agenda, investors await, at 8:30 am, the weekly unemployment insurance and the PCE index and the core. The projection of weekly jobless claims is 235,000 new claims, up from the previous week, when it reached 230,000.

The projection of the PCE index and the core, have estimates of 0.20% and 0.20%, respectively. Spending and income, which will also be out at 8:30 am, have consensus of 0.70% and 0.30%, respectively.

At 09:00 am the president of the Boston Fed, Susan Collins, will deliver a speech, while at 9:45 am will be the release of the Chicago PMI, which has a consensus of 44.10 points.

In Germany, retail sector sales declined by 0.80% in July month-on-month, bucking expectations for a 0.30% increase. The unemployment rate in August was 5.7%, as predicted by analysts.

In the European Union, the annual inflation rate was 5.30% in August, remaining the same as in July and significantly surpassing the 2% target. The unemployment rate, on the other hand, corresponded to forecasts, standing at 6.40%.

These inflation data indicate that the European Central Bank (ECB) may continue to raise interest rates, as inflation remains high in the region. ECB board member Isabel Schanabel has previously mentioned that keeping interest rates stable for an extended period is a viable option.

In Asia, markets performed mixedly. In Japan, retail sales beat expectations, recording an annual increase of 6.80% in July. In China, the data were mixed: the industrial Purchasing Managers’ Index (PMI) stood at 49.7 points in August, slightly above the forecast of 49.40 points. However, the services PMI was slightly below expectations, reaching 51.0 points.

In commodities markets, West Texas Intermediate crude for October was up 0.61% to trade at $82.13 a barrel. Brent crude for October was up 0.66% at $86.43 a barrel. Iron ore futures traded in Dalian, China, rose 3.54%, quoted at US$116.33, continuing the upward movement seen the day before.

By Wednesday’s close, US stock markets had another positive day, buoyed by signs that the Federal Reserve’s cycle of raising interest rates may be coming to an end. The Dow Jones rose 37.57 points or 0.11% to 34,890.24 points. The S&P 500 rose 17.24 points or 0.38% to 4,514.87 points. The Nasdaq Composite rose 75.55 points or 0.54% to 14,019.31 points.

This occurred after the release of several economic reports that suggest a slowdown in activity. The probability of a new rise in interest rates in the United States this year has dropped to less than 50%, according to CME Group data. Additionally, revised US Gross Domestic Product (GDP) figures showed annualized growth of 2.1% in the second quarter, lower than the previous estimate.

It was also reported that job creation in the private sector in August was below expectations, with 177,000 new jobs, the smallest increase in five months, according to the ADP Research Institute.

Ahead of Thursday’s corporate results, traders are watching reports from Dollar General (NYSE:DG), Polestar (NASDAQ:PSNY), UBS (NYSE:UBS), Campbell’s (NYSE:CPB), Hormel Foods (NYSE:HRL), among others. After the close, reports from Broadcom (NASDAQ:AVGO), Lululemon (NASDAQ:LULU), MongoDB (NASDAQ:MDB), SentinelOne (NYSE:S), VMWare (NYSE:VMW), Dell Technologies (NYSE:DELL), Nutanix (NASDAQ:NTNX) and more.

Apple (NASDAQ:AAPL), 3D Systems (NYSE:DDD), Desktop Metal (NYSE:DM) – Apple is exploring 3D printing to manufacture steel cases for future Apple Watches, seeking efficiency and sustainability. The technique under development, called “Binder Jetting,” promises material savings and could be expanded to other Apple products. Companies such as 3D Systems and Desktop Metal saw their shares rise on Wednesday in response.

Microsoft (NASDAQ:MSFT) – To avoid potential EU antitrust fines, Microsoft will separate its Teams app from the Office suite and improve interoperability with rival software. The decision comes after an investigation by the European Commission initiated due to a Slack complaint.

Alphabet (NASDAQ:GOOGL) – Google has released a generative artificial intelligence update to its search engine in India and Japan. Initially available only in the US, the feature offers visual or text results at prompts and competes with Microsoft’s Bing. In other news, digital rights group Noyb has accused Google-owned Fitbit of violating EU GDPR privacy regulations. According to Noyb, Fitbit forces users to agree to data transfers outside the EU with no opt-out.

Shopify (NYSE:SHOP), Amazon (NASDAQ:AMZN) – Shopify announced that it will soon allow US merchants to integrate Amazon’s “Buy with Prime” option into their checkouts. The initiative aims to offer Prime benefits, such as fast and free delivery, outside the Amazon platform for the first time.

Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD) – The US has expanded export restrictions on AI chips from Nvidia and AMD beyond China, covering some regions in the Middle East. Both companies said the move would have no immediate material impact on revenues.

Intel (NASDAQ:INTC) – Intel plans to invest $1.2 billion in Costa Rica over the next two years, following the US State Department’s support of the Costa Rican semiconductor sector through the Chips Act of 2022.

Palantir Technologies  (NYSE:PLTR) – Palantir shares fell 4.1% to $15.66 after Morgan Stanley downgraded the data analytics software company’s stock from “Equal Weight” to “Underweight”, according to information from the Fly. The price target has been adjusted from $8 to $9 by analysts.

Baidu (NASDAQ:BIDU) – The Cyberspace Administration of China plans to authorize generative AI services, allowing companies like Baidu to compete with global giants like OpenAI. The decision comes after new AI guidelines and positions China ahead of the US in AI regulation.

Plug Power (NASDAQ:PLUG) – Plug Power will pay a $1.25 million fine to settle SEC charges related to accounting failures. The company could face an additional $5 million fine if it doesn’t fix its internal controls within a year. The company did not admit wrongdoing.

Sunrun (NASDAQ:RUN) – After a challenging year, Sunrun stock rose when Citi analyst Vikram Bagri upgraded the company’s rating to ‘Buy’. Although it lowered its price target, Bagri believes Sunrun is well positioned to weather the volatility of the residential market.

Deere & Co (NYSE:DE) – Deere’s board raised the quarterly dividend by 8% to $1.35 per share. Based on the closing price of $404.10, the annual yield is 1.34%. Payment will take place on November 8th.

American Airlines (NASDAQ:AAL) – American Airlines flight attendants have almost unanimously approved a potential strike if the airline does not agree to fair contractual terms, according to the APFA. The vote takes place against a backdrop of rising union power and a tight job market.

Boeing (NYSE:BA) – Due to Hurricane Idalia, Boeing has halted operations in South Carolina, advising overnight shifts to stay home. The company plans to resume activity this morning while it assesses the impact of the storm.

Toyota Motor (NYSE:TM) – A malfunction during a parts ordering system update was the reason for the shutdown of all Toyota factories in Japan on Tuesday. The failure, which was not detailed by the company, could represent a loss of $356 million in revenue.

Shell Plc (NYSE:SHEL) – Six months after taking over as CEO of Shell, Wael Sawan has abandoned the company’s ambitious plan for carbon offsets. Instead, he focused on expanding profits in oil and gas, without providing new climate targets. The shift points to the practical difficulties and scale of high-quality carbon offset projects.

Standard Chartered (USOTC:SCBFF) – Standard Chartered has appointed Diego De Giorgi as future Chief Financial Officer, effective September 1. Recently co-CEO of Pegasus Europe, he will replace Andy Halford, who is retiring. De Giorgi will join the board in 2024, pending regulatory approval.

Brown-Forman (NYSE:BF.B) – Brown-Forman, maker of Jack Daniel’s, missed quarterly profit targets due to high input costs and low demand for premium whiskeys in the US. Revenue increased 3% to $1.04 billion, compared with the average estimate of analysts surveyed by Refinitiv of $1.05 billion. Excluding items, Brown-Forman earned 48 cents a share, compared with a profit estimate of 53 cents a share.

Johnson & Johnson (NYSE:JNJ) – After separating from its consumer health unit Kenvue (NYSE:KVUE), Johnson & Johnson announced a double-digit profit growth forecast for 2023. In addition, Johnson & Johnson and India’s Lupine will significantly reduce the cost of its anti-TB drug, bedaquiline, in low- and middle-income countries, the UN-backed Stop TB Partnership announced. The new price reductions seek to expand access to life-saving treatment for drug-resistant TB.

UBS  (NYSE:UBS) – UBS reported a record profit of $28.88 billion in the second quarter, missing analyst estimates of $33.5 billion. UBS shares are up 5.1% premarket, and have risen about 30% since the Credit Suisse acquisition was announced. Credit Suisse will reduce trading in new markets starting September 22nd. Expiry extensions will no longer be possible, but current positions and flows will remain unchanged. The measure is part of the merger of the banks. In addition, UBS plans to eliminate 3,000 jobs in Switzerland over the next two years, aiming to save more than $10 billion. The cut is part of the full restructuring and integration, which CEO Sergio Ermotti says is beneficial to the Swiss economy.

Salesforce  (NYSE:CRM) – Salesforce raised its annual and quarterly revenue projections, benefiting from a recent price increase and strong demand for its cloud and software products. In the second quarter, revenue was $8.60 billion, beating expectations of $8.53 billion. Adjusted earnings of $2.12 per share also beat estimates of $1.90. The company’s shares are up 5.6% in premarket trading on Thursday, fueling optimism about the tech sector’s recovery.

CrowdStrike  (NASDAQ:CRWD) – Shares of CrowdStrike are up 1.6% premarket after raising its annual revenue and earnings forecasts, beating market estimates, due to increased demand for its integrated security solutions cybernetics. The company adjusted its annual revenue outlook to between $3.03 billion and $3.04 billion and its adjusted earnings per share to $2.80 to $2.84.

Okta (NASDAQ:OKTA) – Okta saw its shares rise 10.9% premarket after beating second-quarter forecasts. The identity security firm reported adjusted earnings of 31 cents per share and revenue of $556 million, beating Refinitiv estimates of a profit of 22 cents per share and revenue of $535 million. In addition, Okta provided an upbeat outlook for the third quarter and full fiscal year.

Five Below (NASDAQ:FIVE) – Shares in Five Below were flat premarket after the company revealed bleak expectations for the future. The discount store projects third-quarter earnings of between 17 and 25 cents a share, well below the 40 cent estimate made by analysts polled by Refinitiv. Additionally, Five Below anticipates revenue for the same period ranging from $715 million to $730 million, which is lower than the $738 million forecast by experts.

Victoria’s Secret (NYSE:VSCO) – Shares of Victoria’s Secret suffered a premarket slump of 5.2% after the company announced second-quarter results that missed expectations. The lingerie brand posted adjusted earnings of 24 cents a share and revenue of $1.43 billion, while analysts polled by Refinitiv had forecast 26 cents a share and revenue of $1.44 billion. In addition, the company anticipates a third-quarter loss of 70 cents to $1 per share, far above the 14 cents per share loss forecast by analysts.

Chewy (NYSE:CHWY) – Shares of Chewy declined 5.4% premarket despite beating expectations in the second quarter. The pet care company had revenue of $2.78 billion, beating Refinitiv’s forecast of $2.76 billion. Instead of the 5 cents per share loss expected by analysts, Chewy posted a profit of 4 cents per share.

Pure Storage (NYSE:PSTG) – Shares of Pure Storage were flat premarket after the company reported better-than-expected second-quarter results and positive third-quarter forecasts. The company reported adjusted earnings of 34 cents per share and revenue of $689 million, beating Refinitiv estimates of earnings of 28 cents per share and revenue of $680 million.

Costco Wholesale (NASDAQ:COST) – Costco reported net sales of $18.42 billion in August, up 5% year-over-year. Same-store sales increased by 3.4% in August. The US was the retailer’s weakest market, with same-store sales up just 2.8%. E-commerce sales fell 2.5%.

Lululemon Athletica (NASDAQ:LULU) – Lululemon Athletica stock is outperforming competitors, with high expectations for its second-quarter earnings report. Analysts forecast adjusted earnings of $2.54 per share on revenue of $2.17 billion. While other sports retailers face challenges, Lululemon stands out, benefiting from robust in-store traffic and a high-income consumer base. However, high expectations could also put pressure on equities in the short term.

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