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
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%,
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
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
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.
Wall Street Corporate Highlights for Today
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
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
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
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
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
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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