US index futures are slightly down in Wednesday’s pre-market,
following a challenging session that pushed the Dow Jones into
negative territory for the year 2023. Signs of stabilization emerge
as Treasury yields firm up, and the dollar, after climbing to a
10-month peak against the G10 currencies, stabilizes.
At 06:42 AM, Dow Jones futures (DOWI:DJI) rose by 13 points, or
0.02%. S&P 500 futures were down 0.03%, and Nasdaq-100 futures
declined by 0.14%. The 10-year Treasury bond yield stood at
4.829%.
In the commodities market, West Texas Intermediate crude for
November dropped by 1.82% to $87.61 a barrel. December Brent oil
fell by 1.76%, near $89.34 a barrel.
On Wednesday’s economic calendar, investors await the ADP report
on private sector employment for September at 08:15 AM. At 09:45
AM, S&P Global will present the final September PMI composite.
Subsequently, at 10:00 AM, attention turns to the indices: ISM will
release the services PMI and August’s industrial orders will be
presented. Concurrently, the President of the Kansas City Fed and
the interim President of the St. Louis Fed will participate in an
event. Shortly after, at 10:25 AM, Fed Director Michelle Bowman
will deliver her speech. The dynamics of the oil market will be
outlined at 10:30 AM with the DoE’s release of weekly oil stocks.
Finally, at 12:00 PM, focus shifts to NY, where Lagarde will speak
at a university.
European markets rebounded after initially declining, especially
in the automotive sector. The slowdown in industrial production and
the decline in new orders accentuated pessimism. Meanwhile, U.S.
Treasury yields reached 16-year highs.
Asian stock markets displayed a predominantly negative
performance on Wednesday. In Tokyo, the Nikkei ended the day down
by 2.28%, closing at 30,526 points. Hong Kong also felt the weight
of the bearish market, with the Hang Seng dropping 0.78% to 17,195
points. The Shanghai stock exchange remained closed, as did the
CSI300 index, which encompasses the largest companies listed in
both Shanghai and Shenzhen. Seoul was no exception to the regional
trend, with the KOSPI recording a sharp decline of 2.41%, ending at
2,405 points. Taiwan also saw a decrease, with the TAIEX dropping
1.10% to 16,273 points. In Singapore, the Straits Times fell 1.41%,
closing at 3,147 points. Finally, in Sydney, the S&P/ASX 200
retreated 0.77%, finishing at 6,890 points.
On Tuesday’s close, stock indices declined, and Treasury yields
reached their highest values in over a decade after recent
employment indicators suggested that the Federal Reserve might need
to maintain high-interest rates for an extended period. The Dow
Jones fell 430.97 points or 1.29% to 33,002.38 points. The S&P
500 declined by 58.94 points or 1.37% to 4,229.45 points. The
Nasdaq Composite plummeted by 248.31 points or 1.87% to 13,059.47
points.
JOLTS study showed that job opportunities rose to 9.6 million,
up from 9 million in July, intensifying expectations of a Federal
Reserve rate hike in December, currently almost 50% likely.
However, the crucial labor market data to watch this week is the
payrolls report, expected on Friday, potentially setting the stage
for market recoveries by week’s end.
Moreover, throughout the day, there were stricter remarks from
some Fed officials. Loretta Mester, president of the Cleveland Fed,
expressed support for another rate hike this year, while Michelle
Bowman emphasized the need for multiple hikes.
On Wednesday’s corporate earnings front, investors will be
watching before the market opens for reports from Tilray
(NASDAQ:TLRY), Helen of Troy (NASDAQ:HELE), RPM (NYSE:RPM), Acuity
Brands (NYSE:AYI) and Angiodynamics (NASDAQ:ANGO). After
closing, results from Accolade (NASDAQ:ACCD) and RGP (NASDAQ:RGP)
will be awaited.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – KeyBanc downgraded
Apple from “overweight” to “sector weight,” citing that shares are
trading at near-record values and at a hefty premium to the
Nasdaq. Analysts predict moderate growth for Apple in the
Americas. KeyBanc did not set a price target for the shares,
which fell 0.99% in premarket trading to trade at $170.69.
Meta Platforms (NASDAQ:META) – Meta plans to
lay off employees from its Reality Labs unit, focused on the
metaverse and the creation of custom silicon. The extent of the
cuts in the FAST team, which has 600 members, is uncertain.
Significant reductions could impact Mark Zuckerberg’s plans for the
metaverse. Meta has already cut 21,000 jobs since November of the
previous year. Additionally, Meta’s Oversight Board will
investigate a manipulated video of Joe Biden on Facebook following
a complaint. Funded by Meta, the board will assess media
manipulation and the company’s policies on election misinformation.
Meta also plans to launch ad-free subscription plans for Facebook
and Instagram in Europe, aiming to comply with EU regulations. The
most viable plan will cost 10 euros per month, with an increase for
mobile devices due to app store commissions.
Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT)
– British regulator Ofcom will pursue an antitrust investigation
into Amazon and Microsoft due to their dominance in the UK cloud
computing market. Together, these companies hold 60-70% of the
market, while Google (NASDAQ:GOOGL)
holds around 10%.
Microsoft (NASDAQ:MSFT) – LinkedIn will
integrate artificial intelligence to help recruiters search for
candidates using natural language and make it easier to create
advertising campaigns. The technology, coming from OpenAI,
allows for more intuitive searches, focusing on skills rather than
specific titles. The implementation will not incur additional
costs for users.
Netflix (NASDAQ:NFLX) – Netflix plans to
raise prices for its ad-free service after the Hollywood actors’
strike ends. The increase will likely begin in the US and
Canada, as reported by the Wall Street Journal.
Warner Bros. Discovery (NASDAQ:WBD) –
Warner Bros.’ Discovery+ streaming service, Discovery, has
increased the price of its ad-free monthly subscriptions from $6.99
to $8.99. This is the first increase since its launch in
January 2021.
Paramount Global (NASDAQ:PARA) – Paramount
Global may delay the launch of Paramount+ in India, opting to
strengthen existing partnerships, such as with streaming service
JioCinema. Many media companies are reevaluating global
expansions and reducing spending to achieve profitability in
streaming services, given competition and the shift from
traditional to digital. Local deals can be more strategic in
certain markets to effectively reach target audiences.
Intel (NASDAQ:INTC) – Intel announced
plans to make its programmable chip unit an independent business in
January, with a potential public offering in 2-3 years. The
company acquired that unit in 2015. Intel shares rose 1.8% in
premarket trading Wednesday.
Spotify (NYSE:SPOT) – Spotify will offer
15 hours of free audiobooks monthly to premium subscribers in the
UK and Australia, expanding the feature to the US later this
year. With this, the company expands its portfolio beyond
music, challenging Amazon’s Audible.
Zoom Video Communications (NASDAQ:ZM) –
Zoom faces challenges with the return to in-person work and
competition from Microsoft. In response, it launched Zoom
Docs, with AI capabilities, to assist users with writing, editing,
summarizing and adjusting tone, in addition to incorporating points
discussed in meetings.
A10 Networks (NYSE:ATEN) – A10 Networks
fell 14.3% in Wednesday’s pre-market after forecasting
third-quarter revenue of between $56.5 million and $58.5 million,
below estimates. US$72.1 million recorded in the previous year and
also lower than analysts’ expectations of US$74.6 million. The
company attributed the reduction to delays caused by capital
expenditures by its service provider customers in North
America.
Johnson & Johnson (NYSE:JNJ) – A New
Jersey appeals court overturned a $223.8 million verdict against
Johnson & Johnson, awarded to individuals who claimed cancer
due to exposure to asbestos in the company’s talcum powder
products. The ruling questioned the validity of expert
testimony presented at the original trial. J&J has
reaffirmed the safety of its products and faces other lawsuits over
similar allegations.
Eli Lilly (NYSE:LLY) – Eli Lilly will
acquire Point Biopharma for $1.4 billion, expanding its portfolio
of targeted cancer therapies. This move follows Lilly’s trend
of strengthening its pipeline through acquisitions while facing
competition in the oncology market. Point Biopharma is
developing radioligand therapies in advanced studies.
Takeda Pharmaceutical (NYSE:TAK) – Takeda
Pharmaceutical announced that its dengue vaccine has been
recommended by a WHO advisory. Dengue affects around 390
million people annually in more than 100 countries.
Novavax (NASDAQ:NVAX) – The FDA has
approved Novavax’s updated Covid-19 vaccine. The new vaccine
targets the XBB.1.15 variant. Unlike messenger RNA technology,
Novavax uses protein.
Insulet
Corp (NASDAQ:PODD), 3M (NYSE:MMM)
– Wayde McMillan will step down as chief financial officer of
Insulet Corp on October 20 to become CFO of 3M’s healthcare unit,
which plans to become a listed company until the end of 2023.
Krispy Kreme (NASDAQ:DNUT) – Krispy Kreme
is considering selling its Insomnia Cookies unit to focus on its
core donut business. As US food companies reassess their
portfolios, Insomnia, present in three countries, expects to
generate US$230 million in 2023.
Molson Coors Beverage (NYSE:TAP) – Molson
Coors announced a five-year, $2 billion share repurchase program,
targeting its second consecutive year of growth in sales and
profits. Executives expect an increase in sales, driven by
premium beverages and diversification beyond beer.
Cal-Maine Foods (NASDAQ:CALM) – Shares of
Cal-Maine Foods fell 12.3% in premarket trading Wednesday after the
company reported a 30% drop in egg prices, significantly impacting
its profitability. First-quarter net income fell 99% to
$926,000, or 2 cents per share. That was well below FactSet
analysts’ consensus estimate of 33 cents per share. Sales also
fell to $459.3 million.
UBS (NYSE:UBS) – UBS is offering superior
deposit rates to attract customers following its acquisition of
troubled Credit Suisse. Customers who deposit with Credit
Suisse, now part of UBS, receive around 1.8%. UBS aims to
regain client trust and funds.
Goldman Sachs (NYSE:GS) – Chris Kojima, a
Goldman Sachs executive with almost 28 years of experience, will
leave the bank at the end of the year. He will join private
equity firm General Atlantic in 2024. During his career at Goldman,
Kojima held several leadership roles, contributing significantly to
the bank. Matt Gibson will assume his responsibilities.
Barclays (NYSE:BCS), Citigroup (NYSE:C), Standard
Chartered (LSE:STAN) – Top bankers and investors, who
ignored the UN climate conference in Sharm El-Sheikh, prepare for a
significant presence at COP28 in Dubai, due to its financial
relevance. Barclays, Citigroup and Standard Chartered will
expand their delegations, highlighting a focus on climate finance
and renewable energy. Expectations are high for concrete
commitments and real funding for green initiatives.
KKR & Co. (NYSE:KKR) – KKR & Co.
has opened an office in Gurugram, India, to strengthen investment
operations and serve clients. The company intends to hire 150
professionals in various areas by next year. Nisha Awasthi,
formerly of BlackRock (NYSE:BLK),
will lead the office. KKR, active in India since 2006,
recently invested in billionaire Mukesh Ambani’s retail unit.
Ford Motor (NYSE:F) – Ford has submitted a
seventh offer to try to resolve the UAW strikes, proposing
significant wage increases. Despite this, negotiations over
battery factories remain a point of contention.
General Motors (NYSE:GM) – General Motors
laid off an additional 163 workers due to strikes. U.S. auto
production may decline due to shutdowns.
United Airlines (NASDAQ:UAL) – United
Airlines has ordered 110 aircraft
from Boeing (NYSE:BA)
and Airbus (USOTC:EADSY), aiming for
deliveries from 2028 and expanding its international
network. This move aims to address supply chain delays and
infrastructure bottlenecks.
BP (NYSE:BP) – BP Plc is considering
selling 49% of its pipeline network in the Gulf of Mexico to raise
up to $1 billion. This move aims to reduce debt and maintain
dividends. The company already has precedent, selling assets
in the US previously.
United Parcel
Service (NYSE:UPS), FedEx (NYSE:FDX)
– U.S. retailers are getting discounts from UPS and FedEx after
four years, reversing the trend of 2021 and 2022 when companies
turned away discounts due to the rise in online
shopping. Currently, with reduced demand, both delivery
companies are looking to fill their trucks and offer competitive
prices.
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