In Tuesday’s pre-market, U.S. index futures indicate a lower opening, as investors and analysts eagerly await the release of earnings reports from major banks, which promise to offer valuable insights into the current condition of the American consumer and the broader economic outlook.

At 5:26 AM, Dow Jones futures (DOWI:DJI) fell 196 points, or 0.52%. S&P 500 futures dropped 0.60% and Nasdaq-100 futures retreated 0.77%. The yield on 10-year Treasury bonds was at 4.007%.

In the commodities market, West Texas Intermediate crude oil for February rose 0.87% to $73.31 per barrel. Brent crude for March rose 1.20%, near $79.09 per barrel. Iron ore with a 62% concentration level, traded on the Dalian exchange, fell 0.6%, to $130.65 per metric ton.

On Tuesday’s economic agenda, investors await the Empire State manufacturing activity index for January, published by the New York Fed at 08:30 AM.

European stocks faced an unfavorable opening on Tuesday, reacting to information from the World Economic Forum in Davos. The Stoxx 600 index fell, with banks showing notable declines. Significantly, speeches at the Forum, including leaders such as Li Qiang, Ursula von der Leyen, Jake Sullivan, and Volodymyr Zelenskyy, are drawing attention on Tuesday. The Forum, under the theme “Rebuilding Trust”, discussed urgent economic and geopolitical issues. In the UK, wage growth slowed to 6.6%, and job vacancies decreased.

Asian markets suffered declines, led by Hong Kong and Japan. Hong Kong’s Hang Seng fell 2.06%, while Japan’s Nikkei 225 ended its six-day winning streak, closing down 0.79%. The S&P/ASX 200 in Australia and South Korea’s Kospi also recorded declines. On the other hand, China’s mainland CSI 300 index rose 0.61%. These movements occur in a context of mixed economic data, including the stability of Japan’s corporate goods price index and concerns about a recession in the U.S.

Friday’s session saw two-year U.S. Treasury yields hit their lowest level since May due to a surprising drop in the Producer Price Index. This raised expectations of interest rate cuts by the Federal Reserve, with an 80% chance of a reduction in March. Bitcoin fell, while oil rose following attacks in Yemen. The Dow Jones dropped 118.04 points, or 0.31%, to 37,592.98 points. The S&P 500 rose 3.59 points, or 0.08%, to 4,783.83 points. The Nasdaq advanced 2.57 points, or 0.02%, to 14,972.76 points. Last week, the Nasdaq gained 3.1%, the S&P 500 advanced 1.8%, and the Dow rose 0.3%.

For this Tuesday’s quarterly earnings front, scheduled to present their financial reports before the market opens are Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Applied Blockchain (NASDAQ:APLD), PNC Financial (NYSE:PNC), and others. After the market close, the numbers from Interactive Brokers (NASDAQ:IBKR), Progress Software (NASDAQ:PRGS), Pinnacle Financial Partners (NASDAQ:PNFP), Fulton Financial Corp (NASDAQ:FULT), among others, will be awaited.

Wall Street Corporate Highlights for Today

Apple (NASDAQ:AAPL) – Apple has reduced the prices of some iPhones by up to 5% in China due to growing competition in the smartphone market, seeking to boost sales in a competitive market. iPhone 15 sales were disappointing, with local rivals like Huawei gaining ground. Additionally, Apple may circumvent the import ban of some Apple Watch models, due to a patent dispute with Masimo (NASDAQ:MASI), through an undisclosed redesign. Apple stated that the modified watches “definitely do not contain pulse oximetry functionality”.

Microsoft (NASDAQ:MSFT) – Microsoft will offer the “Copilot Pro” subscription for $20/month, allowing enhanced access to its AI. This subscription integrates AI into popular Microsoft apps, and the minimum requirement of 300 users for the enterprise version has been removed, making the service more accessible to smaller businesses, competing with Google in the enterprise AI market.

Microsoft (NASDAQ:MSFT), Vodafone (NASDAQ:VOD) – Vodafone and Microsoft have entered into a 10-year partnership to expand digital and cloud services to over 300 million customers in Europe and Africa. Vodafone will invest $1.5 billion in Azure-based AI and replace physical data centers with more efficient cloud services. Microsoft will become an investor in Vodafone’s IoT platform and help expand its mobile financial platform in Africa. The collaboration aims to improve customer service with AI, including a TOBi chatbot, and promote sustainability with “digital twins” for process improvements.

Taiwan Semiconductor Manufacturing (NYSE:TSM) – TSMC is expected to announce a 23% drop in fourth-quarter profit, due to strong performance in 2022. However, the company projects better growth in 2023, driven by a recovery in semiconductor demand. Last quarter’s revenue exceeded expectations, reflecting the depletion of electronic device manufacturers’ inventories. Analysts are optimistic about demand for Apple’s wafers, and TSMC’s report is scheduled for Thursday.

Baidu (NASDAQ:BIDU) – Baidu has denied any connection to a Chinese military lab after a report on the matter caused its shares to plummet. The company stated it has not commercially collaborated or provided customized services to the authors of an academic paper and that there was no physical link between its AI system and the Chinese military lab. The initial report was corrected by the South China Morning Post.

Wipro (NYSE:WIT) – Shares of the Indian tech consultancy Wipro rose after beating profit expectations for the third quarter, driven by an increase in large deals. CEO Thierry Delaporte stated there were signs of a return to growth in IT consulting.

Tesla (NASDAQ:TSLA) – Tesla’s CEO Elon Musk wants at least 25% voting control in the company to lead in artificial intelligence and robotics. He would consider a two-class share structure but is facing post-IPO hurdles. Musk is willing to build products outside of Tesla if necessary, should he not gain sufficient influence.

Stellantis (NYSE:STLA) – Stellantis plans to temporarily lay off about 2,250 workers at its Mirafiori plant in Italy due to weak demand. The layoffs will occur from February 12 to March 3, affecting workers producing the electric Fiat 500 and Maserati models.

Toyota Motor (NYSE:TM) – Toyota plans to manufacture approximately 10.3 million vehicles globally in 2024, renewing its annual production record for the second consecutive year. Strong demand for hybrid vehicles and the easing of semiconductor shortages are driving this increase in production.

Boeing (NYSE:BA) – Boeing faces new delays in 737 MAX jet deliveries to China following an incident with an Alaska Airlines plane (NYSE:ALK). China Southern Airlines will delay receiving the MAX 9 planes to conduct additional safety inspections, while Beijing awaits more information from U.S. investigations. This affects Boeing’s relationship with China, which has already faced previous suspensions of orders and deliveries due to safety issues.

Embraer (NYSE:ERJ) – Embraer expects its agricultural aircraft Ipanema to set a new delivery record in 2024, driven by Brazil’s robust agricultural sector. Deliveries are expected to reach 70 units, surpassing the previous record of 67 in 2011, due to growing demand in the country, one of the world’s leading agricultural producers. The Ipanema is used for agricultural spraying and has been a success among Brazilian farmers. Each plane is sold for 3.6 million reais (approximately $741,412).

Gol Linhas Aereas Inteligentes (NYSE:GOL) – The Brazilian airline was considering filing for Chapter 11 bankruptcy protection in the United States. Gol is seeking ways to manage high debt and exploring financial options to strengthen its balance sheet.

Shell (NYSE:SHEL) – Shell agreed to sell its onshore oil business in Nigeria for over $1.3 billion to a local consortium called Renaissance. The transaction, subject to government approval, allows Shell to exit a challenging operating environment in the Niger Delta while maintaining a presence in the country. In addition to the initial sale price, Shell will receive up to $1.1 billion in additional payments after completion. The sale reflects Shell’s strategy of portfolio simplification and focus on disciplined investments in integrated positions and deep-water gas in Nigeria.

Berkshire Hathaway (NYSE:BRK.A) – Warren Buffett’s Berkshire Hathaway has been increasing its stake in Japan’s five largest general trading companies since last summer. The stakes could reach 9.9%, pending board approvals. The company holds shares in firms such as Sumitomo, Mitsubishi, Mitsui, Itochu, and Marubeni, which are diversified conglomerates in the Japanese economy. Japan’s stock market is booming, with the Nikkei 225 index exceeding its highest levels since 1990. Berkshire Hathaway views these investments as long-term and aims to own 9.9% of each of the five companies.

Blackstone (NYSE:BX) – Blackstone, the world’s largest alternative asset manager, plans to double its private equity team in Singapore over the next two years, seeking opportunities in Southeast Asia and getting closer to investors. The expansion follows the trend of global managers establishing offices in Singapore.

Goldman Sachs (NYSE:GS) – Goldman Sachs revised its U.S. GDP growth estimate for 2024 upwards to 2.3%, surpassing the previous forecast of 2.1%. The financial institution highlighted expectations of more robust economic growth and reduced recession risk in a statement on Sunday.

Morgan Stanley (NYSE:MS) – Morgan Stanley will release its fourth-quarter results and strategic outlook under new CEO Ted Pick’s leadership. Earnings per share of $1.07 are expected, down from $1.31 the previous year. Investors are watching the wealth management unit and the strategy of building connections between workplace businesses and wealth management operations.

Thomson Reuters (NYSE:TRI) – Thomson Reuters increased its offer to acquire Swedish billing and tax solutions company Pagero by 25% to approximately $789 million. With about 54% control, it surpassed rival bids, valuing Pagero at 8.1 billion kronor. Vertex withdrew its previous offer, making Thomson Reuters’ new offer 39% higher than before. The acquisition strengthens Thomson Reuters’ position in the tax and accounting services market.

Kroger (NYSE:KR), Albertsons (NYSE:ACI) – Supermarket chains Kroger and Albertsons plan to delay the closure of their $24.6 billion merger to the first half of Kroger’s 2024 fiscal year, instead of early 2024, due to antitrust concerns and ongoing regulatory investigations. Kroger will invest in price reductions and improvements in customer experience.

FedEx Corp (NYSE:FDX) – FedEx reported that it has not seen significant changes in air transport due to disruptions in the Red Sea. While maritime transport accounts for 90% of global trade, so far, the impact has been limited. CEO Raj Subramaniam stated that air freight rates have remained stable, while the Houthi militia attacks have not caused major changes in the air transport sector.

AstraZeneca (NASDAQ:AZN) – AstraZeneca stated that it has not faced supply issues due to transport disruptions in the Red Sea caused by Houthi militant attacks in Yemen. The company is closely monitoring the situation but did not reveal details about its supply lines

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