US Index Futures are trading mixed in the pre-market on Monday,
awaiting a busy week of quarterly results, while European markets
operate without defined direction reverberating economic indicators
in the euro zone and in Germany.
By 6:54 AM, Dow Jones (DOWI:DJI) futures were up 44 points,
or 0.12%. S&P 500 futures were up 0.09%, while Nasdaq-100
futures were down -0.01%. The 10-year Treasury yield is at
3.973%.
Investors in Europe reacted to the preliminary data of the Gross
Domestic Product (GDP) of the euro zone, which registered a growth
of 0.3% in the quarter and 0.60% in the year, beating expectations
of 0.20% and 0.50 %, respectively. The consumer price index
was also in line with forecasts, registering 5.3% in July.
These numbers are encouraging for the region, especially with
regard to inflation, considering high energy costs due to the war
in Ukraine and food prices due to supply uncertainties in the
bloc.
However, retail sales in Germany disappointed analysts, falling
by -0.8% in June, when an increase of 0.2% was expected. This
drop indicates difficulties in the country’s recovery, still
impacted by high inflation in the region.
In Asia, markets closed higher, boosted by the increase in
China’s industrial purchasing manager index (PMI), reaching 49.3 in
July, above expectations of 49. However, the services PMI fell to
51.5, below the forecast of 52.2. Despite the improvement in
the manufacturing PMI, values below 50 indicate a contraction in
economic activity.
On Monday’s American economic agenda, investors will follow the
Chicago PMI, at 09:45 am, for which the consensus expects a reading
of 43. At 10:30 am, it will be the turn of the industrial activity
index from the Federal Reserve of Dallas.
Elsewhere in commodities markets, West Texas Intermediate crude
for September is up 0.94% at $81.34 a barrel. Brent crude for
September is up 0.79% near $85.66 a barrel. Iron ore futures
traded in Dalian, China, were up 0.54% at $117.67 a
tonne. This appreciation occurred after a series of declines,
which were motivated by uncertainties regarding the Chinese
economy.
Stocks on Wall Street had a positive day on Friday, boosted by
the upbeat tone about the economy and prospects for interest rates
at the Fed. The Dow Jones closed with a gain of 176.55 points
or 0.50%, at 35,459.29 points. The S&P 500 advanced 44.82
points or 0.99% to settle at 4,582.23 points, while the Nasdaq rose
266.55 points or 1.90% to 14,316.66 points. An easing of
inflation was evidenced by the PCE deflator, while resilient
household income figures reinforced the thesis of a soft landing in
the US.
Ahead of Monday’s corporate results, traders are awaiting
reports from SoFi Technologies (NASDAQ:SOFI), Symbotic
(NASDAQ:SYM), Immungen (NASDAQ:IMGN), Aercap (NYSE:AER), CNA
Financial (NYSE:CNA), Community Bank (NYSE:CBU), Apellis
(NASDAQ:APLS), before the opening of the market. After
closing, reports are expected from Arista Networks (NYSE:ANET),
Avis Budget Group (NASDAQ:CAR), Diamondback Energy (NASDAQ:FANG),
YumChina (NYSE:YUMC), Zoominfo (NASDAQ:ZI), Transocean (NYSE:RIG),
among others.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple is about to
release the iPhone 15 and next generation watches. The changes
will include an iPhone with the size of the bezel reduced around
the screen to 1.5 millimeters. Pro models will have a new look
with titanium and touch sensitive buttons. Apple will reveal
its quarterly results on August 3rd.
Walmart (NYSE:WMT) – According to the Wall
Street Journal, on Sunday, Walmart acquired a major investor’s
stake in Flipkart, the Indian e-commerce giant, for a reported $1.4
billion. This acquisition further consolidates the control of
the American company over the e-commerce platform in India.
Novo Nordisk (NYSE:NVO) – Novo Nordisk
launched weight-loss drug Wegovy in Germany, its first major
European market. Patients and doctors expect high demand for
the weekly injections, despite public health plans not covering the
drug due to a decades-old law. Wegovy has been successful in
the US, where it sells at high prices.
Biogen (NASDAQ:BIIB) – Biogen has agreed
to acquire Reata Pharmaceuticals (NASDAQ:RETA) for nearly $6.5
billion to drive growth. Reata’s recently approved drug
Skyclarys treats a rare genetic disorder. Biogen is also
betting on the launch of the Alzheimer’s drug Leqembi. The
deal values Reata at about $7.3 billion.
Johnson & Johnson (NYSE:JNJ) – A
bankruptcy judge has rejected the second Chapter 11 filing filed by
the healthcare giant. The company seeks to resolve numerous
claims related to the talc in its products, with damage claims made
by plaintiffs.
Yellow Corp (NASDAQ:YELL) – Yellow Corp, a
major trucking company, has closed its doors and is preparing to
file for bankruptcy, according to the Wall Street Journal. The
collapse puts around 30,000 jobs at risk. The company had
struggled in recent years, and liquidation was widely expected.
Centene (NYSE:CNC) – Centene is working to
re-enroll people in Medicaid plans after the end of pandemic relief
measures, resulting in members without coverage. The company
lost about 260,000 Medicaid members in the second quarter, but it
beat Wall Street estimates for profit for the period.
Chevron (NYSE:CVX) – Goldman Sachs
upgraded Chevron from “Neutral” to “Buy” with a price target of
$187, although second-quarter profit was $6 billion, below the
all-time high of US$ 11.6 billion from the previous year.
Ford Motor (NYSE:F) – Ford Motor is
recalling 870,000 F-150 trucks in the US due to the risk of
unexpected activation of the electric parking brake caused by a
possible wiring issue. The recall covers models from 2021 to
2023 and the automaker will carry out repairs to avoid the
incident. There are no reports of accidents or related
injuries.
Tesla (NASDAQ:TSLA) – Tesla and Invest
India are holding meetings with Indian officials that have been
kept confidential, with discussions about creating a supply chain
and allocating land for an electric vehicle factory. Many
Indian states are keen to woo Tesla, but the automaker is focused
on discussions with the federal government in New Delhi. These
discussions represent a reversal after frustrations with efforts to
reduce import taxes on electric vehicles. In other news, Texas
police have investigated a fake call to 911 about an active shooter
at the Tesla Gigafactory in Austin. Police checked the factory
and found no threat or injuries. The origin of the call is
under investigation.
Toyota (NYSE:TM) – Toyota reported a 5.1%
increase in global vehicle sales in the first half of 2023 compared
to the same period in 2022. Japan sales were up 33.2%, US sales
were down 0.7 % and Asia fell by 0.5%. Sales in China fell
2.8% from January to June. In June, global sales grew by
10%. Sales of hybrid electric vehicles increased by
37.6%. In June, Toyota sold 10,191 battery electric vehicles
worldwide. Toyota will step up its electric vehicle technology
development in China to face growing competition in the world’s
largest auto market. The automaker will also seek to reduce
manufacturing costs, develop local suppliers and achieve carbon
neutrality.
Sigma Lithium (NASDAQ:SGML) – Sigma
Lithium is working with Bank of
America (NYSE:BAC) to coordinate negotiations with
potential buyers. The company started production on a project
in Brazil to meet demand, amid a shortage of
lithium. Tesla (NASDAQ:TSLA) has also been identified as
a possible interest, but Sigma is looking for strategic
alternatives to strengthen its environmentally competitive
position .
Southwest Airlines (NYSE:LUV) – Southwest
Airlines has exercised options to take delivery of 30 Boeing 737
MAX 7 airplanes next year and has converted 24 MAX 7 orders to the
MAX 8 following delivery delays from Boeing
(NYSE:BA). The move seeks to mitigate the impact of delays and
the company plans to fly the MAX 7 in 2024.
Signature Bank (NASDAQ:SBNY) – The Federal
Deposit Insurance Corporation (FDIC) of the United States has
initiated the sale of an $18.5 billion loan portfolio of Signature
Bank, consisting of 201 capital call loans linked to large private
equity and investment, such as Starwood Capital Group, Carlyle
Group, Blackstone, Thoma Bravo and Brookfield Asset
Management. The sale was launched in July and is limited to
FDIC-insured depository institutions.
Morgan Stanley (NYSE:MS) – US equities are
following a similar trajectory to 2019, the year of a strong rally
in the S&P 500, driven by Fed policies, according to Michael
Wilson of Morgan Stanley. The market is still waiting for more
positive indicators before adjusting projections, considering the
current high level of the market multiple and the Fed’s inflation
targets. In other news, Morgan Stanley has tapped Gillian
Sheldon into a leadership role at its British investment bank, amid
notable departures from Credit Suisse since its emergency takeover
by UBS Group AG (NYSE:UBS).
Goldman
Sachs (NYSE:GS), Sixth Street
(NYSE:TSLX) – Goldman Sachs executive Julian Salisbury will join
Sixth Street as a partner and co-chief investment officer early
next year. With over 25 years of experience, he has managed
billions of dollars in Goldman assets. The move marks yet
another notable exit from Goldman as the company looks to expand
its asset management. In other news, Goldman Sachs has revised
its global oil demand forecast, keeping its 12-month Brent price at
$93 a barrel. They see solid demand leading to
larger-than-expected deficits in the second half of this year and
into 2024. Oil prices have remained near three-month highs on
expectations of production cuts in Saudi Arabia. The bank
forecasts higher prices next year, but idle OPEC capacity and US
oil production could limit price increases.
Wells Fargo (NYSE:WFC) – The Texas
Attorney General’s Office is investigating Wells Fargo’s policies
related to the firearms industry to determine whether it
discriminates against gun business entities or
associations. The decision will be taken by August 25th, and
may affect the bank’s public bond
offerings. Citigroup (NYSE:C) has also previously faced
similar allegations .
UBS Group AG (NYSE:UBS) – Following
the merger with Credit Suisse, UBS faces exits in its equity
division in Hong Kong. At least six Credit Suisse bankers have
left, including market chiefs. UBS announced a new leadership
structure, leading to role changes and some departures.
Coinbase (NASDAQ:COIN) – The U.S.
Securities and Exchange Commission (SEC) requested that Coinbase
suspend trading of all cryptocurrencies except bitcoin before
prosecuting it in June, according to CEO Brian Armstrong. The
SEC accused Coinbase of operating illegally for not registering as
an exchange and for trading unregistered securities. Coinbase
deemed it an “easy” choice to champion the crypto industry in the
US.
MetLife (NYSE:MET) – Singaporean insurer
Great Eastern Holdings Ltd is in talks to acquire the Malaysian
venture of MetLife Inc. The Oversea-Chinese Banking Corp
subsidiary is conducting due diligence on AmMetLife Insurance
Bhd. A transaction can be worth between $250 million and $300
million. Negotiations are still ongoing and could face delays
or fall apart. AmMetLife offers life insurance and property
protection services and reported approximately $68 million in gross
premiums earned in the six months ended September 30. Great
Eastern operates in several regions and has been interested in
acquiring the unit since last year.
Fox (NASDAQ:FOX) – Fox and Flutter
Entertainment plan to shut down their sports betting business, Fox
Bet, starting next month. Flutter will retain the customer
database and market access agreements, while Fox will retain brand
rights and the option to purchase a stake in FanDuel. An
announcement about the closure can be made on July 31st. The
relationship between the companies changed when Star Group, Fox’s
partner in the launch of Fox Bet, was acquired by Flutter.
Vodafone (NASDAQ:VOD) – Telefonica has
approached Vodafone about a possible deal involving broadband
networks in Spain, presenting several proposals in negotiations in
recent months. The new CEO of Vodafone, Margherita Della
Valle, has launched a strategic review for the Spanish operation,
considering the total or partial sale of the
business. Vodafone has been looking to shed assets in Spain
due to strong competition, but would face antitrust hurdles due to
its size in the country.
Pinterest (NYSE:PINS) – Pinterest shares
hit a year high in July, driven by improving advertising
prospects. Analysts are bullish, with 45% giving Buy
ratings. Co-founder Evan Sharp and other insiders profited by
selling shares, raising some questions about the timing of the
sales. Pinterest is due to report its second-quarter results
on Tuesday.
Palantir Technologies (NYSE:PLTR) – Shares
in Palantir Technologies were up 5.2% in premarket Monday after a
10% gain on Friday when Wedbush began covering the software maker
with a Outperform rating and $25 price target.
SoFi Technologies (NASDAQ:SOFI) – On
Monday, SoFi Technologies is expected to report a loss of 7 cents a
share and adjusted net income of $474 million for the second
quarter. Its shares have gained 69% since May, boosted by the
prospect of student loan refinancing. Analysts have mixed
opinions about the company, with some worried about refinancing
expectations. SoFi, founded in 2011, started as a lender
focused on student debt and is now a full-service bank.
CNA Financial (NYSE:CNA)
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