DE Deere and Co

US index futures are up in Monday’s pre-market, staging a recovery and digesting data from Europe and China, following a week in which U.S. interest rate concerns left investors apprehensive and fueled a global risk-averse sentiment.

By 6:48 AM, Dow Jones (DOWI:DJI) futures were up 105 points, or 0.30%. S&P 500 futures were up 0.43% and Nasdaq-100 futures were up 0.55%. The 10-year Treasury yield was at 4,298%.

In Germany, the producer price index recorded a monthly drop of 1.10% in July, beating expectations of -0.20%. In annual terms, there was a decrease of 6.0%, indicating a positive scenario amid the restricted conditions of the largest European economy.

In Asian markets, lack of direction prevailed due to growing concerns about China. Evergrande, the real estate giant, has filed for creditor protection in the US. The People’s Bank of China (PBoC) cut the one-year lending rate to 3.45%, down from 3.55% previously, while the five-year rate remained at 4.20%. Despite expectations of a bigger cut to boost sectors, the PBoC implemented measures to mitigate financial risks in the face of concerns about contagion in the real estate sector.

In commodities markets, West Texas Intermediate crude for September was up 1.05% to trade at $82.10 a barrel. Brent crude for October was up 0.88% near $85.55 a barrel. Iron ore futures traded in Dalian, China, were up 0.91% to $106.18 a tonne.

At Friday’s close, the Dow Jones rose 25.83 points, or 0.07%, to 34,500.66 points. The S&P 500 was broadly flat, or -0.01%, at 4,369.71 points, while the Nasdaq ended up losing 26.16 points, or 0.20%, at 13,290.78 points. Anxieties related to rising interest rates worldwide continue to influence risk aversion sentiment, and increases in yields hit technology and finance companies hardest.

The increase in long-term interest rates in the United States, in part, seems to be linked to the idea that the probability of an imminent recession is now less likely, and a mild slowdown scenario seems to be taking shape. In any case, the fall in asset values ​​over the last few days found a point of stability on Friday, as US stocks, except for the technology sector, showed a day of appreciation.

Ahead of Monday’s corporate results, traders are watching reports from Zoom Video (NASDAQ:ZM) and Nordson (NASDAQ:NDSN).

Walmart (NYSE:WMT) – Walmart and Centric Brands are investigating their supply chains in Cambodia following allegations that female inmates at the country’s largest women’s prison illegally produced clothing for export. AAFA has expressed concerns about forced labor.

Starbucks (NASDAQ:SBUX) – A judge ordered Starbucks to pay an additional $2.7 million in lost wages and tax damages to Shannon Phillips, a former regional manager who alleged racial discrimination. In June, she was already awarded $25 million for wrongful termination following the 2018 black male arrest incident. The company is seeking a new trial, while Phillips’ lawyers want $1.4 million in fees. The case addresses allegations of unfair punishment of white employees after the incident, which sparked protests and settlements with the men involved.

Domino’s (NYSE:DPZ) – Russian franchise Domino’s Pizza faces a challenging backdrop with the news of its bankruptcy and subsequent exit from Russia. DP Eurasia, the main franchisee of the Domino’s brand in Russia and listed in London, announced that it is filing for bankruptcy after facing financial difficulties. This situation marks the end of an attempt to sell the Russian unit.

Citigroup (NYSE:C) – Citigroup CEO Jane Fraser is evaluating a plan to spin off the bank’s main division, the Institutional Clients Group (ICG), into three key segments: investment and corporate banking, global markets and transaction services, according to the Financial Times. The move comes as divisional CEO Paco Ybarra is expected to leave in the first half of 2024.

Adobe (NASDAQ:ADBE) – John Warnock, co-founder of Adobe, has passed away at age 82. The cause of death was not disclosed. He founded Adobe in 1982 with Charles Geschke, serving in leadership roles until 2017.

Nvidia (NASDAQ:NVDA) – Next Wednesday, quarterly results from Nvidia Corp. will test its position as a leader in the AI ​​boom and its ability to meet high expectations after forecasting record revenue. Despite the supply bottlenecks, analysts see potential for growth due to rising demand for technology, especially AI.

Meta Platforms (NASDAQ:META) – Meta Platforms has plans to introduce a web edition of its Threads microblogging app soon, as reported by the Wall Street Journal on Sunday.

Palo Alto Networks (NASDAQ:PANW) – After a brief moment of panic over its unusual earnings report, Palo Alto Networks brought analysts some relief. Its long-term growth boosted cybersecurity stocks, with Palo Alto, Zscaler and CrowdStrike rising in premarket trading. The report beat expectations, highlighting a compound annual growth rate of 17% to 19% over the next three years, allaying concerns against a backdrop of macroeconomic uncertainty. The momentum in big business was also highlighted, raising valuations and positive prospects for the sector.

Baidu (NASDAQ:BIDU) – Baidu is scheduled to release its second-quarter results on Tuesday. Forecasts suggest that its net income will increase by 44% year-over-year to reach $719.6 million for the quarter ended June 30. In addition, second-quarter revenue is estimated to grow 14% year-over-year.

Napco Security Technologies (NASDAQ:NSSC) – Napco Security Technologies shares fell 34.7% in premarket after the company disclosed errors in previous financial statements. The inflated numbers for the first three quarters of fiscal 2023 were identified by the wireless communications and security equipment maker.

DuPont De Nemours (NYSE:DD) – DuPont De Nemours is in advanced talks to sell its Delrin resins business to The Jordan Company for approximately $1.8 billion, according to Bloomberg News. The sale may be announced soon, although uncertainties remain.

General Motors (NYSE:GM) – The California Motor Vehicle Regulatory Authority is investigating recent incidents involving autonomous vehicles operated by General Motors’ Cruise business in San Francisco. The regulator has asked the company to pull half of its robotaxis off the road and immediately reduce its active fleet by 50% pending the completion of the investigation. Cruise agreed to the reduction. The investigation was triggered after an accident involving an emergency vehicle and a Cruise robotaxi.

Xpeng (NYSE:XPEV) – Shares in XPeng rose 6.1% in premarket trading on Monday after analysts at BofA raised the Chinese electric vehicle maker’s recommendation from “Neutral” to “Buy”, raising the price target from $16.30 to $22. The shares had fallen 4.3% on Friday after the company forecast revenue below estimates, reflecting weak demand and intense competition after price cuts. In the second quarter, Xpeng’s revenue fell 32%, with negative gross margins due to inventories of the G3i crossover SUV.

Tesla (NASDAQ:TSLA) – In May, Tesla’s data breach affected more than 75,000 individuals, including employee records, resulting from “internal errors,” Maine’s attorney general disclosed on Friday. About 9 Maine residents were affected, all of whom are current or former employees of the Austin, Texas-based automaker. The investigation identified that former employees misappropriated information, resulting in lawsuits and device seizures. Tesla is taking steps to prevent the continued use, access and disclosure of data.

Stellantis (NYSE:STLA) – Stellantis is considering moving production of the Ram 1500 pickup from suburban Detroit to Mexico, according to United Auto Workers vice president Rich Boyer. The company discussed this change in contract negotiations with the union.

Hawaiian Electric Industries (NYSE:HE) – Hawaiian Electric said it is not planning a restructuring but is seeking expert advice amid concerns about its role in the Maui wildfires. The company did not detail the purpose of the counseling. Rating agencies downgraded its credit rating, and analysts compare its situation to that of PG&E Corp in California.

Estee Lauder (NYSE:EL) – Estée Lauder projected lower-than-expected full-year sales and earnings on Friday, indicating a slower-than-expected recovery in its travel retail business, particularly in Asia, and weakened demand in the United States. The company expects the Asia-Pacific region, in particular Hainan and mainland China, to remain challenging. Annual sales are forecast to increase between 5% and 7%, while adjusted annual earnings are expected to be between $3.50 and $3.75 per share.

WeWork (NYSE:WE) – WeWork on Friday confirmed its intention to undertake a 1-for-40 reverse stock split to regain compliance with listing requirements, after raising doubts about its viability. The company’s shares, previously valued at $47 billion, are now worth around $336 million. The company has faced challenges since the collapse of its IPO plans in 2019 and has pursued savings and restructuring measures. The stock split is expected to take effect on September 1.

Deere & Co (NYSE:DE) – Deere & Co beat estimates for third-quarter earnings, up 60%, but its shares fell last Friday on concerns about future sales. Net income rose to $2.98 billion for the quarter ended July 31. Earnings per share came in at $10.20, beating analysts’ forecast of $8.20, according to Refinitiv data. Although it raised the annual projection, the market reacted lukewarm due to the possible slowdown in demand in 2024.

Jet.AI (NASDAQ:JTAI) – Jet.AI shares fell 16.3% in premarket Monday after the launch of its AI-powered booking app on Apple’s App Store, after closing up 64% on Friday -fair.

Pfizer (NYSE:PFE), Moderna (NASDAQ:MRNA) – Amid an increase in COVID-19 hospitalizations, vaccine manufacturers report efficacy of updated vaccines for circulating variants. Pfizer reported positive results, while Moderna said its vaccine also responds to emerging variants, alleviating concerns. As hospitalizations grow, variants such as EG.5 raise global concerns. Approval and recommendation of new vaccines are expected.

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