US Index Futures are up in Tuesday’s premarket, extending the correction movement started yesterday, after a sequence of declines, keeping an eye on corporate news and waiting for indicators and members of the Federal Reserve.

By 6:51 AM, Dow Jones (DOWI:DJI) futures were up 77 points, or 0.22%. S&P 500 futures were up 0.39% and Nasdaq-100 futures were up 0.51%. The 10-year Treasury yield was at 4.31%.

On the US economic agenda for Tuesday, investors are awaiting the Jackson Hole symposium, an annual event hosted by the Kansas City Fed, which gathers experts from around the world to discuss monetary policy over three days, starting on Thursday. The most anticipated day is Friday, when a speech by Jerome Powell is scheduled.

Amidst the anticipation, agents will follow, starting at 7:00 am, the speech by the president of the Richmond Fed, Thomas Barkin. At 10 am, it will be the turn of the July used home sales indicator, as well as the Richmond industrial survey. From 2:30 pm, in turn, speeches are scheduled by Chicago Fed president Austan Goolsbee and Michelle Bowman, Fed director.

In the euro zone, in June, the current account had a surplus of 36.77 billion euros, contrasting with the deficit of 11.3 billion in May. This result brought optimism to European markets, especially in light of recent unfavorable indicators and a restrictive economy.

In Asia, markets closed higher, in line with the US.

In commodities markets, West Texas Intermediate crude for September fell 0.22% to trade at $80.54 a barrel. Brent crude for October fell 0.47% near $84.06 a barrel. Iron ore futures traded in Dalian, China, rose 4.47% to $110.33 a tonne.

At Monday’s close, the Dow Jones staged an attempt to recover from initial weakness, but still closed down 36.97 points, or 0.11%, at 34,463.69 points. The S&P 500 rose 30.06 points, or 0.69%, to 4,399.77 points. The Nasdaq rose 206.81 points or 1.56% to 13,497.59 points. Technology stocks closed up even as Treasury yields rose, reaching the highest levels since 2007. It appears that the market is adapting to the prospect of a soft landing, anticipating higher interest rates for an extended period. Additionally, in China, there was greater concern with the financial and real estate sectors after the PBoC announced a lower than expected interest rate cut.

Ahead of Tuesday’s corporate results, traders are watching reports from Baidu (NASDAQ:BIDU), Macy’s (NYSE:M), Medtronic (NYSE:MDT), Lowe’s (NYSE:LOW), Coty (NYSE:COTY), Dick’s Sporting Goods (NYSE:DKS), among others. After the close, reports are expected from Urban Outfitters (NASDAQ:URBN), Toll Brothers (NYSE:TOL), La-Z-Boy (NYSE:LZB), and more.

Wall Street Corporate Highlights for Today

S&P Global  (NYSE:SPGI) – S&P Global has downgraded the ratings of several US banks, including Associated Banc-Corp (ASB) and Valley National Bancorp (NASDAQ:VLY), UMB Financial Corp (NASDAQ:UMBF), Comerica Bank (NYSE:CMA) and Keycorp (NYSE:KEY) due to concerns about funding risks and profitability. Rising interest rates affect bank funding and liquidity, and the collapse of Silicon Valley Bank and Signature Bank sparked a crisis of confidence in the industry.

Goldman Sachs (NYSE:GS) – Goldman Sachs is considering selling part of its equity business, redirecting its focus to the ultra-rich. This move follows CEO David Solomon’s reorganization and past losses in consumer businesses. The unit in question, Personal Financial Management, manages about $29 billion. The previous strategy, acquiring RIA in 2019, sought to serve beyond the ultra-rich, but did not achieve the desired success. Elsewhere, Malaysian Prime Minister Anwar Ibrahim has indicated that Malaysia may sue Goldman Sachs over the 1MDB scandal despite an earlier $2.5 billion settlement. Anwar said that the deal was unsatisfactory and negotiations were being considered. Goldman Sachs has denied wrongdoing.

Wells Fargo (NYSE:WFC) – Wells Fargo overcame a lawsuit accusing it of defrauding shareholders by allegedly conducting fake interviews with non-white and female candidates. San Francisco Judge Thompson found insufficient evidence to support the allegations, saying they did not prove intent to defraud.

Citigroup (NYSE:C) – Citigroup could eliminate its position at the top of its biggest division when Paco Ybarra retires next year. Instead, segment leaders would report directly to CEO Jane Fraser. The restructuring seeks to simplify management, but it is not yet finalized.

JPMorgan Chase (NYSE:JPM) – Analysts at JPMorgan suggest that Japan’s intervention threshold in the yen exchange rate is close to 150 per dollar. On Monday, the yen traded at 145.87 to the dollar, having reached 146.56 the previous week.

Charles Schwab (NYSE:SCHW) – Brokerage Charles Schwab plans to reduce its staff to contain costs, following other Wall Street firms. While he did not specify the number of layoffs, he expects to save $500 million annually from related actions. Most layoffs will occur in the second half of 2023.

UBS Group (NYSE:UBS) – UBS has restructured its leadership in Asia Pacific, appointing Richard Wilks and Kevin Cui to key positions. This change follows the departure of Carlo Agostinelli. The reorganization includes the promotion of veterans and strategic movements in the region.

PayPal  (NASDAQ:PYPL) – According to Reuters, experts believe that PayPal’s launch of its own stablecoin pegged to the US dollar, will be different from Facebook’s previous attempt with Libra, and has a better chance of success due to its solid position in Washington and lawmakers’ increased understanding of stablecoins since 2019.

Coinbase  (NASDAQ:COIN) – Coinbase will acquire stake in Circle, which is terminating the jointly managed Center Consortium of stablecoin USDC. Due to increasing regulatory clarity, the Center has become unnecessary. Circle will have full control of the USDC, whose value is pegged to the dollar. Both will share USDC interest income.

VMware (NYSE:VMW), Broadcom (NASDAQ:AVGO) – UK regulator approved Broadcom’s $69 billion purchase of VMware following investigation. The Competition and Markets Authority had already given provisional approval in July, seeing no risk to competition in the server sector.

Baidu (NASDAQ:BIDU) – The company posted earnings of $3.09 per share on revenue of $4.7 billion in the June quarter. The positive performance came despite recent macroeconomic concerns about China. Baidu excels in artificial intelligence, with units focused on autonomous taxis and cloud computing. CEO Robin Li highlighted the transformative power of AI and market potential.

Amazon (NASDAQ:AMZN) – The Federal Trade Commission (FTC) is expected to file an antitrust complaint against Amazon, but analysts believe the company’s stock will not be badly affected as investors appear indifferent. The FTC has previously sued Amazon over Prime enrollment practices. In other news, Bloomberg reported that US labor prosecutors have accused Amazon of illegal practices, including calling police on employees, restricting conversations about unions and firing an activist. The complaint highlights repeated violations in 2022 at a warehouse near Albany, NY. Amazon denies the allegations.

Netflix (NASDAQ:NFLX) – Netflix is ​​reassessing its strategy in India, a price-sensitive market, by lowering its subscription fees. Although India has a huge population, willingness to pay for services like Netflix is ​​limited. A partnership with Reliance Jio could boost subscriptions, but the gains are uncertain. The Indian carrier has launched a new prepaid mobile package that will include Netflix and will cost around $5 a month. The Indian diaspora, with less price sensitivity, can be a profitable focus.

Activision Blizzard (NASDAQ:ATVI), Microsoft (NASDAQ:MSFT) – Activision will sell its streaming rights outside Europe to Ubisoft (UBI) following objections from Britain’s Markets and Competition Authority to the $69 billion deal from Microsoft. The new proposal prevents Microsoft’s exclusivity in Activision’s streaming.

Meta Platforms (NASDAQ:META) – Meta Platforms has appealed to a Norwegian court against a privacy fine imposed by data regulator Datatilsynet. The company was fined $94,313 daily for behavioral advertising without users’ consent.

Zoom Video Communications (NASDAQ:ZM) – Zoom beat third-quarter profit forecasts, trying to weather the post-pandemic downturn with more collaboration tools. The company reported earnings of $1.34 per share for the second quarter, compared with an estimated target of $1.05. The company’s second-quarter corporate revenue grew 10.2% to $659.5 million. The company raised its full-year revenue and profit forecast, reflecting continued optimism.

Micron Technology (NASDAQ:MU) – Micron Technology seeks federal funding and tax credits to expand factories in Idaho and New York. Micron filed applications under the CHIPS Act to diversify its supply chain. Biden approved $52.7 billion in US semiconductor subsidies in August 2022.

Tesla (NASDAQ:TSLA) – Two former Tesla employees were responsible for a data breach that affected 75,000 people. The information, which included personal data, was disclosed to the German media Handelsblatt. Tesla has taken legal action against those responsible for the leak. Tesla is up in premarket Tuesday after rising 7.3% on Tuesday, breaking six days of declines. Baird analyst Ben Kallo listed Tesla among his “best ideas” after quarterly results, predicting future catalysts for the company.

Ford Motor (NYSE:F) – US regulators are investigating Ford’s recall of 49,000 Mustang Mach-Es due to battery overheating, weighing expansion. After the initial recall, Ford proposed fixes but still received complaints of post-repair vehicle failures.

American Airlines (NASDAQ:AAL) – American Airlines pilots approved a four-year contract with more than $9.6 billion in pay and benefits increases, reflecting pilot shortages. 72.7% voted in favor, resulting in an immediate increase of 21%. Total remuneration will rise 46% during the contract.

Forward Air (NASDAQ:FWRD) – After announcing the acquisition of Omni Freight, Forward Air stock plummeted on August 11th. Even as analyst Patrick Tyler Brown expressed concerns about the merger, insiders including CEO Tom Schmitt bought plunging stocks. Schmitt reinforces his confidence in the company and sees potential for future growth.

Lowe’s (NYSE:LOW) – Lowe’s reported mixed fiscal second-quarter results, beating earnings estimates but missing expected sales. Lowe’s three-month net income was $2.67 billion, or US$ $4.56 per share versus the estimate of $4.49. Lowe’s had revenue of $24.96 billion against $24.99 billion expected. The company maintained its full-year forecast, expecting comparable sales to decline.

SentinelOne (NYSE:S) – $5 billion cybersecurity company SentinelOne is considering options, including a possible sale, after an 80% drop in its stock value over the past two years. The company hired Qatalyst Partners as a consultant, and although it received initial proposals, they did not meet SentinelOne’s expectations.

BHP Group (NYSE:BHP) – BHP Group reported its weakest annual profit since 2020, citing solid growth in certain Chinese sectors. On the conference call, CEO Mike Henry highlighted the robust demand for steel in China. However, there are concerns about the Chinese real estate market and impacts of Beijing’s policy. While BHP lowered its Chinese growth forecast, strong steel production is expected. Inflation will continue to plague BHP into 2024. The company’s annual profit fell 37% year-on-year to $13.42 billion, missing estimates. BHP also declared a final dividend of US$0.80 per share, down from US$1.75 per share a year earlier.

Newmont Corp (NYSE:NEM) – Newmont Corp has received approval from the Australian regulator to acquire Newcrest Mining (ASX:NCM) for A$26.2 billion. If finalized, Newcrest shareholders will obtain 0.400 Newmont shares per share. The transaction awaits further approvals and is expected to close in the 4th quarter.

Teva Pharmaceutical (NYSE:TEVA) – Teva Pharmaceutical has agreed to pay $225 million and stop selling a generic version of a cholesterol drug due to allegations of price fixing.

Johnson & Johnson (NYSE:JNJ) – Following a share exchange offer, Johnson & Johnson plans to retain a 9.5% stake in its newly spun off unit, Kenvue (KVUE).

Kenvue (NYSE:KVUE),  Advance Auto Parts (NYSE:AAP) – Kenvue will replace Advance Auto Parts in the S&P 500 Index, as announced by S&P Dow Jones Indices. This change will take place on Friday. Advance Auto Parts will replace Emergent BioSolutions in the S&P SmallCap 600.

Pfizer (NYSE:PFE) – The US FDA has approved Pfizer’s vaccine to protect infants against respiratory syncytial virus (RSV). This vaccine is given to pregnant women to protect babies up to 6 months. RSV is a leading cause of childhood hospitalization in the US and can be fatal. Pfizer is also exploring treatments for other age groups. The approval marks a significant step forward in Pfizer’s child health strategy.

AMC Entertainment (NYSE:AMC) – Shares in AMC plunged 24% on Monday before the conversion from preferred stock to common stock. According to the SEC, APE units will cease trading on August 25th. The company plans a reverse split and analysts are watching potential dilutions and future opportunities.

Fabrinet (NYSE:FN) – Fabrinet, specialized in technological manufacturing services, presented a forecast for the first quarter above expectations. Its fourth-quarter adjusted earnings and sales beat forecasts, highlighting a significant increase in datacom revenue due to new AI products.

Nordson (NASDAQ:NDSN) – Nordson reported a drop in fiscal third quarter earnings and revenue compared to the prior year, attributing it to “continued weak demand in the electronics and biopharmaceuticals markets”. The company also lowered its annual revenue forecast.

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