US Index Futures are trading higher in the pre-market session on Wednesday, a day set for the release of a global sector economic activity indicator and ahead of Nvidia’s earnings (NASDAQ:NVDA) and the Jackson Hole symposium, which begins tomorrow.

As of 06:46 AM, Dow Jones futures (DOWI:DJI) were up 71 points or 0.21%. S&P 500 futures rose 0.30%, and Nasdaq-100 futures increased 0.43%. The yield on the 10-year Treasury note was at 4.263%.

On Wednesday’s U.S. economic calendar, investors are awaiting the mortgage index release at 7 AM, followed by the purchasing managers’ index at 9:45 AM. At 10 AM, new home sales for August will be announced, and at 10:30 AM, the Department of Energy’s weekly oil inventory, with consensus forecasting a decline of 2.85 million. Lastly, at 1 PM, the government will auction 20-year Treasuries.

In Europe, Germany’s composite PMI index recorded 44.70 for August, below the anticipated 48.30. The services PMI stood at 47.30, against an expected 51.50. Readings below 50 indicate economic contraction.

In the UK, the composite PMI was 47.90 for August, below the expected 50.30. The services PMI was 48.70, under the anticipated 51. In the Eurozone, the services PMI was 48.30, against an expected 50.50, and the composite index was 47, below the forecasted 48.50.

These indices suggest a weakened European economy, especially in Germany, pointing to a potential softer economic policy, a positive sign for the stock market. At 10 AM, the Eurozone’s consumer confidence for August is awaited, with a predicted drop of 14.3 points.

In Asia, markets displayed mixed behavior. Japan’s PMIs hinted at a slight recovery, with the composite at 52.60, manufacturing at 49.70, and services at 54.30 for August. However, concerns linger over China’s economic growth, causing global jitters due to the less optimistic outlook.

In the commodities market, West Texas Intermediate crude oil for October fell 1.66% to $78.32 per barrel. Brent oil for October declined 1.55% to around $82.73 per barrel. Iron ore futures traded in Dalian, China, rose by 3.68% to $111.91 per ton, extending yesterday’s gains amid Chinese steel mills not implementing production cuts and awaiting new stimuli from the Chinese government.

By Tuesday’s close, the Dow was down 174.86 points, or 0.51%. The S&P 500 was down 0.28% while the Nasdaq Composite was up 0.06%. Banks led the losses after a series of bearish revisions in private credit product ratings caused the S&P 500 to close below 4,400 points.

At the same time, the market was also anticipating remarks from Jerome Powell, the Fed’s chairman, who will speak at the Jackson Hole Symposium on Friday. Analysts’ predictions, according to a survey conducted by Bloomberg, are that Powell will continue with his hawkish rhetoric, emphasizing that interest rates will remain high for longer.

On the corporate earnings front for Wednesday, traders are watching reports from Peloton (NASDAQ:PTON), Advanced Auto Parts (NYSE:AAP), Kohl’s (NYSE:KSS), Bath & Body Works (NYSE:BBWI), Foot Locker (NYSE:FL), Analog Devices (NASDAQ:ADI), Williams Sonoma (NYSE:WSM), Grab (NASDAQ:GRAB), Dycom (NYSE:DY), among others. After the close, expect reports from Nvidia (NASDAQ:NVDA), Snowflake (NYSE:SNOW), Splunk (NASDAQ:SPLK), Guess (NYSE:GES), and more.

Wall Street Corporate Highlights for Today

Nvidia (NASDAQ:NVDA) – Nvidia, crucial in the AI ​​market, is expected to have results on Wednesday after its shares tripled in 2023 and boosted the S&P 500. Expectations are high after previous gains. The company’s role in advancing AI is undeniable, and its moves significantly impact the major indexes. Options traders see big swings in Nvidia shares after quarterly results. The options indicate a variation of 11%, above the average of 8.6%. Despite recent optimism, some strategists are advising caution.

VMware (NYSE:VMW), Nvidia (NASDAQ:NVDA) – VMware, in partnership with Nvidia, has developed tools for companies that want to create generative artificial intelligence in their own data centers. This software, available next year, focuses on sensitive data such as legal contracts, preventing leaks.

Qualcomm (NASDAQ:QCOM) – The US FTC will investigate Qualcomm’s purchase of Autotalks. Autotalks, an Israeli maker of chips for self-driving vehicles, will help Qualcomm expand into the automotive sector. EU regulators will also review the takeover.

Meta Platforms (NASDAQ:META) – The Norwegian regulator has accused Meta Platforms of violating European data privacy rules, fining it $94,145 per day since August 14. Meta, which owns Facebook and Instagram, is seeking to overturn the fine, citing future GDPR compliance.

Snap (NYSE:SNAP) – Snap has appointed former Google executive Pulkit Trivedi to lead its India operations as it looks to expand its presence in a growing market. Trivedi, who previously led Google’s payments strategy in India, will report to Ajit Mohan.

Zoom Video Communications (NASDAQ:ZM) – Cathie Wood, through Ark Investment Management, purchased 122,831 shares of Zoom after a 2.1% drop in 2023. The purchase came despite concerns about Zoom’s future growth and increasing competition . Wood’s faith in Zoom remains unshakable.

International Business Machines (NYSE:IBM) – IBM has agreed to sell its weather business to Francisco Partners, including and Storm Radar. IBM will maintain the sustainability software and continue to use weather data for environmental solutions. The closing of the sale is scheduled for early 2024.

3M (NYSE:MMM) – 3M has appointed Bryan Hanson as CEO of its healthcare division, which it plans to become a listed company while retaining a 19.9% ​​stake. Hanson, former CEO of Zimmer Biomet, will take over on September 1. Carrie Cox will serve as chairman of the board.

WeWork (NYSE:WE) – NYSE has suspended trading in WeWork warrants due to unusually low prices and plans to delist them. While the common stock remains traded, WeWork faces financial challenges and has seen its stock plummet since going public.

Goldman Sachs (NYSE:GS) – David Solomon, CEO of Goldman Sachs, ended “summer Fridays” and reinforced the five-day-a-week in-person work policy. Many employees are unhappy with the emphasis on attendance, especially with the bank’s morale already low due to recent financial challenges and investigations.

Bank of America (NYSE:BAC) – After Bank of America’s Jim DeMare challenged his team to improve, the division posted a 10% increase in quarterly revenue. Since DeMare took over the global markets division, the bank’s market share has grown, rivaling that of JPMorgan (NYSE:JPM). Significant investments in hiring and technology have strengthened the division. The bank’s conservative approach to risk, however, generated internal criticism, but the vision is of stable growth and avoidance of large losses.

Morgan Stanley (NYSE:MS) – Morgan Stanley was fined $6.9 million by Ofgem UK for failing to retain WhatsApp messages from merchants. This is the first penalty of its kind. The breach occurred from 2018 to 2020 and the bank has taken corrective action.

Jefferies Financial Group (NYSE:JEF) – New York-based Jefferies plans to hire 10 investment bankers in India, increasing its local staff to 25, focusing on sectors such as infrastructure and industrials. This is part of the company’s expansion into Asia Pacific.

Vinfast (NASDAQ:VFS) – Shares in Vietnamese electric vehicle maker VinFast soared 127% on Tuesday following news from Reuters about South Korea’s Star Industrial Group plan to open a factory in Vietnam. VinFast’s market cap reached $95 billion.

Ford Motor (NYSE:F) – At Ford’s $300,000 Mustang GTD debut in Carmel, CEO Jim Farley expressed his intention to outperform brands like Porsche. The car, inspired by the Mustang GT3, is a challenge for the dominant European brands in the segment. Farley, a car lover, questions why American automakers can’t compete at the level of European elites. He believes that to establish credibility, a brand needs not only advanced technology, but also race wins and meticulous attention to detail.

Cleveland-Cliffs (NYSE:CLF),  US Steel (NYSE:X) – Cleveland-Cliffs required US Steel to disclose information on bids received during its strategic review. Despite rejecting an offer from Cliffs, US Steel was exploring other proposals. The USW union has shown support for Cleveland-Cliffs as a contender for US Steel.

Nomura Holdings (NYSE:NMR) – Nomura Holdings has agreed to pay a $35 million fine to the US Department of Justice for a fraud investigation that involved traders inflating bond prices between 2009 and 2013. 808,000 in restitution and previously disbursed $21.6 million in settlements.

Sigma Lithium (NASDAQ:SGML) – Sigma Lithium sued former co-CEO Calvyn Gardner and his daughter-in-law Luisa Valim, accusing them of stealing trade secrets to jeopardize the sale of the company. Gardner and current CEO Ana Cabral-Gardner are getting divorced. Valim allegedly shared 80,000 confidential documents with Gardner.

Altria (NYSE:MO) – Altria Group, maker of Marlboro, through subsidiary NJOY, has filed a complaint against Juul Labs, alleging patent infringement and seeking to ban the sale of Juul products. This action comes after Juul accused NJOY of similar infractions in June.

Toll Brothers (NYSE:TOL) – Toll Brothers beat expectations with third-quarter net income of $414.8 million and revenue of $2.69 billion. The company anticipates deliveries of 2,650 to 2,750 homes in the next quarter.

La-Z-Boy (NYSE:LZB) – La-Z-Boy beat Wall Street expectations, posting a first-quarter profit of $27.5 million, or 63 cents a share, despite a 20% drop in sales compared to last year. The company anticipates continued challenges in the industry, with possible improvements over the coming holidays. The company projected fiscal second-quarter sales of $490 million to $510 million, versus consensus FactSet sales of $507 million.

Medtronic (NYSE:MDT) – Medtronic raised its full-year profit forecast due to increased demand for its medical devices, with non-urgent surgeries returning to pre-pandemic levels. CEO Geoff Martha predicts a continued recovery in surgical volumes. Excluding items, Medtronic posted quarterly earnings of $1.20 per share, beating estimates of $1.11 per share.

Urban Outfitters (NASDAQ:URBN) – Urban Outfitters reported that more shoppers are choosing fashion over price, especially at its luxury brands Free People and Anthropologie. Despite the inflationary challenges, sales of these brands grew significantly, surpassing estimates. The company reported net income of $104.1 million, or $1.10 per share in the second quarter, compared with $59.5 million, or $0.64 per share, in the same quarter last year. Revenue increased to $1.27 billion and same-store sales grew 4.9%, beating estimates.

Macy’s (NYSE:M) – The drop in foreign tourism to the US has impacted Macy’s sales, with tourists now accounting for less than 2% of sales. Macy’s warned of reduced consumer spending at Christmas and an increase in card payment delays. It posted adjusted earnings per share of 26 cents, outperforming the market, while comparable sales for flagship stores fell 7.3%. However, Macy’s reaffirmed its expectations for 2023 sales of $22.8 billion to $23.2 billion and adjusted annual earnings per share between $2.70 and $3.20.

Dick’s Sporting Goods (NYSE:DKS) – Shares of Dick’s Sporting Goods tumbled on Tuesday after revising downwards its full-year profit target, hit by weaker margins due to theft and inventory drawdowns. The company faces supply chain and labor cost challenges. Dick’s Sporting Goods posted EPS of $2.82, below estimates of $3.81. Second-quarter revenue was also below estimates.

Coty (NYSE:COTY) – Coty has forecast lower-than-expected annual profit due to high input costs and plans to raise prices for its products. Coty reported adjusted quarterly earnings of 1 cent a share, missing its forecast of 2 cents, according to Refinitiv. Cost of sales rose to $502.1 million from $446.2 million previously. Fourth-quarter revenue grew 16% to $1.35 billion, beating expectations.

Hasbro (NASDAQ:HAS) – BofA Securities analyst Jason Haas sees potential in Hasbro’s intellectual property and has raised the company’s price target. Haas highlighted Hasbro’s ability to generate licensing revenue from its vast IP library. Hasbro stock rose 7.1% on Tuesday to be the best performer in the S&P 500.

Walmart (NYSE:WMT) – Walmart will pay $2.8 billion in November as part of a $3.3 billion settlement over the opioid crisis. The agreement, reached with 50 states the previous year, will take effect on September 6.

Amazon (NASDAQ:AMZN) – Analysts at Wedbush released coverage of Amazon with a bullish outlook on Monday, emphasizing e-commerce as the global leader in retail. With a price target of $180, they see upside potential of 34%. Amazon stood out for its fulfillment infrastructure and strong retail sales, with significant revenue also coming from web services. Amazon shares grew 61% in 2023.

United Parcel Service (NYSE:UPS) – UPS workers in the US have signed a five-year contract, avoiding a potential strike that would threaten Christmas deliveries. The deal improves salaries, removes a bifurcated salary system and adds benefits. 86.3% of voters ratified the agreement.

American Airlines (NASDAQ:AAL) – Following a new labor agreement, American Airlines forecasts higher third-quarter costs with an additional $9.6 billion in wages and benefits over four years. The contract recently approved by the pilots includes retroactive payment, influencing the quarterly results.

Boeing (NYSE:BA) – Australian carrier Qantas Airways is close to closing a deal to acquire Boeing 787-10 Dreamliners. Despite the recent pause in deliveries due to manufacturing issues, Boeing resumed in August 2022, strengthening its position against rival Airbus. Both companies had record orders at the Paris Airshow.

Apellis Pharmaceuticals (NASDAQ:APLS) – Apellis Pharmaceuticals rose 30.7% in premarket Wednesday after updating on injection kits and rare retinal vasculitis events linked to the drug Syfovre. The company has not confirmed a causal relationship with the 19-gauge needle and has recommended using 18-gauge.

AMC Entertainment (NYSE:AMC) – AMC Entertainment is facing market turmoil, with platform Stocktwits seeing “panic” among investors. Tommy Tranfo of Stocktwits mentioned an “extreme fear” towards AMC. AMC shares have dropped, and the company plans to convert its Preferred Equity and do a reverse split. The conversion aims to help AMC reduce debt and streamline its operations. Tom Bruni of Stocktwits suggests that the recent declines could be due to dilution and reverse splitting. The conversion is scheduled to take place shortly, with significant changes to AMC’s ownership structure.

Manchester United (NYSE:MANU) – Manchester United player Mason Greenwood, following an internal investigation, will not return to the club. Sidelined since January 2022 on charges including attempted rape, he was cleared in February. The club and Greenwood have agreed that he will pursue his career elsewhere.

Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos QUALCOMM.
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos QUALCOMM.