US Index Futures are marginally lower in Tuesday’s premarket,
awaiting important economic data, which may define the trajectory
of interest rates around the world.
By 6:51 AM, Dow Jones futures (DOWI:DJI) were down 7 points, or
0.02%. S&P 500 futures were down 0.01% and Nasdaq-100
futures were down 0.01%. The 10-year Treasury yield was at
On Tuesday’s US economic agenda, investors await, at 9:00 AM,
the release of July real estate prices, while at 10:00 AM the Labor
Department releases job offers for July, as measured by
Jolts. At the same time, the Conference Board consumer
confidence index will be released, which has a consensus of 116
points in August.
At 1 PM, the government holds yet another Treasury auction, this
time with a seven-year maturity. Yesterday, the US Treasury
put $46 billion in a five-year auction with a cut rate of
4,400%. At 4:30 PM, the API releases the weekly oil
The week promises to be busy with the release of significant
economic indicators that could guide future monetary policy
decisions, such as the Payroll jobs report, the PCE price index and
a new assessment of the Gross Domestic Product (GDP).
In Germany, the GFK consumer confidence index fell to 25.50
points in September, beating pessimistic forecasts of 24.30 points,
indicating negative sentiment towards Europe’s largest
economy. Despite this, European stocks are up, following a
global positive momentum spurred by new stimulus measures in
In Asian markets, the focus is on the rising unemployment rate
in Japan, which reached 2.70% in July. Chinese measures to
reduce taxes on stock market transactions are also influencing
Country Garden, China’s largest private developer, is seeking to
extend the term of a $535.3 million bond by an additional 40
days. In addition, major Chinese state-owned banks are
considering lowering their local currency deposit rates by between
5 and 20 basis points, as reported by Bloomberg.
In commodities markets, West Texas Intermediate crude for
October was up 0.76% to trade at $80.71 a barrel. Brent crude
for October was up 0.75% near $85.05 a barrel. Iron ore
futures traded in Dalian, China, fell 1.04% to $110.99 a tonne, in
a realization move after a bull streak.
At the close of Monday, stocks had a positive day, influenced by
the flattening of the yield curve in the United States. The
Dow Jones rose 213.18 points or 0.62% to 3,560.08 points. The
S&P 500 rose 27.57 points or 0.63% to 4,433.28 points, while
the Nasdaq Composite rose 114.48 points or 0.84% to 13,705.13
Jerome Powell, head of the US Central Bank, confirmed in his
statement the possibility of raising interest rates, depending on
factors such as the performance of the job market, wage variations
and inflation rates. At the same time, in Asia, the Chinese
government’s decision to cut rates applied to equity transactions
gave a boost to local markets.
Ahead of Tuesday’s corporate results, traders are watching
reports from Nio (NYSE:NIO), Best Buy (NYSE:BBY), Pinduoduo
(NASDAQ:PDD), Big Lots (NYSE:BIG), Bank of Nova Scotia (NYSE:BNS) ,
Catalent (NYSE:CTLT), among others. After closing, expect
reports from Hewlett Packard Enterprise (NYSE:HPE), HP Inc
(NYSE:HPQ), Box (NYSE:BOX), Ambarella (NASDAQ:AMBA), Joyy
(NASDAQ:YY), and more.
Wall Street Corporate Highlights for Today
Alphabet (NASDAQ:GOOGL) – US Judge James
Donato plans to dismiss an antitrust class action lawsuit against
Google, claiming the company overcharged the Google Play
Store. The decision could limit the potential financial damage
to Google, a unit of Alphabet. In other news, Google plans to
license mapping data to renewable energy companies, a deal that
could fetch as much as $100 million in the first year, according to
CNBC. Potential partners
include SunRun (NASDAQ:RUN), Tesla
Energy (NASDAQ:TSLA), Zillow (NASDAQ:ZG), Redfin (NASDAQ:RDFN)
and Marriott (NASDAQ:MAR).
Microsoft (NASDAQ:MSFT) – In an interview
with CNBC, Brad Smith, President and Vice President of Microsoft,
emphasized the need for human oversight of artificial intelligence
(AI). He said that despite AI’s potential benefits, it also
poses risks and could be weaponized. On monday, Microsoft
shares rose 0.22%, in a positive day for the market, the second day
of consecutive gains. However, the company lagged behind
competitors like Apple (NASDAQ:AAPL) and
Alphabet (NASDAQ:GOOGL). Trading volume was
below the 50-day average.
Meta Platforms (NASDAQ:META) – New Zealand
plans to introduce a 3% tax on digital service revenues of large
multinationals, effective in 2025. The tax will affect companies
with global revenues above €750 million and local revenues above
3.5 million New Zealand dollars. Finance Minister Grant
Robertson has expressed concerns about inadequate taxation of
digital companies and said the country will not wait for an OECD
AT&T (NYSE:T), Verizon (NYSE:VZ)
– Stocks are higher in premarket Tuesday after Citi upgraded both
companies’ ratings to Buy/High risk from Neutral.
– Morgan Stanley (NYSE:MS)
predicts that Verizon will raise its dividend by about 2% in
September, continuing a 16-year trend despite concerns about lead
remediation costs. Analyst Simon Flannery notes that the
company generates sufficient cash flow to sustain payments.
Tesla (NASDAQ:TSLA) – Tesla is facing
judgments over alleged flaws in its Autopilot feature that have led
to fatal crashes. The cases represent a significant test for
both the technology and CEO Elon Musk’s reputation. These
trials will likely shed light on what Tesla and Musk knew about the
Autopilot system’s capabilities and possible
limitations. Given that autonomous technology is an important
part of Tesla’s future strategy, the results of these cases are
highly relevant. The company denies responsibility, saying the
autopilot is safe when monitored by humans.
Vinfast (NASDAQ:VFS) – Shares in Vinfast,
the Vietnamese maker of electric vehicles, jumped on Monday, taking
its market capitalization to $160 billion. With high
volatility, the company recently entered Wall Street and aims to
compete with Tesla (NASDAQ:TSLA) and Toyota (NYSE:TM). Its
focus is now on expanding sales in the US and Europe.
Toyota (NYSE:TM) – Toyota has halted
operations at its 14 factories in Japan due to a production system
issue. While the cause is still under investigation, it does
not appear to be a cyber attack. These factories represent a
third of the company’s global production.
Lordstown Motors (NASDAQ:RIDE) – Lordstown
Motors is seeking buyers for its business as it formulates a
Chapter 11 debt repayment plan. A US judge has denied
Foxconn’s (USOTC:FXCOF) attempt to thwart the
company’s bankruptcy efforts. The EV maker also faces lawsuits
and SEC investigations.
Nio (NYSE:NIO) – Analysts predict
the Chinese electric car maker will post a quarterly loss of 33
cents a share on sales of $1.3 billion, according to Bloomberg
data. The second quarter report comes against a backdrop of
concerns about competition, demand and the Chinese
economy. NIO shares in the US were up 1.6% ahead of Tuesday’s
American Airlines (NASDAQ:AAL) – The US
Department of Transportation fined American Airlines $4.1 million
for keeping passengers on the tarmac for hours in violation of
delay rules. It’s the biggest penalty of its kind, with $2.05
million credited to compensate those affected. American cited
“exceptional weather events” as the cause.
Micron (NASDAQ:MU), Intel (NASDAQ:INTC)
– US Commerce Secretary Gina Raimondo and Chinese Commerce Minister
Wang Wentao discussed restrictions on US companies, including Intel
and Micron Technology, and export controls at a recent
meeting. The two countries agreed to start exchanging
information on trade and export issues.
Intel (NASDAQ:INTC) – Intel
announced that its new data center chip, “Sierra Forest,” will
deliver 240% better performance per watt compared to previous
chips, marking a significant advance in energy efficiency. The
revelation was made at a conference at Stanford University.
Systems (NASDAQ:CSCO), Nutanix (NASDAQ:NTNX)
– Cisco Systems and Nutanix announced a partnership to ease the
transition of businesses to multicloud systems. Cisco will
sell Nutanix’s cloud platform, which offers hyperconverged
infrastructure, through its computing and managed infrastructure
Joann (NASDAQ:JOAN) – Shares in
Joann Inc. rose 7% in premarket Tuesday after an announcement of
increased quarterly sales, boosted by Halloween merchandise and
dorm decor. Although the company posted a loss in the second
quarter, sales beat expectations, with a strong performance in
Best Buy (NYSE:BBY) – Best Buy results
will be revealing about consumer demand for electronics amid an
uncertain economic environment. While electronics sales have
suffered over the last year, some analysts believe demand may be
picking up, especially with the back-to-school season. Wall
Street expects a 7% drop in same-store sales, an improvement from
Amazon (NASDAQ:AMZN) – Amazon CEO Andy
Jassy has warned employees who fail to abide by the
three-day-a-week return-to-the-office policy that they could lose
their jobs. According to Bloomberg, the measure has already
led to protests and low morale among employees, following recent
layoffs at the company. Additionally, Amazon has increased the
minimum spend for free shipping from $25 to $35 for non-Prime
customers in some markets. The move is part of a broader
strategy to cut costs, while the Prime program, with an annual cost
of $139, remains unchanged.
Heico (NYSE:HEI) – Heico announced fiscal
third-quarter earnings and revenue that beat analyst forecasts on
Monday. However, its operating margins decreased from 22.6% in
the previous year to 20.7%. The company’s shares fell 5.3% in
premarket trading on Tuesday.
CrowdStrike (NASDAQ:CRWD) – Shares in
CrowdStrike Holdings fell after a Morgan Stanley analyst downgraded
the company from Overweight to Equal Weight, lowering the price
target from $178 to $167. Citing a challenging demand environment
and potential slowdown in spending by large customers, the analyst
predicts a recovery only in 2025.
Vahanna Tech Edge
Acquisition (NASDAQ:VHNA) – Shares are down 11%
in premarket Tuesday, a day after rising 21% after shareholders
approved a business combination with insurance technology firm
Bank of New York Mellon (NYSE:BK) – U.S.
Judge George Daniels in Manhattan dismissed much of Commerzbank’s
$1 billion lawsuit against Bank of New York Mellon related to
losses on toxic mortgages before the crisis. 2008. Daniels
dismissed claims on 87 of the 100 certificates purchased by
Commerzbank and also dismissed allegations of malpractice against
Goldman Sachs (NYSE:GS) – Goldman Sachs
will sell part of its equity business to Creative Planning LLC as
part of a restructuring focused on the super-rich segment. The
deal, whose financial details were not disclosed, is expected to
close in the fourth quarter. The move comes after significant
losses elsewhere and an internal reorganization under CEO David
Hedge Funds – Data from Goldman Sachs
(NYSE:GS) says hedge funds have record exposure to the top seven
tech stocks, which now make up about 20% of the market cap held by
these funds. This includes companies such as Microsoft
(NASDAQ:MSFT), Apple (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA), which
recently beat revenue expectations.
UBS (NYSE:UBS) – The Swiss Competition
Commission is investigating the merger of Credit Suisse and
UBS. The acquisition had already received swift approval from
the government and regulators. The results of the
investigation will be sent to FINMA by the end of September.
Robinhood Markets (NASDAQ:HOOD) – With a
portfolio containing around $3.1 billion worth of Bitcoin,
Robinhood Markets is now a significant player in cryptocurrency
trading in the US. The company is gaining market share even
against a backdrop of lower interest in cryptocurrencies due to its
competitive trading costs.
Catalent (NYSE:CTLT) – Catalent is close
to an agreement with Elliott Investment Management that could
include the addition of four new directors and a review of
strategies, including the sale of the company. The deal would
affect Catalent’s relationship with Novo
Nordisk (NYSE:NVO) and the drug
Wegovy. Elliott’s move could also weigh on Catalent’s already
volatile financial situation.
Mallinckrodt (AMEX:MNK) – Irish drugmaker
Mallinckrodt has filed for bankruptcy for the second time in the
US, aiming to cut $1 billion in debt related to the opioid
crisis. The restructuring plan would hand the company over to
creditors and eliminate existing equity stakes. The NYSE
suspended its shares.
Boston Scientific (NYSE:BSX) – Boston
Scientific, a medical device company, on Sunday reported promising
results for its treatment of atrial fibrillation, an irregular
heart rhythm condition.
Akero Therapeutics (NASDAQ:AKRO) – UBS has
begun tracking Akero Therapeutics with a ‘Buy’ rating, arguing that
its non-alcoholic steatohepatitis treatment has market potential
that is being undervalued.
Walmart (NYSE:WMT), Walgreens (NASDAQ:WBA), CVS (NYSE:CVS)
– Walmart, Walgreens and CVS are expanding their healthcare
services, including testing and treatment for various diseases,
previously restricted to doctors’ offices. This movement seeks
to capitalize on legislative changes that allow pharmacists to
treat simpler conditions, reducing the need for costly doctor
visits. Prices vary and are not yet covered by Medicare or
Standard Chartered (USOTC:SCBFF) –
Standard Chartered is selling its aviation leasing business to
AviLease of Saudi Arabia for $3.6 billion to focus on areas where
it has a competitive advantage. The deal includes an initial
payment of US$700 million and additional financing of US$2.9
Disney (NYSE:DIS) – To combat the loss of
subscribers in India, Disney is offering free cricket streams on
smartphones. The strategy aims to increase advertising revenue
and recover users after a loss of US$ 41.5 million in the year
ended in March 2022.
3M (NYSE:MMM) – 3M has reached a final $6
billion settlement to settle allegations over the sale of defective
earplugs to the US military. The value of the deal is
significantly lower than analysts’ initial forecasts, which
estimated a cost of between $10 billion and $15 billion, bringing
relief to investors. As a result, 3M shares saw a lift, rising
0.4% in premarket trade after a 5.2% jump on Monday.
Hawaiian Electric Industries (NYSE:HE) –
After denying allegations that its power lines caused a deadly fire
in Maui, Hawaiian Electric Industries shares are up 5.15% in
premarket Tuesday after rising 45% on Monday, marking its biggest
percentage increase on record. The company faces lawsuits and
has suspended its dividend to shore up its cash position.
UGI Corp (NYSE:UGI) – Wells Fargo analyst
Sarah Akers upgraded the company’s rating to “Overweight” from
“Equal Weight”. While the company lowered its price target for
UGI due to structural challenges, it said the decline in the stock
now presents a “sufficiently attractive” valuation.
RPT Realty (NYSE:RPT) – RPT Realty
announced that Kimco Realty plans to acquire it in an all-equity
transaction valued at approximately $2 billion. Conor Flynn,
CEO of Kimco, highlighted that around 70% of RPT’s portfolio aligns
with its target markets. Completion of the agreement is
expected in early 2024.
Mister Car Wash (NYSE:MCW) – Piper Sandler
raised the company rating from “Neutral” to
“Overweight”. According to the firm, the company’s growth
potential is being underestimated by investors.
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