MS Morgan Stanley

US index futures are lower in premarket trading on Tuesday, influenced by a series of PMI index announcements from various countries, which gauge the activity of specific sectors.

By 6:52 AM, Dow Jones Futures (DOWI:DJI) were down 3 points, or 0.01%. S&P 500 futures were down 0.11% and Nasdaq-100 futures were down 0.21%. The yield on the 10-year Treasury bond was at 4.228%.

In the US economic agenda for Tuesday, investors await, at 10:00 am, the announcement of industrial orders, which have a general expectation of a decrease of 2.5%.

Furthermore, US interest rates remain under scrutiny as markets reopen. Investor optimism has soared since last Friday, suggesting the Federal Reserve may be nearing the end of its monetary tightening period, especially after labor market indicators show signs of slowing down.

In Germany, the Composite and Services PMIs for August scored 44.6 and 47.3 points, in line with expectations but lower than July’s figures. A reading below 50 signals an economic downturn. In the Euro Zone, indices were below forecasts, while the United Kingdom exceeded expectations. The European Central Bank (ECB) revealed that inflation for the next three years has increased, which may pressure an increase in interest rates.

Investors are also paying attention to speeches by ECB members. In Asia, PMIs for Japan and China topped 50, indicating some recovery, but still below June. The People’s Bank of China has relaxed some borrowing rules, and China plans to launch a $40 billion fund for semiconductors.

In commodities markets, West Texas Intermediate crude for October fell 0.40% to trade at $85.21 a barrel. Brent crude for November fell 0.78% near $88.31 a barrel. Iron ore futures traded in Dalian, China, rose 0.56% to trade at $115.84.

On Monday, European stock markets ended the day lower, influenced by the speech of the president of the European Central Bank, Christine Lagarde, which was interpreted as more inclined to restrictive policies. Lagarde emphasized that the bank’s priority is to reach the 2% inflation target. Earlier, European stocks showed positive signs due to reports that China was planning new economic stimulus. Furthermore, oil prices rose on the expectation that OPEC+ would make further supply cuts.

Trading volumes were lower than usual yesterday due to US Labor Day holiday. At Friday’s close, the Dow closed up 115.80 points, or 0.33%, at 34,837.71 points. The S&P 500 rose 8.11 points, or 0.18%, to 4,515.77 points, while the Nasdaq fell 3.15 points, or -0.02, to 14,031.81 points, snapping a five-day winning streak. Last week, US indices recorded strong gains: While Nasdaq jumped 3.3%, S&P 500 rose 2.5% and Dow Jones jumped 1.4%.

Ahead of Tuesday’s corporate results, traders are watching reports from America’s Car-Mart (NASDAQ:CRMT) and Brady Corp (NYSE:BRC). After closing, expect reports from Zscaler (NASDAQ:ZS), GitLab (NASDAQ:GTLB), Asana (NYSE:ASAN), Healthequity Inc (NASDAQ:HQY), AeroVironment (NASDAQ:AVAV), and more.

Apple (NASDAQ:AAPL) – Analyst Dan Ives of Wedbush Securities suggests that Apple could strengthen its presence in live sports by acquiring ESPN from Disney. With significant sports rights, the combination would be beneficial to both companies and could be a game changer in the sports media landscape.

Disney  (NYSE:DIS) – Amid a distribution standoff with Charter Communications (NASDAQ:CHTR), Disney has asked Spectrum customers to consider switching to Hulu + Live TV, where channels like ABC and ESPN are still available. The dispute impacts accessibility to Disney channels.

Nvidia (NASDAQ:NVDA) – Nvidia CEO Jensen Huang met with Indian Prime Minister Narendra Modi discussing India’s potential in AI and possible chip manufacturing. The meeting comes as India seeks alternatives to Taiwan for advanced semiconductor production.

Qualcomm  (NASDAQ:QCOM) – Qualcomm has announced that it will supply chips for infotainment systems in cars from Mercedes and BMW. Despite a declining smartphone market, the company saw its automotive revenues grow by 13% in the latest quarter.

Barclays (NYSE:BCS) – Barclays is considering selling a stake in its UK payment processing business to expand the business and raise capital. The deal could be worth at least $2.5 billion. Details are still being decided.

Goldman Sachs (NYSE:GS) – Goldman Sachs has lowered the likelihood of a US recession over the next 12 months from 20% to 15%, citing positive inflation and employment data. The bank forecasts a reacceleration of real disposable income and expects gradual rate cuts starting in the second quarter of 2024.

Morgan Stanley (NYSE:MS) – Michael Wilson, strategist at Morgan Stanley, warns that US economic growth this year will be weaker than expected, challenging Wall Street’s optimism. His pessimistic view is supported by other experts, and he cites weakened consumer spending as a concern. In addition, Morgan Stanley analyst Jitania Kandhari sees room for investment opportunities in India, contrasting with overleveraged and oversupplied China. Kandhari points to increased investment and industry in India, driven by companies diversifying their supply chains. India also has a shortage of real estate, unlike China.

Blackstone (NYSE:BX), Airbnb (NASDAQ:ABNB) – Shares of Blackstone and Airbnb are higher in premarket Tuesday after the announcement that they will join the S&P 500 index, replacing Lincoln National Corp (NYSE:LNC) and Newell Brands (NASDAQ:NWL). Blackstone rose 3.9% and Airbnb 4.76%.

Ford Motor (NYSE:F) – Ford will delay production of the Explorer SUV in Cologne, Germany, for six months to incorporate Volkswagen’s new battery technology. The start of production is now scheduled for the second and third quarters of next year, and discussions about the impact on the workforce are ongoing.

Xpeng (NYSE:XPEV) – Chinese electric vehicle maker Xpeng plans to expand into Germany, Britain and France in 2024, chairman Brian Gu said. The company already operates in the Netherlands and Norway and plans to enter Israel with G9 and P7 models next year.

Tesla (NASDAQ:TSLA) – Tesla increased its EV sales in China by 9.3% year-over-year to reach 84,159 units in August. However, Chinese rival BYD (USOTC:BYDDY) surpassed it with a 58% jump, recording 274,086 deliveries. Tesla China has increased Model Y Long Range delivery time to 6-8 weeks, according to information on its website. Lead times for the other Model Y versions in China remain unchanged, between 2-6 weeks. In addition, Tesla showcased the restyled Model 3, made in China, at the China International Trade in Services Fair. It’s the first time Tesla has launched a vehicle in China before the US.

Albemarle (NYSE:ALB) – Shares in Liontown Resources rose 11.5% after the company accepted a $4.3 billion offer from Albemarle Corp, the world’s largest lithium producer. The offer is Albemarle’s fourth and comes with a premium of 14.5% over Liontown’s last closing.

Chevron  (NYSE:CVX) – Workers at Chevron’s LNG projects in Australia, Gorgon and Wheatstone, plan a two-week strike starting Sept. 14, intensifying disputes over wages and conditions.

Petrobras (NYSE:PBR) – Petrobras suspended the sale of some key assets after reviewing its divestment processes initiated under the management of Jair Bolsonaro. The decision affects the Urucu and Bahia-Terra clusters and other assets, impacting companies such as Petroreconcavo (BOV:RECV3) and Eneva (BOV:ENEV3).

BHP (NYSE:BHP) – A Brazilian court has approved the reorganization plan for Samarco, a joint venture between Australian mining company BHP and Vale (NYSE:VALE), allowing for a debt restructuring of US$3.7 billion. The plan aims to meet financial obligations arising from the 2015 dam failure disaster.

Ryanair (NASDAQ:RYAAY) – Ryanair reported a 12% increase in passenger numbers in August, reaching a new record with 18.9 million travelers. The company forecasts a 9% growth in traffic for the financial year through March 2024.

Delta Air Lines (NYSE:DAL) – Delta Air Lines was ranked the best domestic airline in the US in 2023, according to the Bounce Index. It had 81.82% on-time arrivals, a 1.96% cancellation rate, and high onboard experience scores.

Novo Nordisk (NYSE:NVO) – Danish drugmaker Novo Nordisk has overtaken LVMH as Europe’s most valuable company, benefiting from high demand for its diabetes and weight-loss drugs. While LVMH faces challenges related to the Chinese economy, Novo Nordisk sees its profits and shares reach record highs. Novo Nordisk has launched its weight-loss drug Wegovy in the UK despite supply restrictions. The UK expansion follows releases in Germany, Denmark and Norway.

Johnson & Johnson (NYSE:JNJ) – Even after spinning off Kenvue, Johnson & Johnson will maintain its quarterly dividend of $1.19 per share, pleasing shareholders and maintaining its Dividend Aristocrat status. The decision is financially sustainable, consuming less than half of projected free cash flow.

Alibaba (NYSE:BABA), JD.com (NASDAQ:JD) – Following positive moves in the Chinese real estate sector, shares of major internet companies such as Alibaba and JD.com saw significant gains. The relaxation of mortgage rules in major cities and the extension of onshore bond payments by developers added to a mood of optimism. Analysts see this recovery as a good sign for tech giants, although economic uncertainties still persist.

Baidu (NASDAQ:BIDU) – Chinese tech giant Baidu has released more than 10 new AI apps, including a WPS AI word processing app, just days after the public launch of its bot Ernie. The company’s Qianfan cloud platform is actively used by nearly 10,000 companies monthly. AI ​​also powers an assistant in its Google Drive-like product, which is used by more than 6 million users for tasks like searching documents and translating text.

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