US Index Futures are slightly up in Monday’s pre-market, a day
with a light global agenda, with the whole week’s global focus
being on the U.S. interest rate decision on Wednesday.
At 6:52 AM, Dow Jones (DOWI:DJI) futures were up 35 points, or
0.10%. S&P 500 futures rose 0.14%, and Nasdaq-100 futures
increased by 0.17%. The yield on the 10-year Treasury bonds stood
In the commodities market, iron ore with a 62% concentration
level dropped by 0.17%, priced at $119.50 per ton, after recent
rises that saw the commodity surpass the $120 mark. West Texas
Intermediate crude oil for October rose 0.80% to $91.50 per barrel.
Brent crude for November went up 0.64% to around $94.53 per
On Monday’s U.S. economic calendar, investors are awaiting, at
10:00 AM, NAHB housing market index, which forecasts 50 points for
September, the same figure as in August, indicating the sector’s
resilience. It’s worth noting that a reading below 50 points
indicates a contraction in activity. At 4 PM, the government will
release the foreign investment in bonds for July. In the
immediately preceding month, the figure was $66.40 billion.
In Europe, markets are starting the week with losses, reacting
to the 25 basis point increase in interest rates by the European
Central Bank (ECB) the previous week, set at 4.50% annually, aiming
to curb inflation.
In the European context, the financial sector faces challenges
after the new CEO of Societe Generale, France’s third-largest bank,
unveiled a strategic plan focused on cost-cutting to boost profits
by 2026. As a result, the bank’s shares dropped over 6%.
In Asia, market outcomes were mixed, reflecting the positive
indicators released in China the previous Friday. Data such as
retail sales and industrial production exceeded expectations,
demonstrating that recent incentives in the real estate and
financial sectors have benefited the economy, albeit modestly.
Interest rates from two Asian giants, Japan and China, will be
announced soon. Japan is trying to balance its expansive monetary
policy with rising inflation, while China is seeking to boost its
At Friday’s close, North American markets faced a pullback due
to the notable strike by auto workers in Detroit and the expiration
of options, intensifying market instability. Furthermore,
information has emerged about possible delays in deliveries by
Taiwan Semiconductor Manufacturing, negatively affecting the
technology sector and generating fears about inflationary impacts.
Dow Jones fell 288.87 points or 0.83% to 34,618.24 points. S&P
500 fell 54.78 points or 1.22% to 4,450.32. Nasdaq Composite fell
217.72 points or 1.56% to 13,708.33.
During the session, certain financial indicators were presented,
such as the University of Michigan’s consumer confidence index,
which indicated a positive advance and a reduction in inflationary
projections. Furthermore, there was an increase in industrial
production numbers. Now, the market’s attention turns to the
next Fed meeting, where, although an immediate interest rate
increase is not expected, there may be indications of an adjustment
at the next meeting.
On Wednesday’s corporate earnings front, investors will be
watching reports from GreenTree Hospitality Group (NYSE:GHG),
Stitch Fix (NASDAQ:SFIX) and Investcorp Credit Management BDC
Wall Street Corporate Highlights for Today
Alphabet (NASDAQ:GOOGL), Verizon (NYSE:VZ)
– In the antitrust trial against Google, Verizon’s Brian Higgins
will be the Justice Department’s star witness, discussing Google’s
deals with carriers to dominate smartphones. Google is accused
of securing dominant positions in devices through billion-dollar
deals, aiming for increased profits. However, Google maintains
that its agreements are aimed at quality and user
experience. The antitrust investigation questions whether
users stick with defaults or change them, with significant
implications for Big Tech.
Arm Holdings (NASDAQ:ARM) – Nasdaq will
begin listing options contracts from SoftBank’s Arm Holdings on
Monday, offering investors a new way to invest in the biggest
initial public offering of the year. Other exchanges have not
confirmed similar plans. The options listing could attract
traders due to interest in Arm’s IPO and AI technology. Arm
shares had significant fluctuations after the IPO. Experts
predict high demand for the options.
Klaviyo (KVYO) – Klaviyo raised its IPO
target to more than $550 million, adjusting the share price to $27
to $29. This could give the company a valuation of $8.7
billion. It will open on the NYSE on Tuesday under the symbol
Instacart (CART) – Grocery delivery
company Instacart is expected to begin trading Tuesday under the
ticker symbol “CART.” It was recently valued at US$9.6
billion, adjusting its price between US$28 and US$30 per
share. The company had revenue of $2.55 billion last year,
with significant growth in its advertising business. Still, it
faced losses in 2020 and 2021. The IPO market’s recent positivity
could benefit its debut.
Cisco Systems (NASDAQ:CSCO) – Cisco will
lay off 350 employees in Silicon Valley in October after cutting
700 jobs in March. Despite the increase in revenue, its
outlook for 2024 is cautious. Cisco shares have grown 18% this
Ford Motor (NYSE:F), General
Motors (NYSE:GM) – Following the UAW strike at three
auto facilities, negotiations have resumed with the ‘Big Three’
automakers, leading to a modest rise in Ford and GM
shares. Shawn Fain, president of the UAW, rejected a pay raise
proposed by Stellantis. Ford announced Friday that it has laid
off 600 workers in Michigan.
Tesla (NASDAQ:TSLA) – Turkish President
Tayyip Erdogan asked Elon Musk, CEO of Tesla, to build a factory in
Turkey. Musk mentioned he already has Turkish suppliers and
considers Turkey as a potential location for a new
factory. During the meeting in New York, Erdogan invited Musk
to a technology festival in Turkey.
Ferrari (NYSE:RACE) – Ferrari has renewed
its multi-year partnership with Puma, which will be its premium
partner next year. Puma will continue as a licensee of Ferrari
products and an apparel supplier to the F1 team, continuing the
collaboration that began in 2005.
Nikola (NASDAQ:NKLA) – Nikola announced an
expansion in Canada through a partnership with ITD
Industries. The company, which has faced problems such as
vehicle fires and recalls due to battery leaks, assured that such
issues would not affect the production or delivery of its fuel cell
vehicles. Deliveries are scheduled for the end of September
and beginning of October.
Starbucks (NASDAQ:SBUX) – Starbucks named
Molly Liu executive vice president and co-CEO of Starbucks China,
effective October 2. Liu, chief operating officer since 2021,
will co-lead with Belinda Wong, current CEO.
Clorox (NYSE:CLX) – Clorox shares fell in
premarket trading Monday after revealing a cyberattack in August
that will affect its fiscal first-quarter results. The full
financial impact is still uncertain. The attack crippled its IT
infrastructure, causing major disruptions to operations.
Alibaba (NYSE:BABA) – Alibaba plans to
invest US$2 billion in Turkey, as informed by the company’s
president, Michael Evans, to Turkish President Tayyip
Erdogan. Previously, Alibaba invested $1.4 billion in Turkish
platform Trendyol. New investments will include a logistics
center in Ankara and export operations in Istanbul.
Pfizer (NYSE:PFE), Seagen (NASDAQ:SGEN)
– The European Commission will decide whether to approve Pfizer’s
$43 billion bid for Seagen by October 19, and may require further
JPMorgan Chase (NYSE:JPM) – On Friday,
JPMorgan and ANZ adjusted their China growth forecasts for 2023
following signs of economic stabilization in August. They
raised GDP expectations to 5% and 5.1%, respectively, citing retail
sales and services activity. Despite the recovery, concerns
about the real estate sector
persist. Goldman Sachs
(NYSE:GS) maintained its forecast at 4.9%, highlighting the
challenges facing the Chinese economy. Additionally, India
expects to raise more than $30 billion annually through equity
sales starting in 2024, according to JPMorgan. Abhinav Bharti
of JPMorgan believes in the growing willingness of Indian companies
to raise funds. IPO activity in India declined in 2023 but
could revive after the 2024 elections.
Goldman Sachs (NYSE:GS) – Goldman Sachs
strategists raised forecasts for Japanese stocks, anticipating that
the yen will not strengthen significantly. They forecast
profit growth in the Topix index at 12% this fiscal year and 8% and
7% in subsequent years. They also claim that strong
fundamentals and structural changes in Japan will drive the market
through 2023. Optimism is bolstered by strong earnings and value
stocks outperforming highly valued ones.
Wells Fargo (NYSE:WFC) – Carrie Tolstedt,
former head of Wells Fargo retail banking, received three years
probation, six months of home confinement and a $100,000 fine in
connection with the fake accounts scandal. She admitted
obstructing an investigation into misconduct at the
bank. Wells Fargo paid $3 billion in 2020 for inappropriate
sales practices. Tolstedt also accepted an industry ban and
paid $20 million in fines.
SVB Financial Group (NASDAQ:SIVB) – SVB
Financial Group plans to sell SVB Capital to avoid bankruptcy, as
reported by the Wall Street Journal. SkyBridge Capital, Atlas
Merchant Capital and Vector Capital are competing for the
KKR and Company (NYSE:KKR) – KKR will
acquire 20% of SingTel’s regional data center business for $806.87
million, valuing it at $4.03 billion. The funds will assist in
the expansion of data centers in Southeast Asia. KKR’s David
Luboff highlighted the importance of robust digital infrastructure
for the region. The Southeast Asian data center market is
expected to grow 17% over the next five years. The transaction
will close by the fourth quarter of 2023.
Nexstar (NASDAQ:NXST) – DirecTV and
Nexstar have agreed to temporarily restore signals from Nexstar and
NewsNation stations. In July, DirecTV had removed these
signals due to distribution agreement disagreements, affecting
several major US markets.
Valero Energy (NYSE:VLO) – Refinery Valero
Energy approved a share buyback of up to $2.5 billion,
supplementing the $2.5 billion authorized in February, with no set
deadline for completion.
GameStop (NYSE:GME), Foot
Locker (NYSE:FL), Five
Below (NASDAQ:FIVE), Dick’s Sporting
Goods (NYSE:DKS) – After declines in retailer
stocks, insiders are buying. Shares of GameStop, Foot Locker,
Five Below and Dick’s have fallen this year. Directors of
GameStop, CEO of Foot Locker, CEO of Five Below and vice president
of Dick’s recently acquired shares.
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