| What to watch today: Dow to struggle at open to add to last week's gains | | |  | MON, JUL 20, 2020 | | | | AS OF MON, JUL 20, 2020 • 08:22 ET | | Dow Jones Fut | | 26,671.95 | | Current: | 26,477.00 | | Change: | -43.00 | | Impl. Open: | -81.95 | | | S&P 500 Fut | | 3,224.73 | | Current: | 3,209.00 | | Change: | -5.00 | | Impl. Open: | -7.23 | | | NASDAQ 100 Fut | | 10,645.22 | | Current: | 10,649.50 | | Change: | 27.00 | | Impl. Open: | 16.28 | | | Russell 2000 Mini | | 1,473.32 | | Current: | 1,462.80 | | Change: | -6.40 | | Impl. Open: | -2.82 | | | U.S. stock futures were pointing to a decline at Monday's open after the Dow Jones Industrial Average added 2.3% last week, the third straight weekly gain. The broader market's gains last week came as positive coronavirus vaccine trial data from Moderna and from a Pfizer and BioNTech partnership provided encouragement. AstraZeneca, in partnership with Oxford University, is expected Monday to announce trial results of its potential Covid-19 vaccine. (CNBC) | | | | In addition to coronavirus developments, Wall Street watches a crush of earnings this week. IBM comes Monday afternoon. Coca-Cola reports Tuesday. Microsoft, Tesla and Chipotle are out Wednesday. Thursday brings AT&T, Travelers and Intel. American Express and Verizon release quarterly results Friday. (CNBC) | | | | Goldman Sachs (GS) and Jefferies both raised price targets on Amazon (AMZN) to a Wall Street-high $3,800 per share, with both pointing to accelerated online spending this year. Amazon shares have fallen for the past five sessions, the longest losing streak since late May. Its 7.4% decline last week was its largest weekly drop since late February. (CNBC Pro) | | New U.S. coronavirus cases were lower Saturday and Sunday, totaling nearly 64,000 and almost 62,000 respectively after exceeding 70,000 two days in a row Thursday and Friday. Florida reported 12,523 new infections Saturday, marking the fifth consecutive day the hot-spot state reported more than 10,000 new cases, according to the state's health department. (CNBC) | | | | With Covid-19 cases hitting alarming highs, lawmakers return to Washington on Monday, under pressure to pass a new economic stimulus measure. Republicans and Democrats have been unable to agree on how to handle the expiration at the end of the month of a federal $600-per-week boost to regular state unemployment benefits. (CNBC) | | | | In New York City, workers taking part in "The Strike for Black Lives" are set to gather Monday outside of the Trump International Hotel to demand the Senate and the president pass and sign the new House-passed Covid-19 economic stimulus bill. (AP) | | | | Disney has become the latest company to cut its advertising spending on Facebook as the social network faces an ad boycott over its handling of hate speech and controversial content, according to The Wall Street Journal. Unlike other companies, Disney did not make a public announcement but instead quietly shifted its Facebook ad spending, the Journal reported. | | | | TikTok, owned by Beijing-based ByteDance, is still considering putting its global headquarters in London and has not halted talks on the matter due to rising tensions between the U.K. and China, a source familiar with the matter told CNBC. Western nations are concerned that Chinese tech companies will be used for espionage. | | | | Ford (FB) has reached a deal with Mobileye, an auto tech subsidiary of Intel (INTL), to support its next generation of advanced driving and safety features across the automaker's global product lineup. Mobileye also be used for Ford's forthcoming hands-free driving system. (CNBC) | | EBay (EBAY) is near a deal to sell its classified ads unit to Norway's Adevinta for roughly $8 billion, according to The Wall Street Journal. A cash-and-stock deal could be announced as soon as today. | | | | Halliburton (HAL), The oilfield services company, earned 5 cents per share for its latest quarter, compared to Wall Street forecasts of an 11 cents per share loss. Revenue came in below estimates, however, reflecting a significant drop in global activity. | | | | Cal-Maine Foods (CALM), the nation's largest egg producer, reported quarterly profit of $1.24 per share, 4 cents a share above estimates. Revenue was slightly below forecasts. Cal-Maine benefited from a rebound in egg prices following a long period of depressed prices, as consumers stocked up due to shelter-in-place orders. The company will not pay a fourth-quarter dividend, based on the metrics involved in its variable dividend policy. | | | | Shares of Nikola (NKLA), the electric truck maker, were under pressure after the company filed for a new stock offering of up to 53.4 million shares related to warrants. | | | | Nearly a quarter of Southwest Airlines' (LUV) pilots have accepted either early retirement or voluntary leave offers, according to a memo seen by CNBC. About 2,230 pilots will leave the airline after accepting those offers. Delta Air Lines (DAL) told its pilots that furloughs could be avoided if they agree to a reduction in guaranteed minimum pay. | | | | GlaxoSmithKline (GSK) is buying a 10% stake in German biotech firm CureVac, betting on the success of the mRNA technology currently being used to develop Covid-19 vaccines. KKR (KKR) is in talks about a potential $4 billion acquisition of French medical clinic and hospital operator Elsan, according to a Bloomberg report. | | | | Uber Technologies (UBER) has signed a four-year agreement with Alphabet's (GOOGL) unit to use the Google Maps Platform Rides and Deliveries Services. Financial terms were not disclosed. | | | | Boeing (BA) is running out of space to store newly built 787 Dreamliners, according to a Bloomberg report, with more than 50 jets currently on its premises. | |  | | |
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