| What to watch today: Stocks to rise slightly after strong earnings from large tech firms | | |  | FRI, JUL 31, 2020 | | | | AS OF FRI, JUL 31, 2020 • 08:03 ET | | Dow Jones Fut | | 26,313.65 | | Current: | 26,300.00 | | Change: | 82.00 | | Impl. Open: | 95.35 | | | S&P 500 Fut | | 3,246.22 | | Current: | 3,259.75 | | Change: | 11.00 | | Impl. Open: | 21.53 | | | NASDAQ 100 Fut | | 10,715.51 | | Current: | 10,914.00 | | Change: | 120.00 | | Impl. Open: | 210.49 | | | Russell 2000 Mini | | 1,495.10 | | Current: | 1,483.60 | | Change: | -7.00 | | Impl. Open: | -4.30 | | U.S. stock futures indicated a higher open at the bell following robust quarterly earnings from some of the biggest tech companies that topped Wall Street forecasts. Dow futures implied a roughly 80-point opening gain, while S&P 500 and Nasdaq futures were also green. The three major U.S. stock indexes are set to post a fourth straight month of gains, and the S&P 500 will have its best July since 2010 if it can post a gain of roughly 0.25% today.
The S&P 500 and Dow are coming off a down Thursday as investors processed a historic drop in second-quarter U.S. GDP and a rise in continuing claims for jobless benefits. The Dow gave up 225.9 points, or .8%, while the broad S&P sank .4%. But the tech-heavy Nasdaq added .4% ahead of earnings from Apple (AAPL), Amazon (AMZN), Facebook (FB) and Alphabet (GOOGL).
* Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown (CNBC) | | | | The month will end with a busy day for economic data, beginning with June personal income and spending numbers. Economists are predicting a 0.7% drop in income following a 4.2% decline in May, while consumer spending is seen jumping 5% on top of an 8.2% rise in May. The Chicago Purchasing Managers index is out at 9:45 a.m. ET, with consensus forecasts calling for a rise to 43.5 for July from 36.6 in June. | | | | The U.S. government has agreed to pay $2.1 billion to drugmakers Sanofi (SNY) and GlaxoSmithKline (GSK) to support the development of their potential coronavirus vaccine, the companies announced this morning. The U.S. could acquire 100 million doses as part of the deal if the vaccine proves safe and effective, with an option to get an additional 500 million more. Sanofi and GSK are jointly developing the vaccine. (CNBC) | | | The $600-per-week federal supplement to unemployment insurance that has been a critical lifeline to millions of jobless Americans during the pandemic officially ends today. Republicans and Democrats appear to still be far apart on the next piece of coronavirus relief legislation, according to a new Politico report. Democratic leaders in the House and Senate on Thursday night rejected an offer from the White House to temporarily extend the $600 benefit by four months while a broader relief package was negotiated, the report said. (Politico)
* 1 Marine dead, 2 injured, 8 missing after vehicle accident off the coast of southern California (AP News) | | | | The euro zone economy contracted by 12.1% in the second quarter of 2020, compared to the first three months, as the coronavirus swept across the region and strict lockdowns were imposed. The preliminary GDP reading is the worst on record, which dates back to 1995. Inflation in the 19-country bloc also ticked up in July, spurred by a 1.7% increase in costs for industrial goods. (Reuters) | | | | One of the Tesla's (TSLA) rivals in China, Xpeng Motors, is in talks to raise $300 million in funding ahead of an IPO in the U.S., sources told CNBC's Arjun Kharpal. Guangzhou-based Xpeng Motors which has an office in Mountain View, California has not yet decided which exchange to list on, the sources said. Just a day earlier, Chinese electric car maker Li Auto (LI) raised more than $1 billion in its IPO on the Nasdaq. Washington lawmakers have in recent months ratcheted up scrutiny of Chinese firms seeking to list in the U.S. China is also an important market for Tesla's growth. (CNBC) | | Ford Motor (F) lost 35 cents per share for the second quarter, considerably less than the $1.17 per share loss forecast by analysts. The automaker's revenue beat estimates, and it said it expected to have sufficient cash on hand for the remainder of 2020 even if demand falls or the coronavirus forces more plant shutdowns. | | | | Gilead Sciences (GILD) fell 34 cents shy of consensus with quarterly earnings of $1.11 per share. The drug maker's revenue missed Wall Street forecasts and sales of key hepatitis C and HIV drugs fell during lockdowns. Gilead did raise its full-year sales forecast, due to expected contributions from sales of the Covid-19 treatment remdesivir. | | | | Shake Shack (SHAK) lost 45 cents per share for its latest quarter, 8 cents more than analysts were expecting, and the restaurant chain's revenue was slightly below estimates as well. The loss came as some restaurants shut down during pandemic lockdowns, although digital sales nearly doubled during the quarter. | | | | Under Armour (UAA) lost 31 cents per share, better than the loss of 41 cents per share analysts expected. Sales fell by 41% in the quarter to $707.6 million, but analysts had projected a more steep drop in revenues to $543.8 million. | | | | Colgate-Palmolive (CL) beat estimates by 4 cents with quarterly earnings of 74 cents per share, with revenue beating estimates as well. The consumer products company's organic sales were up by 5.5%, with increased demand for soap and cleaning products contributing to that rise. | | The NBA season has now resumed but a lot is different. No fans. All the games are played in the Florida bubble. Coaches don't need to wear suits. The referees are even using modified whistles designed to limit potential transmission of the coronavirus. The whistles have a cloth covering to try to stop spit from flying into the air. (LA Times) | |  | | |
⇉〖OpenLoad〗 2020 Superintelligence PelÃcula Completa En LÃnea released 2020. story: La vida de Carol Peters se trastorna cuando es selecci...
Post a Comment