| What to watch today: Stock futures rise ahead of Fed chief Powell's speech | | |  | FRI, AUG 27, 2021 | | | | AS OF FRI, AUG 27, 2021 • 08:07 ET | | Dow Jones Fut | | 35,213.12 | | Current: | 35,230.00 | | Change: | 70.00 | | Impl. Open: | 73.88 | | | S&P 500 Fut | | 4,470.00 | | Current: | 4,477.25 | | Change: | 10.75 | | Impl. Open: | 11.25 | | | NASDAQ 100 Fut | | 15,278.52 | | Current: | 15,316.75 | | Change: | 42.00 | | Impl. Open: | 43.23 | | | Russell 2000 Mini | | 2,213.98 | | Current: | 2,220.00 | | Change: | 6.10 | | Impl. Open: | 7.02 | | | U.S. stock futures rose ahead of Federal Reserve Chairman Jerome Powell's speech Friday morning at the central bank's annual economic summit, held virtually for a second year due to Covid. One day after record closes, the S&P 500 and Nasdaq on Thursday snapped five-session winning streaks. The Dow also declined, ending four straight sessions of gains and moving the 30-stock average more than 1% away from last week's record close. (CNBC) | | | The Fed's favorite inflation gauge is out at 8:30 a.m. ET. Economists expect the July personal consumption expenditures price index to increase 3.6% year over year, just about the same amount as the prior month. Rising inflation has been a concern in markets. Powell has said in the past that while prices pressures are mounting, they're transitory. (CNBC)
* China weighs ban on U.S. IPOs from domestic tech companies with sensitive data (WSJ) | | | U.S. oil prices, on track for strong weekly gains, rose about 1.5% early Friday on concerns about near-term supply disruptions as energy companies began shutting down production in the Gulf of Mexico ahead of a potential hurricane forecast to hit this weekend. Gulf of Mexico offshore wells account for 17% of U.S. crude oil production. (Reuters)
* Southwest to cut fall flights following a tough summer (WSJ) | | | The U.S. and its allies have warned that more terrorist attacks in Kabul are likely, as Tuesday's deadline for military withdrawal from Afghanistan draws near. Two suicide bombers struck on Thursday near Hamid Karzai International Airport in Kabul, where thousands of people are still hoping to be evacuated following the Taliban's takeover of the country. Thirteen U.S. servicemembers were among the more than 100 killed in the attacks. (CNBC)
* Cramer explains why the tragic events in Afghanistan are not really impacting Wall Street (CNBC)
President Joe Biden vowed on Thursday to complete the evacuations and hunt down leaders of ISIS-K, which claimed responsibility for the bombings. The president said, "We will not forgive. We will not forget. We will hunt you down and make you pay." He added, "I'll defend our interests and our people with every measure in my command." (CNBC) | | | New daily Covid cases are still on the rise in the U.S., climbing to their highest levels since January to a seven-day average of nearly 156,000. That's a 10% increase from the prior week. The seven-day average of daily new Covid deaths was 1,194. That's 39% higher than the prior week. (CNBC)
* How Moderna and Pfizer-BioNTech developed vaccines in record time (CNBC)
* Covid, not vaccination, presents biggest blood clot risk, large study finds (CNBC)
* NFL s vaccine rate at 93%, mandatory shots were discussed (AP)
The pace of infections, however, is showing signs of slowing, especially in some states hit hardest by the delta variant. The U.S. has seen a handful of case peaks throughout the pandemic. They peaked at a seven-day average of 251,000 per day in January. The curve in nationwide hospitalizations may be also bending as growth in admissions appears to be slowing. (CNBC)
* Texas Gov. Abbott to deploy 2,500 more out-of-state medical staff (CNBC) | | | | The Supreme Court late Thursday blocked the CDC from enforcing a federal moratorium on evicting renters during the Covid pandemic, a defeat for the Biden administration's effort to continue the moratorium despite an earlier signal from the court that the government's action lacked the proper legal basis. (NBC News) | | | | Microsoft (MSFT) on Thursday warned thousands of its cloud computing customers, including some of the world's largest companies, that intruders could have the ability to read, change or even delete their main databases, according to a copy of the email and a cyber security researcher. (Reuters) | | | | Tesla (TSLA) filed an application with the Texas Public Utility Commission to sell electricity in the state. The application follows the start of a big battery build out by Tesla near Houston. Tesla has also built several utility-scale energy storage systems around the world, including two in California and two in Australia. (CNBC) | | | | Johnson & Johnson (JNJ) will be allowed to separate its talc-related liabilities from the rest of its business after a judge declined to prohibit the company from doing so. Personal injury lawyers had sought to prevent the move, fearing that it could put thousands of claims into bankruptcy. (Reuters) | | Gap (GPS) reported adjusted quarterly earnings of 70 cents per share, beating the 46 cents consensus estimate, and the apparel retailer's revenue was also above Wall Street forecasts. Gap also raised its full-year guidance, largely on the strength of its Old Navy and Athleta brands. The stock rallied 8.5% in premarket trading. | | | | Big Lots (BIG) shares tumbled 9.5% in premarket trading after it missed top and bottom-line estimates for its latest quarter. Big Lots earned $1.09 per share, 3 cents shy of analyst forecasts, and its comparable store sales slid a greater-than-expected 13.2%. The company also said it was hit by supply chain issues and inflation pressures. | | | | Hibbett Sports (HIBB) jumped 6% in the premarket after reporting better-than-expected sales and profit for its latest quarter, and raising its full-year forecast. Hibbett earned $2.86 per share, almost double the $1.44 consensus estimate. | | | | Ollie's Bargain Outlet (OLLI) plunged 13% in premarket trading after it fell 3 cents short of Wall Street forecasts with adjusted quarterly earnings of 52 cents per share. The discount retailer's revenue fell short as well, with comparable store sales falling 28% from a year earlier. | | | | HP Inc. (HPQ) beat estimates by 16 cents with adjusted quarterly earnings of $1.00 per share, though revenue fell below analyst forecasts. The personal computer and printer maker saw the worldwide chip shortage hurt its ability to meet demand, with the company saying it is selling everything it can produce. HP lost 4.6% in premarket action. | | | | Dell Technologies (DELL) reported adjusted quarterly earnings of $2.24 per share, 21 cents above estimates, with revenue also topping analyst projections. Dell benefited from the ongoing boom in demand for personal computers and said it is dealing successfully with supply chain challenges. However, the stock fell 1.8% in the premarket. | | | | Workday (WDAY) earned an adjusted $1.23 per share for its latest quarter, with the provider of cloud-based human resources and financial software also reporting better-than-expected revenue. Subscription revenue jumped more than 23% from a year earlier. Workday shares surged 7% in premarket trading. | | | | Marvell Technology (MRVL) came in 3 cents above estimates with an adjusted quarterly profit of 34 cents per share. However, the chip maker's revenue merely matched Street forecasts, and its cost of goods sold jumped from a year earlier. Shares slid 3.6% in the premarket. | | | | VMWare (VMW) reported adjusted quarterly earnings of $1.75 per share, beating the $1.64 consensus estimate, while the enterprise software company's revenue was slightly above Wall Street forecasts. However, cloud business revenue did fall short of some analyst forecasts, and shares slid 5.7% in the premarket | | Quickly responding to criticism that an episode of his HBO documentary series on the Sept. 11 attacks gave credence to conspiracy theories, the filmmaker Spike Lee released to the media a new final cut that removes all interviews about what caused the World Trade Center buildings to collapse. (NY Times) | | |
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