The Dow futures contract was up 10 points, or 0.1%, by 06:50 ET (10:50 GMT), the S&P 500 futures were up 5 points, or 0.1%, and the Nasdaq 100 futures were up 23 points, or 0.2%.
Today’s main U.S. market news-
- Dow futures rise as Bullard, the most recent Fed official to speak, speaks.
- Fed officials talk about rates, Amazon Prime Day is here, and the markets are moving.
- US financial behemoths will report stronger earnings despite a slowdown in dealmaking
- According to the NFIB, small business confidence reached a 7-month high in June.
- Dollar drops to a 2-month low, while pound rises to a 15-month high due to robust wage growth.
- As traders anticipate US inflation data, gold fails to gain momentum.
- OPEC+ cuts and a weaker dollar cause oil to increase.
- Citigroup improves Europe but downgrades US stocks due to potential for a recession
- Threads will get access to Meta’s sponsored content tools – Axios
- Threads, Meta’s Twitter rival, surpasses ChatGPT in user growth to 100 million.
- As it expands to Twitter scale, Meta’s Threads might result in a 5% revenue increase: Evercore
- WD-40 spikes 4.5% after earnings, while Dow futures remain stable.
- Foxconn abandons the $19.5 billion Vedanta chip project, hurting India.
- American markets closed the day higher, with the Dow Jones Industrial Average rising by 0.62%.
- Rivian options buyers might be contributing to the stock’s increase.
- Icahn restructures loans totaling $3.7 billion to boost the company’s stock.
- Dominion will sell its 50% investment in Cove Point LNG to Berkshire Hathaway in a $3.3 billion agreement.
- GAAP EPS of $0.45 for VOXX International fails by $0.23 and revenue of $111.93 million misses by $10.4 million.
- WD-40 GAAP EPS of $1.38 surpasses $0.16 and revenue of $141.72 million surpasses $3.32 million.
- PriceSmart’s Non-GAAP EPS of $1.02 is off by $0.02, while its sales of $1.1B is on par.
GLOBAL NEWS
- India stocks higher at close of trade; Nifty 50 up 0.43%
- the Nikkei 225 index was up 0.04% as of market closing,Japanese stocks were up
- S&P/ASX 200 is up 1.5% as of market closing, with Australian stocks up.
- European stocks rise on expectations of a halt to Fed rate hikes and China stimulus
- Blackstone’s Crown Resorts receives a $300 million money laundering fine from an Australian court.
- Mercedes sales increased in Q2 on high-end, electric automobiles.
- Asian stocks rise as markets anticipate the Fed’s top rate and China’s stimulus
- Asia FX increases, dollar hits 2-month low, and peak Fed rate is approaching
- At market closing, German stocks were up, with the DAX rising 0.45%.
- The CAC 40 index of French stocks increased by 0.45% after trading ended.
- Israel equities were up at the closing of trading; the TA 35 was up 0.67%.
- UK pay growth is at a record high, but the employment market is beginning to cool.
- Oil prices remain stable as traders balance supply reductions with economic headwinds
- Global energy demand is anticipated to increase 23% until 2045, according to OPEC Secretary General
- Following the’mini-budget’ peak, UK mortgage rates have risen to a 15-year high.
- Renault brand sales increased 11% in the first half.
- Inflation in Germany defies the trend and rises in June
- Geely and Renault reach agreement to create hybrid technologies and gasoline engines
- Chinese tech titans continue to rise thanks to legislative changes and stimulus bets
- State-run banks in S. Korea will support credit unions with at least $1.5 billion in funding.
- Chinese real estate equities increase as PBOC continues to provide stimulus support.
- According to a Reuters poll, BOK will maintain its base rate at 3.50% on Thursday rather than cutting it.
- Dollar declines as Fed rise cycle comes to an end; attention is on US inflation
Economic Data
US June Small Business Optimism climbs to 91.0 vs. Est. 89.9 to its highest since November; net proportion of firms expecting a better economy rises to -40%; net percentage of firms anticipating higher selling prices falls to 29%, lowest since March 2021.
May wholesale sales decreased -0.2%; vs. consensus +0.2% and vs April unchanged (prev +0.2%), while May wholesale inventories were stable vs consensus -0.1%. U.S. May stock/sales ratio 1.41 months vs April 1.40 months.
New York Federal Reserve: one-year-ahead projected inflation at 3.8% in June vs 4.1% in May; lowest level since April 2021; five-year ahead predicted inflation at 3% vs 2.7% in May.
Total consumer credit rose $7.2B in May; The Federal Reserve said Monday that consumer credit climbed $7.2B in May, down from a revised $20.3B in April. The annual rate dropped from 5% to 1.8%. Consumer borrowing rose the least since November 2020.
Global Economic data
The PBoC extended two of 16 property support measures to end-2024, requiring commercial banks to extend existing loans to help complete construction projects and preserve the risk categorization of these loans to property developers.
German ZEW Economic Sentiment Index dropped to -14.70 points in July from -8.5 in June, below consensus estimate of -10.5.
Economic Calendar
- 7:45 AM ET ICSC Weekly Retail Sales
- 8:55 AM ET Johnson/Redbook Weekly Sales
- 1:00 PM ET US Treasury to sell $40B in 3-year notes.
- 4:30 PM ET API Weekly Inventory Data
Other Key Events:
Bank America FinTech Trailblazers Conference, 7/11 in New York
JMP Securities Technology Forum, 7/11 in CA
SEMICON West 2023, 7/11-7/13
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