Dow futures down 10 points, U.S. market news Aug 24

Dow futures

The Dow Jones futures contract was down 10 points, or 0.1%, at 06:55 ET (10:55 GMT), while the S&P 500 futures contract was up 25 points, or 0.6%, and the Nasdaq 100 futures contract was up 180 points, or 1.2%.

1. What’s moving markets: Nvidia’s great results, Jackson Hole in focus 
2. Retail sales in the United Kingdom have fallen by the most in almost two years: CBI 
3. RBC exceeds profit projections as cost-cutting measures pay off; TD falls short. 
4. Burlington Stores’ second-quarter earnings exceeded expectations. 
5. Snowflake stock rises 4% following a Q2 earnings beat; analysts see AI as a growth potential 
6. Dollar Tree is down 10% after forecasting lower-than-expected third-quarter profit. 
7. The quarterly profit of Toronto-Dominion Bank declines as loan-loss provisions climb. 
8. GM will reduce 940 positions and end IT operations in Arizona. 
9. Bond investors have renewed their faith in Schwab following cost-cutting measures. 
10. Goldman, JPMorgan, Morgan Stanley, and UBS have agreed to a $499 million stock lending settlement. 
11. Autodesk shares are up 7% on a strong second-quarter report and outlook. 
12. Snowflake stock rises 3% on a strong second-quarter performance. 
13. In the third quarter, RLI expects to incur catastrophe losses of up to $75 million due to Hawaiian wildfires. 
14. As AI enthusiasm propels bumper results, Nvidia suppliers and Asian technology rally. 
15. Dow futures are unchanged, but Nvidia is up 6.1% after earnings. 
16. The dollar is holding steady ahead of Jackson Hole; sterling is falling on recession fears. 
17. Nasdaq futures are up 1% as Nvidia’s stellar earnings boost AI stocks. 
18. The dollar is holding steady ahead of Jackson Hole; sterling is falling on recession fears. 
19. Apple supports California’s ‘Right to Repair’ legislation. 
20. Bond investors have renewed their faith in Schwab following cost-cutting measures. 
21. Apple supports California’s ‘Right to Repair’ legislation. 
22. Bond investors have renewed their faith in Schwab following cost-cutting measures. 

GLOBAL NEWS 

1. Australian equities closed the day higher, with the S&P/ASX 200 rising by 0.47%. 
2. At market closing, Japanese stocks were higher, with the Nikkei 225 up 0.72%. 
3. The Nifty 50 is down 0.29% at the closing of trade in India. 
4. A Swiss regulator examined the possibility of money laundering at 30 banks. 
5. preparing for the implementation of the EU’s Digital Services Act 
6. Pret from the UK expands their coffee delivery service to the US and France 
7. Asian stocks climb, Nvidia boosts tech, and AI optimism grows 
8. Asia FX increases as the dollar and rates fall in response to dismal PMI data. 
9. According to a survey, the Australian economy will stall, and government spending will increase as the population ages. 
10. The Bank of Korea will hold its fifth meeting as inflation and growth slow. 
11. Asia stock market tracking as government yields fall, Wall Street rallies. 
12. As the US intensifies sanctions, China surreptitiously attracts abroad semiconductor talent. 
13. Asian markets are following Wall Street’s Nvidia-led rise. 
14. European stocks rose 1% as Nvidia’s outlook boosts chipmakers. 
15. Reuters poll predicts a BoE Bank Rate top of 5.50%, with a significant possibility of 5.75%. 
16. Norwegian Air abandons its cost-cutting goal as inflation bites. 
17. Bank Indonesia maintains interest rates and prepares a new strategy to attract capital inflows. 
18. Reuters poll predicts a BoE Bank Rate top of 5.50%, with a significant possibility of 5.75%. 
19. A Swiss regulator examined the possibility of money laundering at 30 banks. 
20. As trade flows stall, China looks forward to meetings with the US Commerce Secretary. 
21. Juul intends to lay off 30% of its personnel as part of a cost-cutting drive – source 

Economic data

Manufacturing data is weaker, with the S&P Global August flash composite PMI at 50.4 (down from 52.0 in July) and the S&P Global August flash services PMI at 51.0 (down from 52.3 in July). The August flash manufacturing PMI from S&P Global was 47.0 (down from 49.0 in July).  

July single-family house sales increased 4.4% to 714K unit annual rate vs. expected 705K and June 684K; US July home sales Northeast -2.9%, Midwest +47.4%, South -6.3%, West +21.5%; July new home supply 7.3 months at present pace vs. June 7.5 months. July’s median sale price was $436,700, a decrease of 8.7% from July 2022 ($478,200). 

Economic Calendar

8:30 AM                 Weekly Jobless Claims 

8:30 AM                 Continuing Claims 

8:30 AM                 Durable Goods Orders M/M for July 

10:30 AM               Weekly EIA Natural Gas Inventory Data 

11:00 AM               Kansas City Fed Manufacturing for August 

Other Key Events:

Fed Jackson Hole, Wyoming 2023 Economic Policy Symposium, 8/24-8/26

Rosenblatt Technology Summit (virtual) “The Age of AI”, 8/22-8/24

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