Dow futures down 60 points, U.S. market news Aug 18

Dow Futures contract was down 60 points, or 0.2%, at 06:30 ET (10:30 GMT), the S&P 500 Futures contract was down 10 points, or 0.2%, and the Nasdaq 100 Futures contract was down 55 points, or 0.4%.

U.S NEWS

1. Futures fall as bond yields rise, and Bitcoin falls – what’s driving markets? 
2. Dow futures are falling; the Jackson Hole meeting looms looming. 
3. WeWork will proceed with a one-for-forty reverse stock split. 
4. Allianz strengthens its private credit bet with a new $1.6 billion fund. 
5. Estee Lauder expects a lower annual estimate due to Asia’s delayed recovery. 
6. The dollar has fallen from a two-month high, while sterling has fallen due to sluggish retail sales. 
7. Bloomin’ Brands increases following news that activist investor Starboard Value had acquired a stake. 
8. AppFolio will lay off 9% of its employees. 
9. Deere improves its full-year outlook after surpassing third-quarter estimates. 
10. Farfetch shares plunged 40% following a revenue failure in the second quarter and poor guidance; analysts downgraded the company’s rating. 
11. Evergrande seeks US court approval for a $32 billion debt restructuring as China’s economic concerns grow. 
12. Senator Vance of the United States has asked US Steel to rule out foreign buyers. 
13. The Dow Jones Industrial Average fell 0.84% at the closing of trading in the United States. 
14. Dow futures are unchanged, while Ross Stores is up 5.5% after earnings. 
15. According to US Steel, the union cannot prevent the company’s sale. 
16. China Evergrande has filed for Chapter 15 bankruptcy protection in Manhattan. 
17. Treasury yields in the United States have risen, but stocks have fallen as a result of rate and China concerns. 
18. Applied Materials’ earnings were $0.16 higher than expected, and revenue above expectations. 
19. Ross Stores’ earnings were $0.16 higher than expected, and revenue exceeded expectations. 

GLOBAL NEWS 

1. The Nifty 50 is down 0.28% at the closing of trade in India. 
2. Australia’s equities closed higher, with the S&P/ASX 200 up 0.03%. 
3. Japan’s markets are lower at the close of trade, with the Nikkei 225 down 0.43%. 
4. Asian markets fell as a result of China stimulus talk and rising interest-rate worries in the United States. 
5. China concerns threaten to end oil’s seven-week winning streak. 
6. Chinese investors are outraged after a trust firm fails to pay them. 
7. China’s Xpeng falls on bleak forecasts as the EV price war takes its toll. 
8. Asia’s currency advances as the dollar falls from a two-month high, yet Fed concerns remain. 
9. European market futures are falling; retail sales in the United Kingdom are falling. 
10. Eurozone inflation has fallen, reducing pressure on the ECB to raise interest rates. 
11. China unveiled plans to revitalize the stock market. 
12. The ECB will write to Italy to express its displeasure with the windfall tax on banks – press 
13. The Australian wine sector is suffering as a result of China’s hefty tariffs. 
14. Rain drowned off British retail sales in July. 
15. European stocks fall; retail sales in the United Kingdom fall 
16. Bitcoin falls to a fresh two-month low as global markets fall. 
17. German building licenses are falling despite cries for relief from Berlin. 
18. Asian markets fell as a result of China stimulus talk and rising interest-rate worries in the United States. 
19. Japan’s CPI inflation rises in July, putting more pressure on the BOJ. 
20. Oil prices climb, but China and Fed concerns cause the first weekly loss in eight years. 
21. According to a Reuters survey, Thailand’s economy rose 3.1% in the second quarter due to increased visitor arrivals. 

Economic data

• Weekly Jobless Claims fell to 239K in latest week from 250K prior week and mostly in-line with the $240K estimate; the 4-week moving avg rose to 234,250 from 231,500 prior week; continued claims rose to 1.716M from 1.684M prior week (est. 1.7M); Insured unemployment rate rose to 1.2% aug 5 week from 1.1% prior week.  
• The Philadelphia Fed factory index +12.0 (first positive number since August 2022 and highest since April of 2022), far better than the expected decline of -10.4 and prior decline -13.5; Philly New Orders: +16.0 vs -15.9 prior; Shipments: +5.7 vs -12.5 prior; prices Paid: 20.8 vs 9.5 prior; prices 

Economic Calendar

 1:00 PM                    Baker Hughes Weekly rig count data 

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