Dow futures falls 175 points, U.S. market news Aug 02

Dow Futures down 175 points, or 0.5%, S&P 500 Futures fell 32 points, or 0.7%, and Nasdaq 100 Futures fell 160 points, or 1%.

1. What’s influencing markets: Fitch downgrades the US credit rating, AMD’s AI chip plans
2. Dow futures fall following Fitch rating; ADP employment data is expected
3. Wall St futures tumble after Fitch downgrades top-tier US rating
4. Humana exceeds profit projections due to lower-than-expected medical expenditures.
5. Voyager Space and Airbus expand their collaboration on a new space station.
6. Yum Brands, the parent company of KFC, tops quarterly revenue projections due to steady demand.
7. Fitch downgrades the US credit rating to AA+; Treasury labels it ‘arbitrary’
8. Today’s stock market: The Dow edged higher, but the S&P fell after a flood of profits.
9. The dollar is trembling after the United States’ credit rating was downgraded.
10. Gold futures fall below $2,000, while copper falls as the dollar strengthens.
11. Trump is facing criminal charges for attempting to rig the 2020 election.
12. Last week, oil supplies in the United States likely fell by over 15 million barrels, according to API.
13. Siemens Healthineers’ third-quarter profit and cash flow fell due to the completion of the COVID test.
14. Marketmind: Markets recover from a sudden lowering of the US credit rating
15. SoftBank’s Arm Ltd plans a $60 billion-plus IPO in September, according to Bloomberg News.
16. Electronic Arts expects weak bookings due to competition and lesser investment.
17. Dow futures are lower, but AMD is up 3.3% after earnings.
18. Assured profit outperforms due to global housing unit strength and increased investment returns
19. AIG’s profit tops expectations due to advances in its life and retirement unit.
20. Lumen Technologies shares fell after the company reported a roughly $9 billion loss.

GLOBAL NEWS 

1. Sensex plummets 1,028 points, all sectors are highlighted in red, and VIX rises 15%
2. European market futures fall after the US downgrading; risk sentiment suffers
3. Major global corporations have warned of a slowdown in China sales as the post-pandemic rise fades.
4. Ferrari nudges up year forecasts after improved results in Q2
5. Toyota updates the classic Land Cruiser with a hybrid model.
6. Exclusive Chinese localities restrict the sources of escrow cash available to real estate companies.
7. Maker of Advil, Haleon, increases its predicted yearly revenue growth due to robust demand.
8. September is when Poland’s mBank plans to launch a 2% mortgage loan.
9. Arms manufacturers in Central Europe are in a labor shortage as business in Ukraine soars.
10. Chinese internet behemoths fall as more phone usage restrictions are proposed.
11. After Fitch downgrades the US rating, stocks fall and Treasuries rise.
12. China has released a package of tax relief measures to assist small businesses.
13. The Bank of Japan’s policy change is not a precursor to the end of ultra-low interest rates.-deputy governor
14. With new emissions reporting rules, green companies are still difficult to find for investors.
15. Oil prices have risen by more than 1% as a result of huge inventory drawdowns in the United States.
16. As Fitch downgrades the United States’ credit rating, Asian stocks suffer.
17. New Zealand’s unemployment rate climbs while wage pressures recede, assisting the central bank.
18. Wells Fargo anticipates paying up to $1.8 billion to help replenish the FDIC fund.
19. Subaru wants battery EVs to account for half of its sales by 2030.
20. According to the Wall Street Journal, Binance conducted $90 billion in monthly trades in the prohibited Chinese market.

Economic data

• U.S. June JOLTs Job Openings reported at 9.582M vs. est. 9.610M and below prior 9.824M.
• S&P Global July manufacturing PMI was 49, up from 46.3 the previous month.
• Construction spending in June increased by 0.5% vs. the consensus of 0.6% and by 1.1% vs. May, with private construction spending increasing by 0.5% and public spending increasing by 0.3%.
• The ISM Manufacturing PMI was 46.4 in July, compared to 46.0 in June and a forecast of 46.8; the prices paid index was 42.6 in July (consensus 42.8) vs 41.8 in June, the new orders index was 47.3 in July vs 45.6 in June, and the employment indicator was 44.4 in July (consensus 48.0) vs 48.1 in June.

Economic Calendar

•   7:00 AM ET                  MBA Mortgage Applications Data
•   8:15 AM ET                  ADP Employment Change for July
•   10:30 AM ET                Weekly DOE Inventory Data 
• Other Key Events:
•    China Caixin Services PMI for July

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