Dow Futures falls 35 points , U.S. market news Sep-06

 Dow Futures contract was down 35 points, or 0.1%, the S&P 500 Futures contract was down 7 points, or 0.2%, and the Nasdaq 100 Futures contract was down 40 points, or 0.3%.

USA Market news

1. Futures are falling, and US services data is due – what’s driving markets? 
2. Roku will eliminate 10% of its personnel and reduce hiring. 
3. In order to survive, US offshore wind projects need lower subsidy regulations. 
4. Wall Street falls as Treasury rates climb, but oil prices support the energy sector. 
5. The S&P 500 falls, but the energy rebound holds losses in check. 
6. Elon Musk borrowed $1 billion from SpaceX in the same month that he purchased Twitter – WSJ 
7. The FTC may sue Amazon later this month, according to the Wall Street Journal. 
8. Coinbase is planning to develop a new loan platform for large institutional investors. 
9. Apple signs new long-term chip technology agreement with Arm – filing 
10. GitLab (NASDAQ:GTLB) reports higher-than-expected sales in the third quarter, and the stock soars. 
11. Following a beat in Q4 earnings, Zscaler’s forecast exceeds expectations. 
12. Zscaler’s outlook exceeds expectations following a strong fourth-quarter performance. 
13. Asana (NYSE:ASAN) exceeds Q2 sales targets, and next-quarter growth looks promising. 
14. Beige Book, Dave & Busters, and GameStop earnings: three things to keep an eye on 
15. Stocks in the United States were down to begin the holiday-shortened week. 
16. Mastercard disputes reports that it intends to increase credit card fees. 
17. Humana sues the US government to stop the Medicare clawback rule. 
18. Demand is in the spotlight as UK homebuilders prepare to update markets on recent trading. 
19. Jacob Thaysen of Agilent has been named CEO of Illumina. 
20. SoftBank’s arm hopes for a valuation of more than $52 billion in the year’s largest US IPO. 

GLOBAL NEWS 

1. China prohibits government workers from using iPhones for official purposes – WSJ 
2. Under EU tech legislation, Big Tech’s core businesses will be overhauled. 
3. German automakers are accelerating their EV transition in the midst of a “dark period,” according to a Chinese executive. 
4. Asian equities fall, but Japan outperforms as the BOJ signals continued stimulus. 
5. Asian banks seek $4.75 billion in US dollar bond markets. 
6. Thai stock investors are optimistic about the new government, reaching a seven-month high. 
7. European stocks are falling as a result of weak German manufacturing orders. 
8. STC Group of Saudi Arabia will become Telefonica’s largest stakeholder, with a 9.9% stake. 
9. Futures prices are falling as investors await more economic data to determine the Fed’s rate path. 
10. Apple iPhones are prohibited in China for use by government personnel at work, according to the Wall Street Journal. 
11. Asia’s currencies are weakening, while the dollar is at a 6-month high, with Fed speakers in the spotlight. 
12. Singapore’s growth and inflation estimates for 2023 have been reduced by economists, according to a study. 
13. The Australian economy grew somewhat faster than projected in the second quarter, easing recession fears. 
14. Oil prices rise as Saudi Arabia and Russia limit supplies. 
15. C&S and SoftBank are nearing an agreement to buy Kroger and Albertsons shops. – origin 
16. Water levels in the Panama Canal are at historic lows, and limitations will stay in place. 
17. A BOJ policymaker finds evidence of a shift in Japan’s deflationary mindset. 
18. Asia’s markets are falling as concerns about global growth grow. 

Economic Data

July factory orders fell a smaller-than-expected (-2.1%) vs. est. (-2.5%) and vs June +2.3% as July factory orders ex-transportation +0.8% vs June +0.3% and July factory orders ex-defense -2.2% vs June +3.0%. U.S. July Durables orders unrevised at -5.2%.  

U.S. July nondurables orders +1.1% vs June +0.4%; U.S. July total manufacturing inventories +0.1% vs June -0.2%; U.S. July inventories/shipments ratio 1.48 months’ worth vs June 1.48 months. 

Global Economic Data

German industrial orders fell more than expected in July, the federal statistics office said; Incoming orders fell by 11.7% on the previous month on a seasonally and calendar adjusted basis – a Reuters poll of analysts had pointed to a drop of 4.0%. 

NY Fed data shows a decline in neutral rate during second quarter: The current reading suggests a federal funds rate of around 2.5% would represent a neutral setting. Given that the Fed’s current target rate range is at 5.25% to 5.5%, it suggests monetary policy remains at a notably restrictive level for the economy.

Economic Calendar

.   7:00 AM ET                  MBA Mortgage Applications Data

·     7:45 AM ET                  ICSC Weekly Retail Sales

·     8:30 AM ET                  Fed’s Collins Speaks on Economy, Policymaking

·     8:30 AM ET                  International Trade for July

·     8:55 AM ET                  Johnson/Redbook Weekly Sales

·     9:00 AM ET                  Ex-Fed Official Bullard Speaks at NABE

·     9:45 AM ET                  S&P Global Composite PMI, Aug-Final

·     9:45 AM ET                  S&P Global Services PMI, Aug-Final

·     10:00 AM ET                ISM Non-Manufacturing PMI for August

·     10:30 AM ET                Weekly DOE Inventory Data

·     2:00 PM ET                   Federal Reserve Releases Beige Book

·     3:00 PM ET                   Fed’s Logan Takes Part in Community Listening Session

Other Key Events

·     Barclay’s CEO Energy-Power Conference 9/5-9/7, in New York

·     Citigroup Global Technology Conference, 9/6-9/8, in New York

·     Citigroup 18th Annual BioPharma Conference, 9/6-9/7, in Boston, MA

·     DA Davidson Big Sky Summit, 9/6-9/7, in Big Sky, MT

·     Deutsche Bank European TMT Conference 2023, 9/5-9/6, in London

·     Deutsche Bank 13th Annual Aircraft Finance & Leasing Conference & Airline One on One Day, 9/5-9/7, in New York

·     Goldman Sachs Communacopia + Technology Conference 2023, 9/5-9/8, in San Francisco, CA

·     Goldman Sachs 20th European MedTech & Healthcare Services Conference, 9/6-9/7, in London

·     Jefferies 2023 Industrials Conference, 9/6-9/7, in New York

·     TD Cowen 16th Annual Global Transportation Conference, 9/6-9/7, in Boston MA

·     China Imports, Exports and Trade Balance for August

Must read a book about investing – check here

For details

Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures