Dow futures falls 85 points, U.S. market news Aug 01

Dow Futures down 85 points, or 0.2%, S&P 500 Futures fell 10 points, or 0.2%, and Nasdaq 100 Futures fell 42 points, or 0.3%, around 06:30 ET (10:30 GMT).

1. busy earnings day, allegedly prepared by Meta’s AI chatbot, what’s influencing markets
2. Futures contract on caution ahead of factory and job data.
3. With the help of AI, Meta’s Reels revenue is closing in on TikTok.
4. In June-quarter analyst calls, companies increased their focus on AI.
5. Amazon is investing $7.2 billion in Israel and launching an AWS cloud area.
6. Meta is getting ready to introduce chatbots with personas – FT
7. After gaining in July, oil falls on hints of profit-taking.
8. Apple and Microsoft continue to be the world’s two most valuable corporations in terms of market capitalization.
9. Wall Street continues to outperform earnings and employment numbers.
10. Dow futures are unchanged, but Zoom is down 17.1% after earnings.
11. CVS to remove 5,000 workers as part of cost-cutting efforts – WSJ
12. Exxon Mobil is in negotiations with Tesla and Ford about supplying lithium, according to Bloomberg Law.
13. A major utility organisation in the United States is opposed to a plan to reduce emissions from existing gas plants.
14. Cineworld escapes from Chapter 11 bankruptcy protection.
15. Musk’s X has filed a lawsuit against a non-profit that fights hate speech.
16. Yellow Trucking Company in the United States closes operations and declares bankruptcy – Teamsters
17. Western Digital’s earnings were $0.04 higher than expected, and revenue exceeded expectations.
18. Hologic’s earnings were $0.04 higher than expected, and revenue above expectations.
19. Biomarin Pharma’s earnings were $0.31 higher than expected, and revenue above expectations.
20. Tractor Supply has been downgraded as a result of a Q2 shortfall.

GLOBAL NEWS 

1. Caixin PMI shows a drop in Chinese manufacturing activity in July.
2. Rates will remain at 6.50% until the first quarter of 2024, with a decrease in April-June, according to a Reuters poll.
3. Asian stocks rise on tech strength, while China lags.
4. Indonesia’s July inflation rate falls to 3.08% year on year.
5. Asia equities near 16-month highs on economic confidence, as the Australian dollar eases ahead of the RBA.
6. Country Garden shares fell after a $300 million share offering was cancelled.
7. Australia’s largest pension fund expands its London presence.
8. July exports in South Korea fell the most in more than three years as China sputtered.
9. Japan’s industrial activity declines due to sluggish orders – PMI
10. Despite a drop in activity, Irish manufacturers resume recruiting – PMI
11. European stock futures are mostly unchanged; HSBC results and manufacturing PMI are in the spotlight.
12. The RBA keeps interest rates on hold as inflation falls, but additional hikes are possible.
13. HSBC plans a $2 billion buyback as interest rates rise. Profit in H1
14. Shop price inflation in the United Kingdom falls in July: BRC
15. As interest rates rise, HSBC raises its outlook and announces a $2 billion repurchase program.
16. Australia keeps rates stable and may be done tightening.
17. House prices in the United Kingdom have dropped the most since 2009.
18. Pakistan raises petrol and diesel prices following IMF assistance.
19. Domino’s Pizza in the United Kingdom announces a $90 million share repurchase and improves its earnings estimate.
20. Nomura’s net profit in the first quarter of this year increased due to a robust local stock market.
21. Aston Martin raises $277 million in stock in order to reduce debt.
22. Toyota nearly doubles its first-quarter profit, but China remains a challenge.

Economic data

• Chicago PMI rose 1.3 points to 42.8 in July from 41.5 but was below the forecast a 43.3 reading marking the 11th straight reading below the 50 threshold that indicates contraction territory. The results mimic other surveys of manufacturers that show tepid growth.
• Dallas Fed manufacturing index for July -20.0 vs. est. -22.5 and Fed Texas manufacturing output index -4.8 in July vs -4.2 in June.

GLOBAL ECONOMIC DATA

The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) dipped to 49.2 in July from 50.5 in June, missing analysts’ predictions of 50.3 and marking the first decline in activity since April, according to a private sector poll.

China’s State Council announced steps on Monday to restore and increase consumption in the automobile, real estate, and services sectors, with the goal of fully utilizing consumption’s “fundamental role” in economic development.

Economic Calendar

• 7:45 AM ET                  ICSC Weekly Retail Sales
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:45 AM ET                  S&P Global Manufacturing PMI, July-F
• 10:00 AM ET                Construction Spending for June
• 10:00 AM ET                ISM Manufacturing PMI for July
• 10:00 AM ET                JOLTs Job Openings for June
•  4:30 PM ET                 API Weekly Inventory Data

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