Dow futures gains 2 points, U.S. market news July 18th

Dow futures contract was up 2 points or 0.1% by 06:00 ET (10:6:00 GMT), while the S&P 500 Futures were down 3 points or 0.1% and the Nasdaq 100 Futures were down 25 points or 0.1%.

Today’s main U.S. market news-

1. What’s moving markets? Earnings, Novartis forecast, and ARK’s Twitter position.
2. Futures are lower as Wall Street expects more large bank earnings.
3. PNC Financial’s earnings were $0.07 higher than expected, but revenue fell short of expectations.
4. Bank of America’s earnings were $0.04 higher than expected, and revenue above expectations.
5. Bank of New York Mellon’s earnings were $0.08 higher than expected, and revenue above expectations.
6. UnitedHealth climbs as Bernstein raises its valuation and growth forecasts.
7. Gold rises as the dollar falls; retail sales data is in focus
8. Oil prices rise slightly ahead of data on US oil stockpiles.
9. United Airlines is dealing with pilots who avoid sitting in the captain’s chair.
10. Novartis jumps on beat-and-raise Q2 results and a $15 billion buyback plan; analysts bullish
11. Tesla will hold a public information session about its German plant expansion ambitions.
12. The Dow Jones Industrial Average was up 0.22% at the closing of trading in the United States.
13. Wall Street finishes higher, with profits expected to rise.
14. Chipmakers and top US officials meet to discuss China policy.
15. On Wednesday, the CEO of Coinbase will meet with US House Democrats.
16. Buffett reduced his interest in Activision before the judge approved the Microsoft deal.
17. SpaceX revenue is predicted to more than double, reaching $8 billion.
18. Retail sales, Bank of America profits, and Lockheed Martin: three things to keep an eye on
19. Tesla has filed a lawsuit against Cap-XX regarding EV battery technology.
20. Tesla directors will pay $735 million to settle an overcompensation lawsuit.

GLOBAL NEWS 

1. India’s markets were up at the close of trading, with the Nifty 50 up 0.19%.
2. At the close of trading, Australian equities were lower; the S&P/ASX 200 was down 0.20%.
3. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 0.32%.
4. European equities fall in a sluggish session; major US earnings are due later.
5. TSMC Q2 earnings are down 27% year on year, but Q3 looks brighter.
6. Lendlease, an Australian developer, plans to slash approximately 740 employees internationally.
7. World stocks are nearing a 15-month high; China data is weighing on markets.
8. Malaysian Prime Minister says China’s Geely will spend $10 billion in a homegrown auto cluster – report
9. Asian markets are under pressure due to concerns about China, but India excels.
10. As China’s difficulties weigh on Asia’s currencies, retail sales in the United States are expected to be restrained.
11. China may lower interest rates and RRRs in the third quarter, according to CSJ.
12. Asia markets fall further as China throws a cloud, but the dollar’s drop slows.
13. ProSiebenSat.1 Malaysia will slash 400 jobs as part of a cost-cutting effort. 
15. Asian markets are under pressure due to concerns about China, but India excels.
16. As China’s difficulties weigh on Asia’s currencies, retail sales in the United States are expected to be restrained.
17. At the closing of trading, Israeli equities were up; the TA 35 was up 0.37%.
18. At the close of business in France, the CAC 40 was down 1.12%.
19. At the closing of trading, German stocks were lower; the DAX was down 0.23%.
20. Denmark’s stocks are higher at the close of session, with the OMX Copenhagen 20 up 0.46%.
21. China may lower interest rates and RRRs in the third quarter, according to CSJ.
22. Oil prices jump in anticipation of Chinese stimulus, while US inventories remain low.
23. Lendlease, an Australian developer, plans to slash approximately 740 employees internationally.
24. Hong Kong equities fall in a catch-up trading following China’s GDP disappointment.
25. The dollar is approaching a one-year low, while the euro has reached a 17-month high.

ECONOMIC DATA

• The Empire State Manufacturing Index gained +1.1 in July, compared to a consensus of -3.0 and +6.60 in June; new orders rose +3.3 vs. +3.1 in June; shipments rose +13.4 vs. +22.0; prices paid grew +16.7 vs. +22.0; and employment rose +4.7 vs. -3.6 in June.

GLOBAL ECONOMIC DATA

Rejection rate for US loan applications is 21.8% year on year to June, up from 17.3% in February and previous to the US banking crisis; this is the highest level in the recent 5 years.

The RBA Minutes show that they debated maintaining rates or raising them by 25 basis points; there were strong arguments for both, but the board determined that the rationale for a hold was stronger; the board acknowledged that some more tightening may be warranted, and will reassess in August.

Economic Calendar

•   7:45 AM ET                  ICSC Weekly Retail Sales
•      8:30 AM ET                  Retail Sales M/M for June
•      8:30 AM ET                  Retail Sales Ex; Autos M/M for June
•      8:55 AM ET                  Johnson/Redbook Weekly Sales
•      9:15 AM ET                  Industrial Production M/M for June
•      9:15 AM ET                  Capacity Utilisation for June
•      10:00 AM ET                Business Inventories M/M for May
•      10:00 AM ET                NAHB Housing Market Index for July
•      4:00 PM ET                   Net Long-term TIC Flows for May
•      4:30 PM ET                   API Weekly Inventory Data

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