Dow futures gains 25 points, U.S. market news July 31

Dow Futures contract was up 25 points, or 0.1%, the S&P 500 Futures were up 2 points, or 0.1%, and the Nasdaq 100 Futures were down 7 points, or 0.1%, as of 06:00 ET (10:6:00 GMT).

Today’s main U.S. market news-

1. The U.S. jobs report and upcoming Amazon and Apple profits are what are influencing markets.
2. Dow futures are slightly higher; key tech earnings and the jobs data are in focus.
3. US congressmen have urged the Biden administration to tighten AI chip export regulations.
4. The United States has petitioned the Supreme Court to postpone the Purdue Pharma bankruptcy settlement.
5. CNA Financial misses earnings projections due to higher disaster losses in the P&C division.
6. Camtek’s earnings were $0.03 more than expected, and revenue above expectations.
7. Loews profit more than triple as the market recovers, increasing investment returns.
8. Ahead of additional mega cap earnings and employment reports, futures are muted.
9. Citi raises its S&P 500 target price: At this point, it anticipates reaching 5,000.
10. Oil is expected to post its largest monthly gains in over a year.
11. In June-quarter analyst calls, businesses increase their use of AI.
12. Prior to reports, Amazon investors focus on revenue, cloud expansion, and retail margins.
13. BlackBerry software will be used by Foxconn’s EV consortium.
14. Wall Street finishes the week higher on the back of US soft landing optimism.
15. Dow futures rise as the rally continues, with key tech earnings in the spotlight.
16. The US National Hurricane Center predicts a 70% possibility of a cyclone over the Central Atlantic.
17. According to sources, former US President Trump spent $40 million on legal fees.
18. The Dow Jones Industrial Average is up 0.50% at the closing of trade in the United States.
19. Yellow Trucking Company in the United States closes operations and declares bankruptcy – Teamsters
20. The dollar is headed for a monthly loss as the Fed appears to be stopping rate hikes.

GLOBAL NEWS 

1. Sensex up 340 points, Nifty above 19,750,  all sectors except FMCG in the green
2. Today, the S&P/ASX200 gained 2.90 points to settle at 7,406.50.
3. In July, eurozone inflation fell to 5.3% year on year, but core inflation fell.
4. Italy’s preliminary GDP fell 0.3% quarter on quarter in the second quarter, falling short of expectations.Hong Kong GDP falls to +1.5% year on year in the second quarter, as external demand remains weak.
5. In July, China’s manufacturing PMI fell for the fourth consecutive month.
6. WMortgage approvals and consumer credit in the United Kingdom increased surprisingly in June: BoE 
7. Banks in the United Kingdom have been instructed to defend low savings rates by the end of August.
8. According to the CEO, Lamborghini might sell 10,000 units this year.
9. Senior’s profit increases as demand recovers.
10. Cooler inflation data boosts European stocks
11. China’s Leapmotor introduces a new manufacturing platform and invites others to adopt it.
12. walmart acquires Tiger Global’s $1.4 billion stake in India’s Flipkart -WSJ
13. Oil prices fall as investors evaluate negative data. China PMIs and stimulus expectations
14. Japan’s factory output increased by 2% in June compared to the previous month.
15. Panasonic’s first-quarter earnings increases by 42%, in line with market estimates.
16. Toyota will enhance electric vehicle development and technology in China.
17. Oil is on course to have its best month in almost a year.
18. Asian markets are trading higher, with the Hang Seng and Nikkei both up 2%.
19. The GIFT Nifty indicates a flat opening for India’s broader market.
20. Asia FX falls as the BOJ purchases bonds and China PMIs fall.
21. China’s manufacturing and service sectors are weak, indicating the need for intervention.
22. European stock futures are unchanged; crucial eurozone growth and inflation figures are due.

Economic data

• The US Core PCE Index increased 4.1% year on year, compared to an anticipated +4.2% and a preceding +4.6%. The month-to-month gain was +0.2%, compared to the expected +0.2% and prior +0.3%.
• US employment costs increased by 1%, compared to a predicted increase of 1.1% and a recent increase of 1.2%.
• Real Personal Consumption in the United States increased 0.4% month on month, compared to the expected +0.3% and prior 0.0%.
• Final University of Michigan Consumer Sentiment Survey July was 71.6, compared to the projected 72.6, while June was 64.4. The one-year inflation outlook was 3.4%, compared to 3.3% in June, while the five-year inflation outlook was 3.0%, unchanged from June.

GLOBAL ECONOMIC DATA

The National Bureau of Statistics reported Monday that China’s official manufacturing purchasing managers’ index increased to 49.3 in July from 49.0 in June, exceeding the forecast of 49.0 but continuing in contraction for the fourth straight month.

China’s services PMI fell from 53.2 to 51.5 in July, marking the fourth consecutive monthly decrease and the lowest level this year.

Minneapolis Fed President Neel Kashkari stated that the Fed’s current opinion is that the United States would achieve a “soft landing” and avoid a recession. However, he emphasized that core inflation, which is currently about 4.1%, is still more than above the Fed’s 2% target.

After the 2-year JGB yield surpassed 0.0% for the first time since January, the Bank of Japan made an unplanned purchase of 300 billion JGBs in the 5-year to 10-year sector. The USDJPY reached its highest level in nearly a week.

Economic Calendar

• 9:45 AM ET                  Chicago PMI for July
• 10:30 AM ET                Dallas Fed manufacturing for July

Other Key Events:

China Caixin Manufacturing PMI Final for July

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