Dow futures gains 55 points, U.S. market news July 20th

Dow Futures contract was up 55 points, or 0.2%, by 06:00 ET (10:6:00 GMT), while the S&P 500 Futures were down 5 points, or 0.1%, and the Nasdaq 100 Futures were down 100 points, or 0.6%.

Today’s main U.S. market news-

1. What’s moving markets: Tesla and Netflix results; Apple apparently testing AI technologies
2. Nasdaq and S&P 500 futures tumble following Q2 earnings results from Tesla and Netflix.
3. Despite a password crackdown, Netflix drops 6% on mixed Q2 earnings; analysts see a buying opportunity
4. Tesla shares fall as Musk warns of further price cuts to come.
5. The dollar has stabilised following a one-two punch from the Australian dollar and the Chinese yuan.
6. Oil is holding stable due to decreased US oil inventories and a cautious demand outlook.
7. Johnson & Johnson beats second-quarter profits expectations and raises profit forecast.
8. WNS Holdings’ earnings were $0.08 higher than expected, and revenue above expectations.
9. Profit at copper miner Freeport is down 60% due to decreasing output and problems in Indonesia.
10. American Airlines improves its profit prediction for 2023 in response to the tourism boom.
11. KeyCorp’s second-quarter earnings is cut in half due to increased loan loss provisions.
12. Snap-on’s profit exceeds Wall Street expectations because to strong aftermarket sales.
13. Abbott exceeds quarterly profit forecasts due to strong demand for medical gadgets.
14. Taiwan Semiconductor’s earnings were $0.07 higher than expected, and revenue above expectations.
15. IBM’s earnings were $0.16 higher than expected, but revenue fell short of expectations.
16. United Airlines Holdings’ earnings were $1.05 higher than expected, and revenue above expectations.
17. Tesla’s Q2 earnings were better than expected, with profitability above expectations despite price cutbacks.
18. Netflix stock drops 4% on disappointing Q2 earnings amid a password crackdown.
19. The Dow Jones Industrial Average was up 0.31% at the closing of trading in the United States.
20. Dow futures fall after Tesla and Netflix report.
21. BHP Q4 iron ore production falls short of expectations, while sales fall.
22. Tesla has revealed plans to grow its German operation into Europe’s largest automobile production.
23. Activision Blizzard’s earnings were $0.03 more than expected, and revenue exceeded expectations.
24. Northern Trust’s second-quarter earnings fell due to a decline in fee-based income.
25. Activision and Microsoft have extended the deadline for closing the $69 billion merger to October 18th.
26. Atlas Copco reports stronger Q2 profits, but slower demand
27. VMware increases as a UK regulator approves the Broadcom acquisition
28. Goldman Sachs reports a Q2 profit shortfall amidst one-time expenses
29. Nissan of Japan will start using Tesla’s EV charging technology in the US and Canada in 2025.

GLOBAL NEWS 

1. India stocks higher at close of trade; Nifty 50 up 0.74%
2. Japan’s markets are lower at the close of trade, with the Nikkei 225 down 1.31%.
3. Australia’s equities closed higher, with the S&P/ASX 200 up 0.02%.
4. European equities are neutral, with a focus on corporate earnings.
5. Asia markets rise, as US futures fall following Netflix and Tesla earnings.
6. China maintains its loan prime rate despite decreasing economic development.
7. The Bank of England reported the second-highest use of short-term liquidity repo.
8. Oil moves little as demand signs are mixed and the dollar strengthens.
9. Nokia profits fall as the North American recession eats through margins.
10. Japan’s government lowers its GDP projection and expects inflation to exceed the Bank of Japan’s aim.
11. Jio Financial, a Reliance spin-off, has been valued at $20 billion, exceeding expectations.
12. The ECB will raise interest rates by 25 basis points in July, with a thin majority predicting an increase in September as well.
13. Japan’s exports fell short in June, as global weakness weighed on the economy.
14. Bank Indonesia rates will remain unchanged for the remainder of the year, but will be reduced in Q1 2024, according to a Reuters poll.
15. Telstra, Australia’s largest telecommunications company, plans to lay off approximately 500 workers.
16. RBA hawks rejoice as Australia’s job growth exceeds expectations in June.
17. Australia’s employment increased by 32,600 in June, exceeding expectations once again.
18. WEG, a Brazilian automaker, reports a 50% increase in net profit in the second quarter.
19. Retail sales in South Africa fell 1.4% year on year in May.
20. Bank of England rate hike bets fall as inflation falls.

ECONOMIC DATA

• U.S. JOBLESS CLAIMS RISE 228,000 BELOW EXPECTATIONS OF +242,000
• Housing starts declined unexpectedly (-8.0%) to 1.434M vs. 1.48M expected and +15.7% vs. May; reported June single-family starts -7.0% to 935,000-unit rate; multifamily -9.9% to 499,000-unit rate; housing permits were 1.44M vs. 1.49M expected.

Economic Calendar

•      8:30 AM ET                 Weekly Jobless Claims
•      8:30 AM ET                 Continuing Claims
•      8:30 AM ET                 Philly Fed Business Index for July
•     10:00 AM ET                Existing Home Sales M/M for June
•     10:00 AM ET                Leading index M/M for June
•      10:30 AM ET                Weekly EIA Natural Gas Inventory Data

Other Key Events:

 Oppenheimer Montauk Life Sciences Summit, 7/18-7/20, in NY

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