Dow futures gains 55 points, U.S. market news July 21

Dow Futures rose 55 points, or 0.2%, S&P 500 Futures up 14 points, or 0.3%, and Nasdaq 100 Futures rose 80 points, or 0.5%, by 06:30 ET (10:30 GMT).

Today’s main U.S. market news-

1. What’s moving markets: US stock futures point higher, FTX sues Bankman-Fried
2. Dow futures rise as the surge continues; earnings and the Fed meeting are in the spotlight.
3. Futures are rising as megacaps rebound from a steep drop.
4. Oil prices are rising as a result of tighter supplies and Chinese stimulus.
5. JPMorgan Chase will grow into Germany and the European Union. – The Handelsblatt
6. CSX shares fall 5% as Q2 earnings fall short of analysts’ estimates.
7. Schlumberger’s earnings were $0.01 higher than expected, but revenue fell short of expectations.
8. Regions’ financial earnings were comparable, while revenue exceeded expectations.
9. The White House has pledged that OpenAI, Google, and others will watermark AI output for safety.
10. The dollar falls, but only slightly, after positive labour data.
11. Global equities fell amid disappointing US tech earnings.
12. Oil prices rise as markets respond to Chinese stimulus and declining US inventories.
13. At the closing of trading, US markets were mixed, with the Dow Jones Industrial Average up 0.47%.
14. Dow futures rise as rally continues, but technology falters
15. Tesla and Netflix drag the Nasdaq and S&P down, but the Dow finishes higher.
16. FTX sues Bankman-Fried and others for more than $1 billion in damages.
17. TSMC shares fell 3.3% after the company reduced its revenue forecast and delayed production.
18. CSX misses quarterly revenue projections due to declining volumes.
19. The shares of Digital World Acquisition have increased by 32% as a result of the SEC settlement.
20. Capital One Financial exceeds earnings expectations due to increasing interest income.
21. J&J is optimistic about 2023 as devices recover post-COVID, and shares rise.
22. As elective procedures rebound, Intuitive Surgical Q2 results outperform expectations.
23. Netflix suffers as the benefits of the password-sharing restriction take time to materialise.
24. Blackstone reaches a record $1 trillion in assets; second-quarter earnings fall

GLOBAL NEWS 

1. The Nifty 50 is down 1.17% at the closing of trade in India.
2. At the close of trading, Australian stocks were lower; the S&P/ASX 200 was down 0.15%.
3. At the close of business in Japan, the Nikkei 225 was down 0.46%.
4. European stocks are flat as energy companies counteract the tech drag.
5. Asian stocks fell as US technology faltered, while the dollar and rates held their gains.
6. Foreign investors are flocking to Taiwan as AI stocks entice them.
7. In June, UK consumers defy high inflation by shopping more.
8. China’s efforts to increase automotive and electronics sales disappoint the market.
9. In June, UK consumers defy high inflation by shopping more.
10. Japan’s government expects inflation to well surpass the BOJ’s target.
11. Mexico’s Banorte reports increased profits from insurance and trading operations.
12. The world’s cheapest Domino’s pizza may be found in inflation-stricken India. It is $0.60.
13. Brazil’s GPA has once again rejected a Colombian tycoon’s request to acquire 51% of Exito.
14. In Japan, CPI inflation increased marginally in June, while core CPI remained sticky.
15. Japan’s inflation may have peaked, but there is no impending change in BOJ policy.
16. South Korea’s yearly economic growth is projected to have slowed marginally in the second quarter
17. North Korean hackers infiltrated a US IT company in an attempt to steal cryptocurrency.

ECONOMIC DATA

• Jobless Claims dropped from 237K the week before (estimated at 242K) to 228K the week after. The 4-week moving average also dropped from 246,750 to 237,500, and the number of people with ongoing claims went up from 1.721M to 1.754M.
• Existing home sales fell by 3.3% in June to 4.16 million units, which was lower than the expected 4.2 million. In June, there were 1.08 million homes for sale, which is enough to last 3.1 months. The national median home price for existing houses was $410,200, which was down 0.9% from June 2022.
• Philadelphia Fed’s manufacturing gauge For the 11th straight month, the Philadelphia Fed’s manufacturing gauge stayed in the negative. In July, it fell by -13.5, which was worse than the -10.0 consensus and the -13.7 drop in June. This was because Business Conditions rose by +29.1, Employment fell by -1.0, New Orders fell by -15.9, and Prices Paid rose by +9.50, compared to +10.50 in June.
• Actual Leading Index Change MoM: -0.7% (Predicted: -0.6%, Previous: -0.7%).

GLOBAL ECONOMIC EVENTS

• UK July Consumer Confidence: -30 versus -26 cons; GFK- Reality has begun to bite, and as people struggle to make ends meet, they will cut back on spending.
• Japan June CPI: 3.3% year on year vs. 3.2% consensus; June Core CPI: 3.3% year on year; and June Core-Core CPI: 4.2% vs. 4.3% previously.

Economic Calendar

•    1:00 PM ET Baker Hughes Weekly rig count data   

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