Dow futures gains 100 points, U.S. market news Aug 28

Dow futures

Dow futures contract climbed 76 points or 0.22%, S&P 500 futures inched up by 7 points or 0.15%, and Nasdaq 100 futures increased by 36 points or 0.24% by 07:00 ET (10:30 GMT).

US NEWS

1. What’s moving markets: China’s trade tariff cut, 3M’s alleged earplugs settlement 
2. Futures prices rise as attention switches to inflation and job statistics. 
3. Powell sends out a signal There will be no retreat or capitulation. 
4. Tesla is gearing up for its first trial involving an Autopilot fatality. 
5. Horizon Therapeutics climbs 5% as the FTC suspends its challenge to the Amgen transaction; comments are positive. 
6. Analysts believe that Boeing restarting China deliveries offers potential upside after the current selloff. 
7. Indexes finish higher in tumultuous trade as investors digest Powell’s remarks. 
8. The dollar is weakening as investors analyze the ‘higher for longer’ route. 
9. Gold fell after Powell’s hawkish speech; attention now turns to economic data. 
10. Oil prices rise as China works to shore up the economy. 
11. Gold maintains its gains as markets assess the future for US interest rates. 

GLOBAL NEWS 

1. European stocks soar as new Chinese measures boost sentiment, while technology companies surge. 
2. Terry Gou, the creator of Foxconn, has announced his candidacy for Taiwan’s presidency. 
3. Jabil gains on a $2.2 billion deal to sell its China mobility division to BYD. 
4. Evergrande loses $2 billion in value as trade resumes; creditor voting is extended 
5. Global equities are rising as China lends a helping hand to the markets. 
6. The union representing the Seven & I department store unit has threatened to strike on Thursday, according to the Nikkei. 
7. Trustar is to raise funds to handle McDonald’s China shareholding, according to sources. 
8. NAB, an Australian bank, plans to slash 10% of its workforce in its markets section – AFR 
9. Asia FX is unchanged as markets assess the Fed’s forecast; the dollar is approaching a three-month high. 
10. South Korea opens the way for a Hyundai Motor strike – union 
11. New Zealand reduces expenditure ambitions as China and the global economy stagnate. 
12. As China supports equities markets, Asian stocks rise. 
13. Oil prices rise following two weeks of declines, with WTI testing $80. 
14. Iron Bridge impairment charge halves Fortescue earnings; co-CEO steps down 
15. Australia’s retail sales rise following a decline, but the annual rate continues to slow. 
16. Thailand’s job growth falls in the second quarter as the economy weakens. 
17. China has approved 37 retail funds to help the market recover. 
18. Oil prices rise as China works to shore up the economy. 
19. BYD, a Chinese automaker, has paid $2.2 billion for Jabil’s mobility division in the United States. 
20. BoC may stop due to Q2 Canadian economic downturn. 
21. U.S. trade chief worries about India’s laptop, tablet license requirement 
22. Credit Suisse reported a $4 billion loss in the second quarter – Sonntagszeitung 
23. The US Federal Trade Commission has suspended its challenge to Amgen’s $27.8 billion acquisition of Horizon Therapeutics. 
24. China’s industry profits continue to fall for the seventh month in a row. 
25. China Evergrande’s first-half net loss has been reduced to $4.5 billion. 

Economic data

University of Michigan surveys of consumers sentiment final Aug 69.5 below consensus 71.2 and prelim 71.2/July-final 71.6; current conditions index final aug 75.7 vs prelim aug 77.4 and final July 76.6; expectations index final aug 65.5 vs prelim aug 67.3 and final July 68.3

University of Michigan surveys of consumers 1-year inflation outlook final aug 3.5% vs prelim 3.3% and final July 3.4% and University of Michigan surveys of consumers 5-year inflation outlook final aug 3.0% vs prelim 2.9% and final July 3.0%.

Global Economic Data

China slashes stock trading taxes by half in order to stimulate the market.

Australian retail sales climbed by 0.5% in June, exceeding the predicted 0.3% increase. This adds some unpredictability to consumer demand while putting additional strain on household budgets.

Economic Calendar

10:30 AM ET                Dallas Fed Manufacturing for August 

1:00 PM ET                   US Treasury to sell $42B in 2-year notes. 

1:00 PM ET                   US Treasury to sell $43B in 5-year notes. 

Other Key Events:

Piper 2023 Texas Bank Tour, 8/28-8/30, in Dallas, TX 

 Stephens Restaurant Investor Field Trip, 8/28-8/30 

 Stifel Tech Executive Summit Deer Valley, 8/28-8/30, in Utah 

 William Blair West Coast Med Tech & Life Sciences Field Trip, 8/28-8/31 in San Diego 

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