Dow Futures gains 35 points , U.S. market news Sep-07

Dow Futures contract was up 35 points, or 0.1%, at 06:20 ET (10:20 GMT), while the S&P 500 Futures contract was down 10 points, or 0.2%, and the Nasdaq 100 Futures contract was down 80 points, or 0.5%.

USA Market news

1. What’s moving markets? U.S. stock futures are mixed, and Chinese exports are falling. 
2. Dow futures are slightly higher; jobless claims and GameStop profits are being scrutinized. 
3. Analysts predict that Apple will lose 20 million iPhone shipments in 2024 as a result of the China ban and Huawei rivalry. 
4. Needham believes that artificial intelligence will lift Microsoft, Google, and Amazon’s market capitalizations above Apple’s. 
5. Fisker anticipates increasing vehicle production in the fourth quarter. 
6. Goldman Sachs and Morgan Stanley will shine amid a battle for large-cap banks – HSBC 
7. Wall Street falls as economic data raises inflation and interest rate concerns. 
8. Dow futures are unchanged, while GameStop is up 3.4% after earnings. 
9. Cathie Wood’s ARK and 21Shares have applied for a spot ethereum ETF. 
10. American Eagle (NYSE:AEO) Reports Q2 Results That Meet Expectations 
11. C3.ai (NYSE:AI) Q1 Revenue Exceeds Expectations, but Gross Margin Drops 
12. Sportsman’s Warehouse (NASDAQ:SPWH) misses Q2 sales targets, causing the stock to fall 19.9%. 
13. UiPath (NYSE:PATH) Q2 sales exceed expectations, sending the stock skyrocketing. 
14. GameStop (NYSE:GME) reports higher-than-expected second-quarter sales. 
15. Sprinklr (NYSE:CXM) outperforms in the second quarter, but contract wins slow. 
16. Yext’s (NYSE:YEXT) Q2 sales were in line with expectations, yet the stock dropped 10.7%. 
17. Couchbase (NASDAQ:BASE) Q2 Revenue Exceeds Expectations, but Quarterly Guidance Falls Short 
18. Stocks in the United States are plummeting as a result of rising oil costs and inflation fears. 
19. The Bank of Canada maintains its 5% interest rate while warning of further tightening. 
20. The West Coast port strike impacts on Canada’s trade deficit in July. 
21. The services sector in the United States surprisingly increased in August, according to the ISM. 
22. Comcast moves the Hulu arrangement with Disney to September 30, 2023. 
23. Photronics (NASDAQ:PLAB) misses Q3 sales targets, causing the stock to fall. 
24. Asana falls as weaker forecast eclipses Q2 sales gains America’s Car-Mart (NASDAQ:CRMT) exceeds Q1 sales targets 
25. Bank of America customers are buying equities for the sixth week in a row. 
26. Airlines’ stock drops as a result of a warning about rising fuel prices. 
27. Enbridge falls after a $14 billion offer for gas-powered utilities. 

GLOBAL NEWS 

1. Indonesia seeks a key minerals trade agreement with the United States. 
2. Papua New Guinea will file criminal charges in connection with a UBS loan. 
3. Thai business group reduces GDP growth forecast for 2023 to 2.5%-3.0%. 
4. The World Bank will boost its exposure to Turkey to $35 billion in three years, according to Anadolu. 
5. In August, Chinese exports and imports fell less than projected. 
6. European equities fall; German industrial output falls further 
7. Share sales by LSEG investors raise $3.4 billion. 
8. H2 Green Steel of Sweden raises $1.6 billion in a private placement. 
9. Asian equities tumble on economic gloom, with technology hurt by US-China tensions. 
10. As solid US data spurs rate worries, Asia’s currencies are flat, and the dollar is at a 6-month high. 
11. China’s biggest banks will reduce interest rates on current first-home mortgages.Asia’s markets fall on concerns about US interest rates, while the currency rises. 
12. According to a labor union, Australian lender NAB would eliminate 222 back-office positions. 
13. In August, Chinese exports and imports fell less than projected. 
14. Nestle acquires a majority share in a Brazilian luxury chocolate manufacturer. 
15. Turkey increases its year-end inflation projection to 65%. 
16. SLB expects to add $5 billion in sales this year and another $5 billion in 2024. 
17. The Bank of Canada maintains its 5% interest rate while warning of further tightening. 
18. Following a significant GDP revision, UK statisticians seek speedier data access. 
19. More executive pay reports are being challenged by European shareholders. 

Economic Data

ISM U.S. non-manufacturing sector shows PMI 54.5 in August above consensus 52.5 and vs 52.7 in July as non-manufacturing business activity index 57.3 in August vs 57.1 in July, prices paid index 58.9 in August vs 56.8 in July, new orders index 57.5 in August vs 55.0 in July and the employment index 54.7 in August vs 50.7 in July,

The U.S. international trade deficit widened -2% in July to $65B, the Commerce Department said vs. expected deficit would widen to a seasonally adjusted $68 billion from the initial estimate of a deficit of $65.5 billion in June. The trade gap in June was revised down to $63.7 billion.

U.S. July exports +1.6% vs June 0.0%, imports +1.7% vs June -1.0%; U.S. July exports $251.66 bln vs June $247.74 bln, imports $316.68 bln vs June $311.46 bln; U.S. July capital goods imports $71.68 bln vs June imports $69.45 bln.

U.S. S&P Global August final services PMI at 50.5 (vs flash 51.0) and U.S. S&P Global August final composite PMI at 50.2 (vs flash 50.4).

Global Economic Data

China’s August exports fell by 8.8% YoY (est. -9%; prev. -14.5%), while imports contracted -7.3% YoY (est. -9%; prev. -12.4%).

The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 12.6 vs -1.4 last week. Bulls rise to 42.2% from 33.1%, Neutrals fall to 28.2% from 32.4%, Bears fall to 29.6% from 34.5%.

Economic Calendar

. 8:30 AM ET             Weekly Jobless Claims…est. 234K

·     8:30 AM ET             Continuing Claims…est. 1.715M

·     8:30 AM ET             Nonfarm Productivity for Q2…est. +3.4%

·     8:30 AM ET             Unit Labor Costs for Q2…est. +1.9%

·     10:00 AM ET           Fed’s Harker Speaks on Future of Fintech

·     10:30 AM ET           Weekly EIA Natural Gas Inventory Data

·     3:30 PM ET              Fed’s Williams Speaks at Bloomberg Market Forum

·     3:45 PM ET              Fed’s Bostic Speaks on Economic Outlook

Other Key Events

Barclay’s CEO Energy-Power Conference 9/5-9/7, in New York

·     Citigroup Global Technology Conference, 9/6-9/8, in New York

·     Citigroup 18th Annual BioPharma Conference, 9/6-9/7, in Boston, MA

·     DA Davidson Big Sky Summit, 9/6-9/7, in Big Sky, MT

·     Deutsche Bank 13th Annual Aircraft Finance & Leasing Conference & Airline One on One Day, 9/5-9/7, in New York

·     Goldman Sachs Communacopia + Technology Conference 2023, 9/5-9/8, in San Francisco, CA

·     Goldman Sachs 20th European MedTech & Healthcare Services Conference, 9/6-9/7, in London

·     Goldman Sachs 19th Annual Australia and New Zealand Investment Forum, 9/7-9/8, in London

·     Jefferies 2023 Industrials Conference, 9/6-9/7, in New York

·     RBC Capital Global Engineering Construction & Infrastructure Solutions Conference, 9/7 (virtual)

·     TD Cowen 16th Annual Global Transportation Conference, 9/6-9/7, in Boston MA

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