Dow futures gains 45 points, U.S. market news Aug 04

Dow Futures contract was up 45 points, or 0.1%, the S&P 500 Futures were up 15 points, or 0.3%, and the Nasdaq 100 Futures were up 80 points, or 0.5%, around 06:30 ET (10:30 GMT).

1. What’s influencing markets now that tech titans have delivered earnings beats and the employment report is looming?
2. Dow futures are up; the jobs data and Apple/Amazon profits are in the spotlight.
3. Airbnb exceeds expectations, setting a Q2 record for nights and experiences booked.
4. Atlassian shares rise 22% on solid results and an upbeat outlook; brokers boost numbers
5. Equities are gradually rising; the dollar is on track for its third weekly increase ahead of US payrolls.
6. Striking Hollywood writers and studio executives meet to discuss reopening negotiations.
7. Alphabet, the parent company of Google, has reduced its shareholding in a trading app. Robinhood
8. July job growth in the United States is likely to be slower but still strong.
9. Amazon gains 9% on upbeat expectations and good Q2 results; analysts are bullish.
10. Reuters poll predicted that Japan’s economy would expand in the second quarter despite weakening global demand.
11. As Treasury yields rise, Wall Street closes near flat.
12. Dow futures rise as Apple and Amazon report.
13. Apple’s sales downturn is expected to continue, and the company’s stock is down 2% despite exceeding sales projections.
14. Albemarle enters the worldwide battle to reimagine lithium production.
15. Amazon predicts a strong third quarter based on stable cloud sales and purchasing trends.
16. GM condemns the contract proposals of the auto workers union
17. KKR is in advanced talks to buy Simon & Schuster for $1.65 billion, according to sources.
18. UPS employees have begun voting on a tentative agreement that has prevented a US strike.
19. Coinbase outperforms expectations as interest income rises.
20. July job growth in the United States is likely to be slower but still strong.

GLOBAL NEWS 

1. European stocks rise; German manufacturing orders rise; Maersk warns of a drop in demand
2. The dollar falls ahead of the announcement of critical payroll figures.
3. In the first seven months of 2023, Airbus delivered 381 jets.
4. The global food price index rises in July as vegetable oils climb.
5. UK housebuilding declines once more as interest rate rises bite: PMI
6. Maersk warns of a drop in container transport demand.
7. Oil prices soar as supply is reduced further; payrolls are under scrutiny
8. Asian stocks surge as investors shift their attention to US payrolls.
9. The ANZ-Suncorp bank merger in Australia has been blocked by an Australian regulator.
10. The Australian Competition and Consumer Commission has rejected ANZ’s $3.2 billion Suncorp acquisition.
11. According to a Reuters poll, Indonesia’s GDP growth will likely slow in the second quarter as exports decline.
12. Citigroup’s Asia family office clientele are expected to increase by 25% by 2023.
13. The Bank of England raises the benchmark interest rate by 25 basis points to a 15-year high in order to combat inflation.
14. Asia’s stock markets are mainly higher, with the Hang Seng up 2%.
15. The GIFT Nifty indicates a positive start for India’s broader index. 

Economic data

• Weekly Jobless Claims rose to 227K from 221K in the latest week (est. 227K) as the 4-week moving average fell to 228,250 from 233,750 prior and continued claims rose to 1.700M from 1.679M prior (in-line with est.) and the insured unemployment rate unchanged at 1.1%.
• U.S. Q2 non-farm productivity rose +3.7%, topping consensus +2.0% and compared to Q1 (-1.2%) while Q2 non-farm unit labor costs rose +1.6% vs. consensus +2.6% and vs Q1 +3.3%.
• S&P Global July composite PMI at 52 vs 53.2 prior; S&P Global July final services PMI at 52.3 (vs flash 52.4).
• ISM non-manufacturing sector for July shows PMI 52.7 in July vs. consensus 53.0 and vs 53.9 in June as business activity index 57.1 in July vs 59.2 in June, prices paid index 56.8 in July vs 54.1 in June, new orders index 55.0 in July vs 55.5 in June and employment index 50.7 in July vs 53.1.
• Factory orders rose +2.3%, in-line with consensus and best since June 2021 and way above May +0.4% but factory orders ex-defense +3.0% vs May +0.9%; June Durables orders final revised to +4.6% from +4.7% and June nondurables orders +0.1% vs May -1.1%.
• China’s Caixin services PMI rose stronger than expected in July to 54.1 vs. est. 52.4 and prior 53.9. It’s the second time the Caixin Services PMI bucked the downward trend in the official non-manufacturing PMI since March.
• The Bank of England (BOE) hiked rates for the 14th time, 25 bps increase to 5.25%, highest rate since 2008.

Global Economic Data

June German factory orders were 7.0% MoM, compared to the consensus of -2.0%; German Factory Orders were entirely driven by large-ticket items.
The July UK S&P Global/CIPS Construction PMI was 51.7, up from 48.0 predicted. Infrastructure activity drove the overall increase in building, but residential housing activity slowed.
French industrial production fell -0.9% MoM in June, compared to the predicted -0.3% drop. YoY was -0.3%, compared to the expected 1.7%.

Economic Calendar

• 8:30 AM ET                  Nonfarm Payrolls for July
• 8:30 AM ET                  Private Payrolls for July
• 8:30 AM ET                  Manufacturing Payrolls for July
• 8:30 AM ET                  Unemployment Rate for July
• 8:30 AM ET                  Average Hourly Earnings M/M
• 1:00 PM ET                   Baker Hughes Weekly rig count data
• 3:00 PM ET                   Consumer Credit for June

Must read a book about investing – check here

For details

Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures Dow futures