Dow futures up 115 points, U.S. market news Aug 23

Dow futures

Dow Futures was up 115 points, or 0.3%, S&P 500 Futures 20 points, or 0.4%, and Nasdaq 100 Futures 80 points, or 0.5%, around 06:30 ET (10:30 GMT).

1. Nvidia will report, and Barkin has identified a ‘reacceleration scenario’ – what’s pushing markets? 
2. Futures rise as investors focus on Nvidia’s high-stakes results. 
3. The 30-year mortgage rate in the United States has risen to its highest level since 2000. 
4. Morgan Stanlee reports that Apple is currently the most undervalued large-cap US technology stock. 
5. Tesla’s German plant reduces production targets as output slows – Business Insider 
6. Bath & Body Works falls 8% as their outlook falls short of analyst expectations. 
7. Despite low inflation, US bond yields are rising as investors look beyond the Fed. 
8. The Hollywood Writers Guild claims that the studios’ new plan is insufficient. 
9. Meta, the owner of Facebook, violates privacy laws, according to a Norwegian authority. 
10. Macy’s warning of weak second-half demand has weighed on retail sector stocks. 
11. Elon Musk’s X intends to remove headlines from news article links. 
12. Analysts are watching Nvidia’s earnings as the US stock market boom falters. 
13. The United States has asked a trade panel to handle a labor dispute at a Mexican mine. 
14. McDonald’s CEO must confront race bias allegations made by an ex-security executive. 
15. Roark sets criteria for a $9 billion-plus Subway transaction, according to sources. 
16. Dow and S&P 500 close down as US interest-rate concerns increase, and bank stocks fall. 
17. The NYSE has suspended trading in WeWork warrants in order to begin delisting them. 
18. Despite a positive first-quarter earnings report, La-Z-Boy stock drops 2%. 
19. Investment Bank Analyst Rating Update for Dicks Sporting Goods Inc. 
20. Urban Outfitters outperforms revenue and profit forecasts; CFRA downgrades 
21. BYD and KG Mobility are negotiating a battery joint venture in South Korea, according to a source. 
22. Apellis Pharma gains 30% on SYFOVRE update; good reactions 
23. Dow futures are up; Nvidia earnings and PMI figures are in the limelight. 
24. Advance Auto Parts’ earnings were $0.27 lower than expected, but revenue exceeded expectations. 

GLOBAL NEWS 

1. Japan’s markets are higher at the close of trade, with the Nikkei 225 up 0.50%. 
2. Australia’s stocks are higher at the close of trading, with the S&P/ASX 200 up 0.38%. 
3. The UK economy is on track to contract as a result of the factory recession and cost-of-living crunch. 
4. A Kenyan court has ordered mediation in the Meta labor conflict. 
5. Retail inflation in India has risen due to rising food prices, posing a challenge to the Modi government. 
6. Weak European data hurts the euro but helps bonds. 
7. The ECB’s rate dilemma is exacerbated by a decline in the eurozone’s service sector. 
8. Despite ownership laws, miners seek to keep ‘gold glowing’ in Mali. 
9. Swiss markets outperform the rest of Europe, but indicators indicate to a deteriorating economy. 
10. China’s property difficulties have struck Country Garden, with unpaid workers and silent sites. 
11. Analysis-Lithium purchasers in Australia seek lower-cost early-stage deals.  
12. According to a survey, over half of German employers are experiencing a scarcity of trainees. 
13. European stocks are up; PMIs are mixed; and Nvidia results are due later. 
14. European stocks begin higher, led by miners and healthcare companies. 
15. Woolworths in Australia reports a profit increase as price increases outweigh cost increases. 
16. Governor Ueda will attend the Jackson Hole Symposium, according to the BOJ. 
17. The decline in Eurozone services increases economic gloom – PMI 
18. UK Data Watch | August Services PMI is 48.7, while Manufacturing PMI is 42.5. 
19. The UK economy will contract in the third quarter due to a factory slowdown, according to S&P Globa. 
20. With Jackson Hole in focus, Asia FX moves higher but the dollar remains stable. 
21. China’s property difficulties have struck Country Garden, with unpaid workers and silent sites. 
22. Asian stocks are tight ahead of Nvidia earnings, and rates are near highs. 
23. Asian stocks were sluggish, and technology was neutral ahead of Nvidia reports. 

Economic data

Existing Home Sales dipped -2.2% to 4.07 million units in July, falling short of the consensus of 4.15 million and the June pace of 4.16 million, while July inventory of homes for sale was 1.11 million units, or 3.3 months’ supply, and the July national median home price for existing homes was $406,700, up 1.9 percent from July 2022.

The August Richmond Federal Reserve Manufacturing Survey was down -7, in line with consensus and vs. -9 before; shipments were down -5 vs. -6 prior; capacity utilization was down -11 vs. -7 prior; and new orders were down -11 from -20 prior.

Global Economic data

•  Japan manufacturing activity remained in contraction in August for a third month easing to though the pace of decline slowed as the PMI rose 0.1 to 49.6. While Japan’s services PMI rose to 0.5 to 54.3, its 16th consecutive month of expansion.

Economic Calendar

7:00 AM MBA Mortgage Applications Data
9:45 AM S&P Global Manufacturing PMI, Aug-Flash
9:45 AM S&P Global Services PMI, Aug-Flash
10:00 AM New Home Sales M/M for July
10:30 AM Weekly DOE Inventory Data
1:00 PM US Treasury to sell $12B in 20-year notes.

Other Key Events:

Mizuho U.S. Investor Tour, 8/22-8/23

Needham 4th Annual Semiconductor & Semi Cap Conference (virtual), 8/22-8/23

Rosenblatt Technology Summit (virtual) “The Age of AI”, 8/22-8/24

Seaport Global 12th Annual Summer Investor Conference (virtual), 8/22-8/23

Must read a book about investing – check here

For details

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