The Dow futures up 10 pionts, U.S. market news July 11th

The Dow futures contract was up 10 points, or 0.1%, by 06:50 ET (10:50 GMT), the S&P 500 futures were up 5 points, or 0.1%, and the Nasdaq 100 futures were up 23 points, or 0.2%.

Today’s main U.S. market news-

1. Dow futures rise as Bullard, the most recent Fed official to speak, speaks.
2. Fed officials talk about rates, Amazon Prime Day is here, and the markets are moving.
3. US financial behemoths will report stronger earnings despite a slowdown in dealmaking
4. According to the NFIB, small business confidence reached a 7-month high in June.
5. Dollar drops to a 2-month low, while pound rises to a 15-month high due to robust wage growth.
6. As traders anticipate US inflation data, gold fails to gain momentum.
7. OPEC+ cuts and a weaker dollar cause oil to increase.
8. Citigroup improves Europe but downgrades US stocks due to potential for a recession
9. Threads will get access to Meta’s sponsored content tools – Axios
10. Threads, Meta’s Twitter rival, surpasses ChatGPT in user growth to 100 million.
11. As it expands to Twitter scale, Meta’s Threads might result in a 5% revenue increase: Evercore
12. WD-40 spikes 4.5% after earnings, while Dow futures remain stable.
13. Foxconn abandons the $19.5 billion Vedanta chip project, hurting India.
14. American markets closed the day higher, with the Dow Jones Industrial Average rising by 0.62%.
15. Rivian options buyers might be contributing to the stock’s increase.
16. Icahn restructures loans totaling $3.7 billion to boost the company’s stock.
17. Dominion will sell its 50% investment in Cove Point LNG to Berkshire Hathaway in a $3.3 billion agreement.
18. GAAP EPS of $0.45 for VOXX International fails by $0.23 and revenue of $111.93 million misses by $10.4 million.
19. WD-40 GAAP EPS of $1.38 surpasses $0.16 and revenue of $141.72 million surpasses $3.32 million.
20. PriceSmart’s Non-GAAP EPS of $1.02 is off by $0.02, while its sales of $1.1B is on par.

GLOBAL NEWS 

1. India stocks higher at close of trade; Nifty 50 up 0.43%
2. the Nikkei 225 index was up 0.04% as of market closing,Japanese stocks were up
3. S&P/ASX 200 is up 1.5% as of market closing, with Australian stocks up.
4. European stocks rise on expectations of a halt to Fed rate hikes and China stimulus
5. Blackstone’s Crown Resorts receives a $300 million money laundering fine from an Australian court.
6. Mercedes sales increased in Q2 on high-end, electric automobiles.
7. Asian stocks rise as markets anticipate the Fed’s top rate and China’s stimulus
8. Asia FX increases, dollar hits 2-month low, and peak Fed rate is approaching
9. At market closing, German stocks were up, with the DAX rising 0.45%.
10. The CAC 40 index of French stocks increased by 0.45% after trading ended.
11. Israel equities were up at the closing of trading; the TA 35 was up 0.67%.
12. UK pay growth is at a record high, but the employment market is beginning to cool.
13. Oil prices remain stable as traders balance supply reductions with economic headwinds
14. Global energy demand is anticipated to increase 23% until 2045, according to OPEC Secretary General
15. Following the’mini-budget’ peak, UK mortgage rates have risen to a 15-year high.
16. Renault brand sales increased 11% in the first half.
17. Inflation in Germany defies the trend and rises in June
18. Geely and Renault reach agreement to create hybrid technologies and gasoline engines
19. Chinese tech titans continue to rise thanks to legislative changes and stimulus bets
20. State-run banks in S. Korea will support credit unions with at least $1.5 billion in funding.
21. Chinese real estate equities increase as PBOC continues to provide stimulus support.
22. According to a Reuters poll, BOK will maintain its base rate at 3.50% on Thursday rather than cutting it.
23. Dollar declines as Fed rise cycle comes to an end; attention is on US inflation

Economic Data

US June Small Business Optimism climbs to 91.0 vs. Est. 89.9 to its highest since November; net proportion of firms expecting a better economy rises to -40%; net percentage of firms anticipating higher selling prices falls to 29%, lowest since March 2021.

May wholesale sales decreased -0.2%; vs. consensus +0.2% and vs April unchanged (prev +0.2%), while May wholesale inventories were stable vs consensus -0.1%. U.S. May stock/sales ratio 1.41 months vs April 1.40 months.

New York Federal Reserve: one-year-ahead projected inflation at 3.8% in June vs 4.1% in May; lowest level since April 2021; five-year ahead predicted inflation at 3% vs 2.7% in May.

 Total consumer credit rose $7.2B in May; The Federal Reserve said Monday that consumer credit climbed $7.2B in May, down from a revised $20.3B in April. The annual rate dropped from 5% to 1.8%. Consumer borrowing rose the least since November 2020.

Global Economic data

The PBoC extended two of 16 property support measures to end-2024, requiring commercial banks to extend existing loans to help complete construction projects and preserve the risk categorization of these loans to property developers.

German ZEW Economic Sentiment Index dropped to -14.70 points in July from -8.5 in June, below consensus estimate of -10.5.

Economic Calendar

•      7:45 AM ET                  ICSC Weekly Retail Sales
•      8:55 AM ET                  Johnson/Redbook Weekly Sales
•      1:00 PM ET                   US Treasury to sell $40B in 3-year notes.
•      4:30 PM ET                   API Weekly Inventory Data 

Other Key Events:

     Bank America FinTech Trailblazers Conference, 7/11 in New York

     JMP Securities Technology Forum, 7/11 in CA

     SEMICON West 2023, 7/11-7/13

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