| What to watch today: Dow to fall as Wall Street awaits economic data, Big Tech earnings | | |  | THU, JUL 30, 2020 | | | | AS OF THU, JUL 30, 2020 • 08:06 ET | | Dow Jones Fut | | 26,539.57 | | Current: | 26,231.00 | | Change: | -209.00 | | Impl. Open: | -200.57 | | | S&P 500 Fut | | 3,258.44 | | Current: | 3,226.25 | | Change: | -26.25 | | Impl. Open: | -24.19 | | | NASDAQ 100 Fut | | 10,662.98 | | Current: | 10,576.75 | | Change: | -97.50 | | Impl. Open: | -74.23 | | | Russell 2000 Mini | | 1,500.63 | | Current: | 1,482.30 | | Change: | -14.40 | | Impl. Open: | -11.13 | | Dow futures are indicating a roughly 200-point drop at the open, following a Federal Reserve news conference that highlighted a difficult economic path ahead. S&P 500 and Nasdaq futures were also negative as Wall Street prepares for fresh U.S. GDP figures and economic claims, as well as another deluge of corporate earnings. (CNBC)
The anticipated market drop will trim at least some of July's gains. But entering today's session, the three major U.S. indexes are all solidly higher for the month, with the S&P now recording its best July since 2010 following Wednesday's gains of 1.24%. The Dow added 160.3 points, or .0.69%, while the tech-heavy Nasdaq advanced 1.35%.
* Treasury yields move lower after Fed keeps interest rates near zero (CNBC) | | | | The U.S. government will release its first look at second-quarter GDP, with consensus forecasts calling for a historic 34.7% annual rate decline. The latest weekly initial jobless claims will also be released, which are expected to be over 1 million for the 19th straight week at 1.45 million. | | | | Fed Chairman Jerome Powell reiterated the central bank's commitment to use its "full range of tools" as the U.S. economy tries to recover from the impacts of the coronavirus pandemic. Powell's comments Wednesday came after the Federal Open Market Committee kept interest rates in a targeted range near zero, continuing its accommodative monetary policy stance. Powell also stressed that the trajectory of the U.S. economic recovery depends, in large part, on the trajectory of the Covid-19 outbreak. (CNBC) | | | Quest Diagnostics (DGX) received Food and Drug Administration approval for a coronavirus testing technique that it says will speed up turnaround time for Covid-19 results, which had slowed in recent weeks as the U.S. Covid-19 outbreak accelerated in parts of the country. Quest said the new technique will allow it to process results in two to three days for most patients. It will also boost overall testing capacity, the company said. Public health experts stress that significant delays in testing results limit the effectiveness of the test because people may pass the virus to others before they know they're infected. (CNBC)
* Johnson & Johnson starts human safety trial for its Covid-19 vaccine candidate (Reuters) | | | Oregon officials and the Trump administration have reached a deal to draw down the presence of federal agents in Portland, following weeks of clashes between protesters and the agents. Oregon State Police will maintain a "robust presence" in the state's largest city under the agreement, according to Acting Homeland Security Secretary Chad Wolf. The U.S. government has called the agents' presence necessary to protect the federal courthouse in Portland, which protesters have targeted with rocks and fireworks. Critics have decried the federal agents' use of tear gas and arrests, arguing they contributed to the escalation of nightly protests that initially began after the death of George Floyd. (AP)
* Unlikely allies: How Gov. Kate Brown and Mike Pence ended stalemate in Portland (Oregon Public Broadcasting) | | Eastman Kodak (KODK) remains on watch after soaring the past three sessions, now at $33.20 per share compared to last Friday's close of $2.10. The rise followed news that the government was providing a $765 million loan for the company's production of pharmaceutical ingredients. | | | | Qualcomm (QCOM) reported adjusted quarterly earnings of 86 cents per share, 15 cents above estimates, with the chip maker's revenue also exceeding Wall Street forecasts. It also gave an upbeat forecast on prospects for sales of its chips for 5G devices. Separately, it resolved a licensing dispute with China's Huawei and will receive a $1.8 billion payment during the fiscal fourth quarter. | | | | PayPal (PYPL) earned an adjusted $1.07 per share for its latest quarter, beating consensus by 19 cents, with the payment services company's revenue also above forecasts. Results were driven by a jump in e-commerce transactions as well as new accounts. | | | | Yum China (YUMC) did beat estimates by 9 cents with adjusted quarterly profit of 35 cents per share, but the restaurant operator's revenue was below forecasts as a resurgence of the coronavirus in China hurt sales. | | | | ServiceNow (NOW) reported adjusted quarterly earnings of $1.23 per share, 22 cents above estimates, with the cloud software company's revenue slightly above consensus. ServiceNow's bottom line got a boost from a 30% jump in subscription revenue. | | | | O'Reilly Automotive (ORLY) earned $7.10 per share for its latest quarter, well above the consensus estimate of $4.41, while the auto parts retailer saw revenue come in above estimates as well. The company said it benefited from consumers spending stimulus checks and unemployment benefits on fixing their cars ahead of the lifting of Covid-19 lockdown measures. | | | | Anheuser-Busch InBev (BUD) saw profit fall by 34% in the second quarter as beer volumes tumbled 17%, but the beer brewer said it saw a rebound In global beer sales in June. | | | | Archer Daniels Midland (ADM) reported adjusted quarterly profit of 85 cents per share, well above the 51 cent consensus estimate, while the grain processor's revenue also beat Wall Street forecasts. Archer Daniels benefited from record crop exports as countries sought to secure stable food supplies during the pandemic. | | Tech workers are leaving San Francisco and heading to Lake Tahoe, which is now seeing unprecedented bidding wars, buying activity and price increases. It's another indicator of how the coronavirus pandemic is transforming the U.S. real estate market. "The inventory is getting to the point where we are running out of homes for sale," according to one Lake Tahoe broker. (CNBC) | |  | | |
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