| What to watch today: Nasdaq futures plunge as tech stocks continue to sink | | |  | TUE, SEP 08, 2020 | | | | AS OF TUE, SEP 08, 2020 • 08:25 ET | | Dow Jones Fut | | 28,133.31 | | Current: | 27,896.00 | | Change: | -178.00 | | Impl. Open: | -220.31 | | | S&P 500 Fut | | 3,426.96 | | Current: | 3,372.75 | | Change: | -44.75 | | Impl. Open: | -52.61 | | | NASDAQ 100 Fut | | 11,622.13 | | Current: | 11,164.75 | | Change: | -384.00 | | Impl. Open: | -457.38 | | | Russell 2000 Mini | | 1,535.30 | | Current: | 1,521.50 | | Change: | -9.90 | | Impl. Open: | -13.00 | | | Shares of Softbank sank 7% in Tokyo on Tuesday after a weekend of reports that the Japanese conglomerate made a huge bullish bet on tech stocks. The Wall Street Journal said Softbank used options linked to as much as $50 billion in tech stocks, driving up volumes and contributing to a trading frenzy. | | | | The only economic report of the day comes at 3 p.m. ET, when the government issues July consumer credit figures. Economists expect that credit expanded $13 billion after rising $9 billion in June. No major earnings reports are out this morning, but Lululemon (LULU) and Slack Technologies (WORK) are among the companies set to issue quarterly numbers after today's closing bell. (CNBC) | Talks over another coronavirus stimulus bill between top Democrats and the Trump administration that broke off last month remain stalled as lawmakers return to Washington from summer recess. The bipartisan unity that drove almost $3 trillion in Covid-19 rescue legislation this spring has been replaced by a return to Washington dysfunction.
However, Treasury Secretary Steven Mnuchin said Sunday that a deal between the White House and Congress would fund the government through the beginning of December to avoid a federal agency shutdown when the current money runs out Sept. 30. Details on the so-called continuing resolution are expected to be finalized by the end of the week. | | | | The Federal Aviation Administration said it is investigating manufacturing flaws affecting certain Boeing (BA) 787 jets. It did not elaborate further, but The Wall Street Journal reports that manufacturing issues potentially stretch back almost a decade. | | | | Peloton (PTON) is cutting the price of its core exercise bike by 24% and adding a cheaper treadmill and a pricier version of its bicycle to its lineup. CEO John Foley also said the company has been able to cut down on order delays. | | | | Apple (AAPL) will start producing 5G iPhones this month, according to a report from Japan's Nikkei news service. Its 2020 production could total 73 million to 74 million units, according to the report, shy of the initial 80 million target, but production delays have improved from a few months ago. | | | | Microsoft (MSFT) confirmed Tuesday that it is set to launch a smaller, cheaper version of its upcoming next-generation console. The company is currently gearing up for the release of its Xbox Series X device later this year. | | | | Berkshire Hathaway (BRK.B) cut its stake in Wells Fargo (WFC) to 3.3%, according to a Securities and Exchange Commission filing. The cut reduced Berkshire's holdings to about 137.6 million shares, approximately 100 million fewer than it held in the bank at the end of June. | | | | Exxon Mobil (XOM) is facing a $48 billion shortfall through 2021 due to ill-timed bets on rising demand, according to a Reuters report. The report said investors are also expressing concern about possible cuts to the oil giant's dividend. | | | | Anheuser-Busch InBev (BUD) has begun searching for its next CEO to replace Carlos Brito, according to the Financial Times. The report said Brito, who has been CEO of the beer brewer for 16 years, is involved in the process and plans to step down sometime next year. | | | | Truck maker Navistar's (NAV) possible sale to Volkswagen heavy truck unit Traton could be in jeopardy, due to a reported squabble over a buyout price between board members Carl Icahn and Marc Rachesky. | | After months of delays, Christopher Nolan's sci-fi epic "Tenet" finally arrived in U.S. theaters and generated $20.2 million over Labor Day weekend. Ticket sales, though difficult to dissect given the uncharted waters of the coronavirus era, are roughly in line with expectations for a new release during a pandemic. (Variety) | |  | | |
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