The S&P 500 Futures are slightly rebounding after they ended in the red yesterday. Market sentiment was dampened by ongoing political negotiations concerning a new $1 trillion coronavirus stimulus bill proposed by Senate Republicans. And investors exercised caution following mixed quarterly results from large firms.
Later today, reports on Wholesale Inventories (June preliminary reading -0.5% on month expected) and Pending Homes Sales (June annualized rate +15.0% on month expected) will be released. The Federal Reserve is expected to keep its benchmark interest rates unchanged at 0.00%-0.25%.
European indices try to remain positive. In Germany, June Import prices were released at +0.6% vs +0.3% in May. They were expected at +0.5%. The Bank of England has reported the number of Mortgage Approvals for June at 40,000 (vs 35,000 expected). France's National Statistics Office has released July Consumer Confidence Indicator at 94 (vs 99 expected, 97 in June).
Asian indices closed in dispersed order. Hong Kong HSI and Chinese CSI closed in the green when Japanese Nikkei and Australian ASX closed on the downside.
WTI Crude Oil futures are on the upside. The American Petroleum Institute (API) reported that U.S. crude stockpiles dropped 7M bbl for the week ended July 24. Later today, the Energy Information Administration (EIA) will release official crude oil inventories data for the same week (+4.892M bbl expected).
Gold remains firm near fresh all-time highs on virus fears and hopes of stimulus while the US dollar consolidates close to a two-year low before Fed.
Gold fell 2.88 dollars (-0.15%) to 1955.55 dollars. The dollar index declined 0.15pt to 93.543.
U.S. Equity Snapshot
Starbucks (SBUX), the global specialty coffee chain, disclosed third quarter adjusted LPS of 0.46 dollar, narrower than estimated, vs an EPS of 0.78 dollar a year ago, on net revenue of 4.2 billion dollars, just ahead of forecasts, down from 6.8 billion dollars a year earlier. The Co also reported that same-store sales declined 40.0%, slightly better than anticipated.
Source: TradingView, Gain Capital
General Motors (GM) is gaining ground before hours after posting quarterly earnings above expectations.
Boeing (BA), the aircraft maker, is edging higher before hours as quarterly free cash flow was less negative than forecast.
General Electric (GE), the industrial conglomerate, is gaining some ground before hours after posting quarterly sales and free cash flow that beat estimates.
Advanced Micro Devices (AMD), a designer and producer of microprocessors, announced second quarter adjusted EPS of 0.18 dollar, above estimates, up from 0.08 dollar a year ago on revenue of 1.9 billion dollars, as expected, up from 1.5 billion dollars a year earlier.
Visa (V), the credit card company, revealed third quarter adjusted EPS of 1.06 dollar, just beating estimates, down from 1.37 dollar a year ago on revenue of 4.8 billion dollars, in line with forecasts, down from 5.8 billion dollars a year earlier.
Spotify (SPOT), the music streaming specialist, is losing some ground before hours after reporting a wider than expected quarterly loss and sales that missed estimates.
Amgen (AMGN), a developer of biotechnology medicines, posted second quarter adjusted EPS of 4.25 dollars, beating estimates, up from 3.97 dollars a year ago, on revenue of 6.2 billion dollars, in line with the consensus, up from 5.9 billion dollars a year earlier.
eBay (EBAY), the global electronic commerce platform, released second quarter adjusted EPS of 1.08 dollar, slightly above forecasts, up from 0.66 dollar a year ago, on net revenue of 2.9 billion dollars, exceeding the consensus, up from 2.4 billion dollars a year earlier.
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