US Futures falling - Watch UPS, PG, PYPL, QCOM, ADM


The S&P 500 Futures are back in the red after they closed higher on Wednesday

Downtrend 3

The S&P 500 Futures are back in the red after they closed higher on Wednesday, encouraged by the Federal Reserve's stance to keep supporting economic recovery amid the coronavirus pandemic.

Later today, 2Q GDP readings will be released (an annualized declining rate of -34.1% on quarter expected). The Labor Department will report Initial Jobless Claims for the week ended July 25 (an increase to 1.450 million expected).

European indices are on the downside. German 2Q GDP was released at -10.1% on year, vs -9.0% expected. July unemployment change was at -18,000 (vs +41,000 expected), and jobless rate was published at 6.4% vs 6.5% expected. The European Commission has reported the Eurozone's jobless rate for June at 7.8% (vs a rise to 7.7% expected) and Consumer Confidence for July at -15.0, as expected.

Asian indices closed in the red except the Australian ASX. Japanese official data showed that retail sales growth (June) was +13.1% on month and -1.2% on year, better than expected. Official data showed that the number of building approvals in Australia dropped 4.9% on month in June, worse than expected.

WTI Crude Oil futures are under pressure. The U.S. Energy Information Administration reported that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 10.6 million barrels, the largest decline in this year, from the previous week to 526.0 million barrels, contrary to a build of 4.892 million barrels expected.

Gold edges down on profit taking while the US dollar consolidates after hitting a more than two-year low on hopes of US recovery plan.

Gold fell 17.27 dollars (-0.88%) to 1953.52 dollars.

The dollar index rose 0.09pt to 93.543.

U.S. Equity Snapshot

UPS (UPS), the global package delivery company, is jumping before hours after reporting second quarter adjusted EPS up to 2.13 dollars, strongly exceeding forecasts, from 1.96 dollar a year earlier. Sales were up 14% to 20.5 billion dollars, above estimates.

Source: TradingView, Gain Capital

Procter & Gamble (PG), a global manufacturer of consumer products, is gaining ground before hours after posting quarterly earnings and sales that beat estimates.

PayPal (PYPL), an online payment firm, released second quarter adjusted EPS of 1.07 dollar, beating forecasts, up from 0.72 dollar a year ago, on net revenue of 5.3 billion dollars, above the consensus, up from 4.3 billion dollars a year earlier.

QUALCOMM (QCOM), a maker of digital wireless communications equipment, disclosed third quarter adjusted EPS of 0.86 dollar, exceeding forecasts, up from 0.80 dollar a year ago, on revenue flat at 4.9 billion dollars, just ahead of the consensus.

Archer-Daniels-Midland (ADM), a global processor of agricultural commodities, posted second quarter adjusted EPS of 0.85 dollar, beating estimates, up from 0.60 dollar a year ago.

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