Trump Tweets Overshadow Blue-Chip Earnings

PG and MRK stocks are pointed higher after earnings

by Lillian Currens

Published on Jul 30, 2019 at 9:15 AM

New comments from President Donald Trump concerning trade talks between the U.S. and China are firmly in the spotlight today, and Dow Jones Industrial Average (DJI) futures are suffering as a result. Trump, in a series of tweets this morning, said the Asian country has not made good on its promise to purchase American agricultural products, adding that "China is doing very badly." In addition, Trump said that if he wins another term, "the deal that they get will be much tougher than what we are negotiating now... or no deal at all."

Renewed anxieties over trade are overshadowing earnings beats from blue chips Procter & Gamble (PG) and Merck (MRK), with the former stock pacing for a record high. Elsewhere, Wall Street is eyeing tomorrow's highly anticipated Fed decision, with the central bank widely expected to cut interest rates. 

Continue reading for more on today's market, including: 

  • The VIX options ratio at an extreme ahead of the Fed meeting, per Schaeffer's Senior V.P. of Research Todd Salamone. 
  • Don't sweat this software stock's pivot lower.
  • Goldman Sachs: Sell these 2 restaurant stocks
  • Plus, Capitol One confesses to a data breach; Beyond Meat stumbles on a surprise stock offering; and Newell Brands names a CEO. 

Futures Chart July 30

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 840,877 call contracts traded on Monday, compared to 594,920 put contracts. The single-session equity put/call ratio landed at 0.71, while the 21-day moving average is 0.60.
  2. Capitol One Financial Corp. (NYSE:COF) stock is pacing for a 4.9% drop out of the gate, after the company reported a massive data breach. The firm said the Social Security numbers of more than 100,000 credit card customers, as well as roughly 80,000 bank account numbers, were compromised, with the breach affecting "approximately 100 million individuals" in the U.S.
  3. Buzzy Wall Street newcomer Beyond Meat Inc (NASDAQ:BYND) reported a steeper-than-expected quarterly loss, but lifted its full-year revenue guidance. However, the firm sprung a surprise stock offering on investors, just three months after BYND's initial public offering, causing the shares to drop 15% in electronic trading. 
  4. Former OfficeMax CEO Ravi Saligram was chosen as the new CEO of Sharpie maker Newell Brands Inc (NASDAQ:NWL). Saligram will assume to role on Oct. 2, and signed a three-year contract with possibility for extension. NWL stock is inching higher, up 0.6% ahead of the bell. 
  5. The Federal Open Market Committee (FOMC) will kick off its two-day policy setting meeting today. Personal income and spending data, the S&P CoreLogic Case-Shiller home price index, consumer confidence, and pending home sales are also on the docket. Blue chips Apple (AAPL) and Pfizer (PFE) will step up to the earnings plate. Quarterly results from Akamai Technologies (AKAM), Altria (MO), D. R. Horton (DHI), Electronic Arts (EA), FireEye (FEYE), MasterCard (MA), Mondelez (MDLZ), and Ralph Lauren (RL) are due.

stock market news july 30

Asia Mostly Higher on Dovish BoJ

It was a mostly positive session for equities in Asia. In China, the Shanghai Composite rose 0.4% for its highest close in three weeks, and the Hang Seng settled up with a 0.1% gain. The Nikkei also grabbed a 0.4% win after the Bank of Japan (BoJ) kept interest rates unchanged, but suggested it could implement easing actions if necessary. Rounding out the region was South Korea’s Kospi with a 0.5% advance.

Halfway through the session in Europe, stocks are mostly in the red. London’s FTSE 100 tapped a fresh high early in the day, but has since pared those gains and turned lower, last seen down 0.1%. The losses are much worse for France’s CAC 40 and Germany’s DAX, which are down 1.4% and 2.1%, respectively.


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