Stock Futures Eye Bounce as Quarterly Earnings Roll In

OPEC+ agreed to raise daily oil output by 100,000 barrels

Deputy Editor
Aug 3, 2022 at 9:18 AM
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Dow Jones Industrial Average (DJIA) futures are up 170 points this morning, while Nasdaq-100 (NDX) and S&P 500 Index (SPX) futures sit comfortably in the black as well. Concerns over China's response to U.S. House Speaker Nancy Pelosi's visit to Taiwan seem to have faded, with investors now shifting focus to the latest batch of earnings reports. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting resulted in an agreement to raise daily oil output by 100,000 barrels. 

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

  • Why the SPX may be able to extend its July momentum.
  • General Electric stock is among worst to own in August. 
  • Plus, CVS Health stock's upbeat forecast; ABNB blasted with bear notes; and buyout buzz boosts SWIR.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts traded on Tuesday, and 792,919 put contracts. The single-session equity put/call ratio fell to 0.57, and the 21-day moving average stayed at 0.68.
  2. CVS Health Corp (NYSE:CVS) is up 3.5% premarket, after the company posted much better-than-expected second-quarter results, and raised its full-year forecast. Over-the-counter Covid-19 tests, as well as its insurance unit performance, boosted profits. CVS remains down 7.6% year-to-date. 
  3. Airbnb Inc (NASDAQ:ABNB) is off 6.3% before the bell, following a lower-than-expected current-quarter bookings forecast. The lodging marketplace also posted a second-quarter earnings beat, while revenue missed estimates. In turn, at least 13 analysts chimed in with price-target cuts. Year-over-year, ABNB is down 20%.
  4. Sierra Wireless Inc (NASDAQ:SWIR) is up 8.4% in electronic trading, after news that Semtech (SMTC) will acquire the company for $31 per share in cash, or $1.2 billion. CIBC upgraded SWIR to "neutral" from "underperform," while Canaccord Genuity downgraded it to "hold" from "buy." The security is up 59.8% in 2022.
  5. Today will bring The final S&P U.S. services purchasing managers' index (PMI), the ISM services index, factory orders, core capital equipment orders, and a rental and homeowner vacancy rate update.

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Global Markets Higher Amid Pelosi Taiwan Visit

Asian markets bounced back on Wednesday, with the exception of the Shanghai Composite in China, which shed 0.7% after the country’s Caixin Services Purchasing Managers’ Index (PMI) for July rose to 55.5, marking its highest level since April 2021. Traders are monitoring Nancy Pelosi’s visit to Taiwan after her arrival on Tuesday night, which Foreign Ministry spokesperson Hua Chunying called a “major political provocation” in a tweet. Elsewhere in the region, the Hong Kong Hang Seng added 0.4%, the South Korean Kospi tacked on 0.9%, and the Nikkei in Japan saw a 0.5% win.

Stocks is Europe are cautiously higher as investors keep an eye on a number of earnings reports, as well a Pelosi’s Taiwan trip. Meanwhile, the euro zone’s retail sales saw a wider-than-expected month-over-month drop of 1.2% in June, amid dwindling customer demand. At last check, the London FTSE 100 is 0.2% higher, the French CAC 40 is up 0.4%, and the German DAX has risen 0.2% so far today.

 

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