Stock Futures Edge Lower to Kick Off August

Earnings season is in full swing this week

Managing Editor
Aug 1, 2023 at 9:17 AM
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After a transcendent July complete with monthly wins, Wall Street is indicating a downbeat open this morning to kick off August. Dow Jones Industrial Average (DJI) futures are firmly lower at last check, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are equally lackluster. With no Fed news to unpack this week, all eyes are on the ongoing earnings season.

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

  • A S&P 500 pullback isn't the end of the world, says Schaeffer's Senior Vice President of Research Todd Salamone. 
  • Aerospace stock soars on Air Force deal. 
  • Plus, a big upgrade for Gap stock; and two Dow earnings reports to unpack.

OV Futures August 1

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and over 917,447 put contacts exchanged on Monday. The single-session equity put/call ratio fell to 0.56 and the 21-day moving average stayed at 0.65.
  2. Gap Inc (NYSE:GPS) stock is 2.9% higher ahead of the bell, after Barclays upgraded the retailer to "overweight" from "equal-weight." The analyst in coverage hiked its price target from $9 to $13 as well, a roughly 26% premium to last night's closing perch. Year-to-date, Gap stock is down 8.7%.
  3. Caterpillar Inc. (NYSE:CAT) stock is up 1.4% before the open, after the machinery giant announced second-quarter earnings and revenue that beat expectations. The company did warn of lower sales and margins for the third quarter, though. CAT is 10.7% higher in 2023, and a chip shot from its Jan. 27 record high of $266.04. 
  4. The shares of Merck & Co., Inc. (NYSE:MRK) are up 0.4% in premarket trading, after sales of cancer drug Keytruda and HPV vaccine Gardasil led to second-quarter top- and bottom-line wins. Merk stock is facing off with its year-to-date breakeven level today.
  5. Today will bring job openings, construction data, and the Institute for Supply Management (ISM) manufacturing reading.

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Earnings Season Hits Europe

Asian markets were mixed on Tuesday, led by South Korea’s Kospi leading the gainers with a 1.3% pop. Meanwhile, Japan’s Nikkei rose 0.9%, Hong Kong’s Hang Seng shed 0.3%, and China’s Shanghai Composite was flat after yesterday’s manufacturing activity data for June.

European markets are lower, after new data showed Euro zone manufacturing activity for July slowing at the quickest clip since the Covid-19 pandemic. Investors are also unpacking earnings from HSBC, DHL Deutsche Post, and BP, and looking ahead to unemployment data for the region. At last check, the German DAX is down 1%, France’s CAC 40 is 0.9% lower, and London’s FTSE 100 is carrying a 0.3% deficit. 

 

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