Investors are sifting through GDP data and durable goods orders
Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are inching higher this morning, looking to create some distance from the indexes' worst day of 2024. Futures on the Dow Jones Industrial Average (DJIA) were last seen cautiously higher.
Wall Street is paring premarket losses after better-than-expected gross domestic product (GDP) data, with the economy seeing 2.8% growth in the second quarter, much larger than the 2.1% estimates. Elsewhere, durable goods orders saw a surprise 6.6% drop in June -- compared to the expected rise of 0.3% -- for their first decline in four months.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 1.2 million put contracts traded on Wednesday. The single-session equity put/call rose to 0.70, while the 21-day moving average remained at 0.66.
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American Airlines Group Inc (NASDAQ:AAL) stock is down 7.1% in premarket trading, after the company announced a second-quarter revenue miss. The airline also lowered its profit forecast amid a failed sales strategy and
discounted seats. AAL is down 26% so far in 2024.
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Keurig Dr Pepper Inc (NASDAQ:KDP) announced earnings and revenue for the second quarter that were in line with analysts' estimates, and reaffirmed its full-year outlook. The
beverage stock is up 0.7% before the open, and carries a 12.6% nine-month lead.
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Ford Motor Co (NYSE:F) stock missed second-quarter profit expectations due to
warranty costs, but beat on revenue. The automaker also stuck to its 2024 profit forecast and touted Ford+ restructuring plans. F is down 13% ahead of the bell, looking to widen its 13.8% year-to-date deficit.
- Blue-chip earnings and more economic data on tap this week.
Asian Stocks Join the Selloff
Yesterday’s stateside selloff is sending stocks lower globally, with all Asian markets finishing Thursday lower. Japan’s Nikkei marked its seventh-straight daily loss with a massive 3.3% drop, amid a Reuters report that the Bank of Japan (BoJ) is expected to discuss a rate hike next week. NHK reported that the Japanese government also confirmed it will increase the average minimum hourly wage by 5%. Elsewhere, China’s Shanghai Composite fell 0.5%, after China’s central bank cut the medium-term lending rate to 2.3% from 2.5%, while the South Korean Kospi shed 1.7% after the country’s gross domestic product (GDP) rose 2.3% year over year – lower than the expected 2.5%. Rounding out the region, Hong Kong’s Hang Seng moved 1.7% lower.
Stocks are firmly lower in Europe at last glance, as earnings continue to roll in. London’s FTSE 100 is down 0.5%, while the French CAC 40 and German DAX shed 2% and 1.2%, respectively.