BY THE NUMBERSDow futures indicated a drop on the open, as U.S.-China tensions continued to escalate. S&P 500 and Nasdaq futures additionally have been decrease. The projected declines would add to Thursday’s losses, which noticed the Dow drop 353 factors, or 1.3%. The broad S&P misplaced 1.2%, whereas the tech-heavy Nasdaq sank 2.3%. (CNBC) Intel (INTC) shares have been tanking greater than 13% within the premarket after disappointing third-quarter steerage, weighing on Dow futures. The S&P is prone to be part of the Dow and Nasdaq in destructive territory for the week, based mostly on right now’s implied early losses. The Nasdaq can also be prone to put up its first back-to-back losses since May 12-13, which might finish its report 49-session streak of not dropping floor on consecutive days.* China markets prolong losses, Shenzhen stocks dive past 5% as U.S.-China tensions flare (CNBC) The federal government will launch its June report on new dwelling gross sales on at 10 a.m. ET, with consensus forecasts calling for a 3.8% bounce to an annual fee of 702,000 models. New dwelling gross sales had surged 16.6% in May.* Euro zone enterprise exercise bounces again in July with strongest progress in 2 years (CNBC) Verizon (VZ) shares have been barely larger in premarket buying and selling after the Dow part posted adjusted earnings of $1.18 per share, besting Wall Street expectations by Three cents. Revenues additionally surpassed forecasts, however have been about 5% decrease than the identical quarter final yr. American Categorical (AXP) was down greater than 1% in early buying and selling after quarterly revenues got here in under Street forecasts. Nonetheless, the Dow part reported earnings of 29 cents per share, in comparison with estimates of an 11 cents per share loss. Industrial large Honeywell (HON) posted adjusted quarterly earnings of $1.26 per share, 5 cents higher than analyst expectations. Gross sales have been down 19% from the year-ago interval because the coronavirus pandemic weighed on the worldwide financial system. Honeywell shares moved barely larger in early buying and selling. There aren’t any earnings reviews of observe out after right now’s closing bell.IN THE NEWS TODAYChina ordered the U.S. to shutter its consulate in Chengdu, a metropolis within the nation’s southwestern area, within the newest geopolitical escalation between the world’s two largest economies. The transfer comes two days after the U.S. instructed China to shut its consulate in Houston and at some point Secretary of State Mike Pompeo blasted the Chinese language authorities in a speech. On Tuesday, the Justice Division accused two Chinese language hackers of concentrating on coronavirus vaccine analysis. The U.S. has 5 consulates in China, along with its Embassy in Beijing. (CNBC) * FBI interviewing Chinese language visa holders suspected of hiding army ties: Justice Division (Reuters) The Congressional antitrust listening to that includes the CEOs of Apple, Amazon, Fb and Google is prone to be delayed, sources instructed CNBC. The Home Judiciary Committee and the Antitrust Subcommittee had scheduled the blockbuster listening to for Monday, but it surely now conflicts with memorial companies for the late Rep. John Lewis, the civil rights titan and long-time Georgia Democrat who died final week. (CNBC)* Robert E. Lee highschool in Virginia to be renamed for late Rep. John Lewis (NBC Information) Senate Republicans intend to launch their newest coronavirus aid invoice “early subsequent week,” in accordance with Majority Chief Mitch McConnell. The GOP had hoped to presumably launch the draft laws this week, however the Kentucky Republican mentioned on Thursday that the White Home had requested extra time to “evaluate the high quality particulars.” Treasury Secretary Steven Mnuchin Parts of the Republican Nationwide Conference won’t be held in individual in Jacksonville, Florida, in any case, President Donald Trump mentioned Thursday. At a White Home briefing, Trump cited the specter of the coronavirus and mentioned he’ll as an alternative do a marketing campaign speech “in a special type.” Trump had pushed to relocate parts of the conference to Jacksonville from Charlotte, North Carolina, after the state’s Democratic governor had sought to impose crowd restrictions resulting from Covid-19 issues. (CNBC) * DNC chair reaffirms Democrats’ plans for Milwaukee conference after Trump cancels Jacksonville occasion (USA At this time)Goldman Sachs has agreed to a $3.9 billion settlement with the Malaysian authorities over the 1MDB scandal, in accordance with the nation’s finance ministry. The U.S. funding bank has denied wrongdoing for the reason that Malaysian authorities, in 2018, filed costs that accused Goldman models of deceptive buyers in a $6.5 billion bond sale that they helped elevate for sovereign wealth fund 1MDB. Shares of Goldman have been barely larger in premarket buying and selling. (Reuters) New pointers from the Facilities for Illness Management and Prevention place a heavy give attention to reopening colleges for in-person lessons this fall, noting the social and emotional well being dangers of conserving college students at dwelling. Along with sturdy sanitation and social distancing practices, the rules additionally advocate transferring lessons into under-used areas and even outdoors when attainable. Trump had beforehand decried the CDC pointers as being “very powerful” and “costly” for districts. (NBC Information) * FDA expands hand sanitizer recall to at the least 75 manufacturers throughout the U.S. (NBC Information) Home made face masks doubtless want a number of layers with a view to be efficient at stopping the transmission of the coronavirus, a brand new examine discovered. Single-layer masks have been capable of catch respiratory droplets from talking, however two-layer masks extra successfully stopped droplets from coughing and sneezing, in accordance with researchers at College of New South Wales in Australia. The examine discovered a three-ply surgical masks was the best of all. (CNBC) * Three in Four People again requiring sporting masks, ballot finds (AP) STOCKS TO WATCHMattel (MAT) misplaced 26 cents per share for its newest quarter, smaller than the 34 cent loss that Wall Street was anticipating. Income was additionally higher than anticipated, with retail gross sales of Mattel’s flagship Barbie model leaping 35%.E*Commerce (ETFC) got here in 12 cents above estimates with quarterly earnings of 88 cents per share, whereas the net brokerage’s income was above estimates as nicely. E*Commerce was helped by heavier buying and selling throughout a interval of stock market volatility.Walt Disney (DIS) once more delayed the discharge of its “Mulan” film, whereas additionally pushing again new installments of “Star Wars” and “Avatar”. On the similar time, the Paramount unit of ViacomCBS (VIAC) pushed again the discharge date of its “Prime Gun” sequel, “Prime Gun: Maverick”.Skechers (SKX) misplaced 44 cents per share for its newest quarter, smaller than the 66 cent loss that analysts had been anticipating. The shoe maker’s income additionally got here in forward of estimates, though CEO Robert Greenberg mentioned like most companies, the corporate had “by no means confronted a more difficult time”.Boston Beer (SAM) greater than doubled the consensus estimate of $2.43 per share with quarterly earnings of $4.88 per share for the second quarter, with the Sam Adams beer maker seeing income prime forecasts as nicely. Boston Beer was helped by a surge in demand for dwelling consumption of its merchandise at the same time as bars and eating places have been shut down.AstraZeneca (AZN) obtained FDA approval for its drug to deal with sufferers with persistent obstructive pulmonary illness (COPD), which is the third main reason for demise globally.*WATERCOOLERBaseball is again within the U.S., however stadiums full of followers are usually not. Meaning the perfect seats in the home may not, technically, even be in the home. As an alternative, they is perhaps subsequent door — due to the pattern lately of constructing actual property growth close to ballparks. (CNBC)
