By Chris Matthews and Mark DeCambre, MarketWatch
JPMorgan Chase, Wells Fargo and Goldman reported second-quarter
results on Tuesday
U.S. stock futures were trading on either side of unchanged
Tuesday morning a day after major equity indexes eked out a round
of fresh all-time closing highs and as Wall Street digested a
fresh, bank-heavy round of earnings reports.
How are the major benchmarks performing?
Futures for the Dow Jones Industrial Average rose 8 points to
27,345, those for the S&P 500 index were unchanged 3,017, while
Nasdaq-100 futures moved 0.1% lower at 7,981.75, losing 4
points.
On Monday, the Dow gained 27.13 points, or 0.1% record of
27,359.16, the S&P 500 index added 0.53 point, or less than
0.1%, to end at 3,014.30. The Nasdaq Composite Index rose 14.04
points to reach 8,258.19, a 0.2% increase. All three major indexes
scored record closes.
What's driving the market?
U.S. stock futures were range bound after a series of earnings
reports from major banks JPMorgan Chase & Co. (JPM), Goldman
Sachs (GS), and Wells Fargo & Co.(WFC) painted a mixed picture
of the banking industry, and broader economy's strength, following
a report from Citigroup Inc. (C)on Monday.
Investors will monitor forthcoming management commentary for
signs of the impact of tariff disputes between Beijing and
Washington and a regime of ultra-low and negative interest rates
across the globe.
The Federal Reserve has hinted strongly that it is likely to cut
interest rates as it attempts to dull the effect of trade conflicts
and expectations that the economy may weaken somewhat in the 11th
year of a history-setting economic expansion.
"The bullish move that some equity markets enjoyed thanks to the
slight improvement in US-China trade talks, and the chatter about
the Federal Reserve lowering rates, has run out of steam, and some
traders are taking a breather," David Madden, market analyst at CMC
Markets UK, in a daily research note.
Meanwhile, across the pond, the British pound was under pressure
against the dollar, dropping 0.4%, after Boris Johnson and Jeremy
Hunt, the two candidates vying to take over from departing Prime
Minister Theresa May, both said Monday evening they wouldn't accept
the so-called Irish backstop, previously agreed with the European
Union as part of the long negotiations over the U.K's planned exit
from Europe's trade bloc.
In economic data, June retail sales rose 0.4% compared to May,
above the 0.1% gain expected by economists polled by MarketWatch,
indicating the U.S. consumer remains healthy
(http://www.marketwatch.com/story/retail-sales-pop-again-in-june-in-good-sign-for-consumer-driven-us-economy-2019-07-16).
U.S. import price data showed global deflationary pressures
persisting, with prices falling 0.9% in June after a 0.3% decline
in May.
At 9:15 a.m. a report on industrial production for June is set
to be released.
Several Federal Reserve officials are expected to deliver
speeches Tuesday, including Federal Reserve Board Gov. Michelle
Bowman, Dallas Fed President Rob Kaplan and Chicago Fed President
Charles Evans. Chairman Jerome Powell will speak at a conference in
Paris at 1 p.m. Eastern Time, though he was not expected to offer
different views than those expressed during Congressional testimony
last week.
Which stocks are in focus?
Fellow Dow component JPMorgan's stock fell 0.6% before the bell
Tuesday, though the bank reported earnings and revenue
(http://www.marketwatch.com/story/jpmorgan-tops-profit-and-revenue-estimates-2019-07-16)
for the second quarter that beat analyst estimates. Shares in the
bank had risen 16.7% year-to-date.
Shares of Goldman Sachs, also in the Dow, rose 1.4% after the
bank reported second-quarter earnings and revenue that beat Wall
Street expectations
(http://www.marketwatch.com/story/goldman-sachs-stock-surges-after-big-profit-and-revenue-beats-raised-dividend-2019-07-16),
while raising its dividend by 47%.
Shares of Wells Fargo fell 1.1%, even after the bank reported
second-quarter earnings
(http://www.marketwatch.com/story/wells-fargo-earnings-blow-past-estimates-2019-07-16)
and revenue that surpassed analyst forecasts.
Shares of Dow-component Johnson & Johnson(JNJ) were in focus
after the health-care retailer produced quarterly results
(http://www.marketwatch.com/story/shares-of-jj-up-08-after-earnings-and-revenue-beat-2019-07-16)
that were better than expected while boosting its full-year
outlook, though it reported falling revenue compared with the
second-quarter of last year Shares of J&J were down 0.4% in
premarket trade.
Domino's Pizza, Inc. (DPZ) stock fell 6.7% before the start of
trade Tuesday, after the fast-food retailer reported second-quarter
revenue
(http://www.marketwatch.com/story/dominos-shares-sink-after-revenue-miss-2019-07-16-7914128)
and same-store sales growth that fell short of analyst
estimates.
Facebook Inc.(FB) will be in focus as executives from the
social-media giant are set to explain its digital currency venture
Libra coin to a Senate banking committee later Tuesday. Facebook's
stock was less than 0.1% lower before the opening bell.
Shares of Google parent Alphabet Inc. (GOOGL) (GOOGL) were in
focus Tuesday after President Trump tweeted that his administration
(https://twitter.com/realDonaldTrump/status/1151095675213553664)
would "take a look" at claims by investor Peter Thiel that the firm
should be investigated for its cooperation with the Chinese
government. Shares fell 0.7% in premarket action.
Blue Apron Holdings Inc. (APRN) rose 5.7% after the meal-kit
company announced seasonal recipes
(http://www.marketwatch.com/story/blue-apron-shares-jump-after-beyond-meat-recipes-announced-2019-07-16)
that will include plant-based proteins from Beyond Meat Inc.
(BYND).
How are other markets trading?
The yield on the 10-year Treasury note rose 3.3 basis points to
2.127%
In Asia, stocks ended mixed, with the China CSI 300 falling
0.5%, Japan's Nikkei 225 declining 0.7% and Hong Kong's Hang Seng
Index advancing 0.2%. European shares were virtually unchanged,
with the Stoxx Europe 600 edging less than 0.1% higher.
In commodities markets, crude-oil prices rose 0.5%. Gold prices
, fell 0.2%.
The U.S. dollar rose 0.4%, as measured by the ICE U.S. Dollar
Index.
(END) Dow Jones Newswires
July 16, 2019 09:09 ET (13:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
FTSE 100
Gráfica de índice
De Feb 2024 a Mar 2024
FTSE 100
Gráfica de índice
De Mar 2023 a Mar 2024