Earnings might be the major focus for markets on Tuesday. Advanced Micro, Prudential as well as Starbucks have scheduled to report their earnings after the bell.
U.S. House Speaker Nancy Pelosi’s visit to Taiwan, which might have an implication for the U.S.-China relationship in the future, is keenly watched by investors.
Asian shares finished mostly lower, while European shares are trading lower.
Early signs from the U.S. Futures Index suggest that Wall Street might open in negative territory.
As of 7.45 am ET, the Dow futures were down 167.00 points, the S&P 500 futures were declining 24.25 points and the Nasdaq 100 futures were tumbling 100.75 points.
The U.S. major averages finished lower on Monday. The Dow ended with a loss of 46.73 points or 0.14 percent at 32,798.40, after moving between 32,640.79 and 32,972.03.
The S&P 500 ended lower by 11.66 points or 0.28 percent at 4,118.63, while the Nasdaq settled at 12,368.98, down 21.71 points or 0.18 percent from the previous close.
On the economic front, the Labor Department’s Job Openings and Labor Turnover Survey or JOLTS report which tracks monthly changes in job openings and offers rates on hiring and quits is scheduled at 10.00 am ET. The consensus is 11.0 million, while in the prior month the job openings were 11.25 million.
Chicago Federal Reserve Bank President Charles Evans will speak to the media on the U.S. economy and monetary policy at 9.00 am ET.
In the corporate sector, Caterpillar Inc. (CAT) reported an increase in the second quarter that beat the Street estimates. Earnings were $1.67 billion, or $3.13 per share compared to $1.41 billion, or $2.56 per share a year ago. Revenue for the quarter rose 10.6 percent to $14.25 billion from $12.89 billion last year.
Uber Technologies (UBER) reported a second-quarter net loss attributable to the company of $2.6 billion, compared to net profit of $1.14 billion in the same period, last year. On a per share basis, loss was $1.33, compared to the prior year’s earnings of $0.58. Revenue surged 105 percent to $8.07 billion from $3.93 billion a year ago.
Asian stocks fell mostly on Tuesday. Chinese shares declined on the day. The benchmark Shanghai Composite index fell 2.26 percent or 73.69 points to 3,186.27 while Hong Kong’s Hang Seng index dropped 2.36 percent or 476.63 points to 19,689.21.
Japanese shares finished lower. The Nikkei average lost 1.42 percent to close at 27,594.73, while the broader Topix index ended 1.77 percent lower at 1,925.49.
Australian markets ended up almost stable. ASX All Ordinaries finished up 3.40 points or 0.05 percent at 7,216.40.
European shares are trading mostly lower. CAC 40 of France is losing 30.57 points or 0.47 percent. DAX of Germany is down 74.67 points or 0.56 percent. FTSE 100 of England is adding 8.67 points or 0.11 percent. Swiss Market Index is sliding 76.84 points or 0.70 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.76 percent.
Business News
Wall Street Might Open In Negative Territory
2022-08-02 12:10:45
