BY THE NUMBERS
Dow futures indicated a roughly 70-point gain at the opening bell, ahead of a blockbuster Big Tech congressional hearing, a Fed policy statement and another batch of corporate earnings reports. S&P 500 and Nasdaq futures also were mildly higher. The Dow on Tuesday fell about 205 points, or .77%. The S&P 500 gave up .65% while the tech-heavy Nasdaq Composite sank 1.27%.
The Dow, S&P 500 and Nasdaq have fallen in three of the past four trading days, although all remain on course for solid July gains. The Dow begins the new day at a more than two-week low, coming off its lowest close since July 13.
*Treasury yields edge higher ahead of Fed interest rate decision (CNBC)
The Federal Reserve's Open Market Committee will issue its latest policy statement at 2:00 p.m. ET, followed by Fed Chairman Jerome Powell's virtual news conference 30 minutes later.
General Electric (GE), Boeing (BA), and General Motors (GM) lead a long list of morning earnings reports; streaming service Spotify (SPOT) also reports. After the bell, PayPal (PYPL), Qualcomm (QCOM) and Yum China (YUMC) are scheduled to post quarterly earnings.
*GM swings to a loss as coronavirus shuttered factories and devastated sales (CNBC)*GE reports quarterly loss as coronavirus pandemic hits hard (Reuters)*Boeing posts net loss of $2.4 billion and slows aircraft production amid coronavirus-weakened demand (CNBC)
Total mortgage application volume fell 0.8% last week from the previous week, according to theMortgage Bankers Association's latest report.Mortgage applications to buy a home were down 2% last week compared to the prior week but 21% higher annually. (CNBC)
The CEOs of Amazon, Apple, Google-parent Alphabet and Facebookare set to testify in front the House Antitrust Subcommittee later today. The blockbuster virtual hearing will be Amazon chief executive Jeff Bezos' first congressional testimony. It comes as part of the House Judiciary Committee's investigation into Big Tech and potential anti-competitive practices. Mark Zuckerberg is expected to defend Facebook's acquisitions of Instagram and WhatsApp, portraying them as key to creating better services for both users and advertisers. (CNBC)
*Jeff Bezos will testify about how Amazon is the quintessential American company (CNBC)*Google CEO Sundar Pichai plans to tell Congress the company faces plenty of competition (CNBC)*Tim Cook will testify that Apple is in fierce competition with Google and Huawei (CNBC)
Biotech firm Moderna (MRNA) is planning to price its potential coronavirus vaccine at $50 to $60 per course for high-income countries, according to a Financial Times report. The price for the two-dose vaccine comes in higher than the proposed price from Pfizer(PFE) and German-based BioNTech, according to Reuters, based on the companies' $1.95 billion deal with the U.S. government to produce and deliver 100 million doses. The price for Moderna's vaccine, which entered late-stage human trials earlier this week, is not finalized, Reuters reported. (FT)
Hong Kong is increasing its restrictions to curb the spread of Covid-19 as local officials warn the city is at risk of a large-scale virus outbreak. There's been an "upsurge" in local infections, said Chief ExecutiveCarrie Lam, who warned of overrunning the health-care system. The government is banning gatherings of more than two people, suspending indoor dining at restaurants and requiring face masks in public. (Reuters)
*Europe scrambles to avoid a second coronavirus wave, as infections rise (Washington Post)
The U.S. Senate will not pass a coronavirus relief bill that does not have liability shields for businesses and universities, Majority LeaderMitch McConnelltold CNBC. The Kentucky Republican said Tuesday on "Closing Bell" that the GOP was "not negotiating over liability protection," but he added the party was open to compromise with Democrats on other issues. Senate Republicans released their roughly $1 trillion legislative proposal on Monday. (CNBC)
*Most swing state voters support extending $600 weekly unemployment benefit, CNBC/Change Research poll finds(CNBC)
The Trump administration has started negotiations with the office of Oregon's governor over the presence of federal agents in Portland, according to the Associated Press, expressing a willingness to scale back if the state increases its own enforcement in the city, which has seen nearly two months of nightly protests in the wake of George Floyd's death. The talks are still in the early stages and no agreement is in place, the wire service reported. (AP)
*Portland protests bring early-morning clash with feds after more than 1,000 turn out Tuesday (The Oregonian)* Attorney General Barr, grilled by House Democrats, defends aggressive federal response in Portland (LA Times)
In a historic move,AMC Theaters(AMC) and Comcast-ownedUniversal Picturesinked an agreement to shorten the theatrical release window for Universal's movies, allowing them to head to digital streaming just 17 days after their debut on the big screen. Theaters previously would have the exclusive rights to films for about 90 days. AMC will share in some of the new revenue from the digital on-demand rentals. Comcast is parent company of CNBC and NBCUniversal. (CNBC)
Starbucks (SBUX) exceeded Wall Street expectations in its earnings report and raised its adjusted earnings outlook for the fiscal fourth quarter, sending its stock up more than 5% in premarket trading. The coffee chain expressed optimism about its recovery from the coronavirus in the U.S. and China, although it saw global same-store sales plunge 40% in the quarter. (CNBC)
*Restaurant transactions plateau as coronavirus cases surge (CNBC)
The American Federation of Teachers, one of the largest teachers' unions in the U.S., will support any of its local chapters that decide to strike if they feel school reopening plans are not safe enough. The federation, which represents 1.7 million school employees, said in its Tuesday resolution that striking should be the last option, but it called for reopening plans to include social distancing measures and mask requirements. It also said buildings should only reopen in places where coronavirus transmission rates are low. (USA Today)
Visa (V) came in 4 cents above estimates with quarterly earnings of $1.07 per share, with revenue above estimates as well. The payments processor did say that payment volume was down 10% during the quarter with profit dropping 23%, as consumer spending was hit by rising unemployment.
Mondelez (MDLZ) reported adjusted quarterly profit of 63 cents per share, 7 cents above estimates, with the snack maker's revenue slightly above Wall Street forecasts. Strong demand for its snacks in North America helped offset other declines, and Mondelez also announced an 11% dividend increase.
FireEye (FEYE) surprised analysts who had expected a loss by reporting an adjusted profit of 9 cents per share with revenue above estimates as well. The cybersecurity company benefited from the shift to cloud-based work amid the pandemic.
Avis Budget (CAR) reported a quarterly loss of $5.60 per share, slightly smaller than the loss of $5.68 that analysts were expecting. The car rental's revenue beat estimates, with a recovering used car market and increased leisure rentals helping results.
L Brands (LB) is cutting 15% of its corporate staff, amounting to 850 jobs. The parent of Victoria's Secret and Bath & Body Works also projected a smaller than expected current quarter sales decline.
Spirit Airlines (SAVE) will tell its unions to be prepared for possible October furloughs of 20 to 30% of workers, according to a memo sent to employees and first reported by Reuters.
Advanced Micro Devices (AMD) beat estimates by 2 cents with adjusted quarterly profit of 18 cents per share, with the chip maker's revenue above estimates as well. AMD also raised its full-year forecast, as the surge in the number of employees working from home raises demands for its chips.
EBay (EBAY) reported adjusted quarterly earnings of $1.08 per share, 2 cents above estimates, with the e-commerce company's revenue also beating forecasts. It also raised its full-year outlook, amid more online shopping by people staying indoors during the coronavirus pandemic.
Amgen (AMGN) earned an adjusted $4.25 per share for its latest quarter, compared to a $3.82 consensus estimate, with revenue above forecasts as well. The biotech company was helped by stronger sales of its newer drugs.
Budweiser has unveiled its newest beer with a twist. It has no alcohol. The 50-calorie Bud Zero is now going out nationwide and was created with the help of former NBA star Dwyane Wade. The new drink gives Anheuser Busch Inbev (BUD) further exposure to the non-alcoholic beer category, which has been growing fast this year. (USA Today)
Here is the original post:
What to watch today: Dow to open higher ahead of Big Tech hearing and Fed policy decision - CNBC
- Report Sounds Alarm Over Growing Role of Big Tech in US Military-Industrial Complex - Common Dreams - April 18th, 2024 [April 18th, 2024]
- Big Tech's ad transparency tools especially X's are failing at their jobs, report finds - Mashable - April 18th, 2024 [April 18th, 2024]
- Big Tech Taps AI Agents to Drive Revenue Growth - PYMNTS.com - April 18th, 2024 [April 18th, 2024]
- National privacy standard eyed by Congress for data harvested by big tech companies Nebraska Examiner - Nebraska Examiner - April 18th, 2024 [April 18th, 2024]
- Big Tech is on a generative AI hiring spree - Fast Company - April 18th, 2024 [April 18th, 2024]
- Disruptive Innovation in the Era of Big Tech - HBR.org Daily - April 18th, 2024 [April 18th, 2024]
- Betting on US Big Tech? Top Earnings Reports to Watch in the Coming Week - FX Empire - April 18th, 2024 [April 18th, 2024]
- Big Tech Earnings Are Just Around the Corner - Meta Platforms (NASDAQ:META) - Benzinga - April 18th, 2024 [April 18th, 2024]
- WATCH LIVE: Will Cain holds panel to discuss Big Tech and Trump trial - Fox News - April 18th, 2024 [April 18th, 2024]
- Google fires 28 workers in aftermath of protests over big tech deal with Israeli government - The Bakersfield Californian - April 18th, 2024 [April 18th, 2024]
- Big Tech offices are getting smaller and that spells trouble for landlords - Quartz - April 18th, 2024 [April 18th, 2024]
- Asking Big Tech to police AI is like turning to 'oil companies to solve climate change,' AI researcher says - Fortune - April 18th, 2024 [April 18th, 2024]
- Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur - CoinDesk - April 18th, 2024 [April 18th, 2024]
- Big Tech loses its appetite for office space, adding to landlords woes - Inman - April 18th, 2024 [April 18th, 2024]
- Google restructure leads to job cuts - Mobile World Live - April 18th, 2024 [April 18th, 2024]
- FTC's Lina Khan talks big tech monopolies on The Daily Show - The Ticker - April 18th, 2024 [April 18th, 2024]
- Digital public infrastructure will drive the future, not big tech: Amitabh Kant - BusinessLine - April 18th, 2024 [April 18th, 2024]
- Big tech is downsizing work space in another blow to office real estate | Mint - Mint - April 18th, 2024 [April 18th, 2024]
- UK Plans Talks With Big Tech to Limit Online Harm for Teens - Bloomberg - April 18th, 2024 [April 18th, 2024]
- Canada to Start Taxing Tech Giants in 2024 Despite US Complaints - Bloomberg - April 18th, 2024 [April 18th, 2024]
- US quarterly earnings to feature big growth in tech-related companies - Reuters - April 18th, 2024 [April 18th, 2024]
- Our View: Big Tech: Google continues to harm news groups for its own profit - Mankato Free Press - April 18th, 2024 [April 18th, 2024]
- Deepfake victims must punish Big Tech because Congress wont - The Hill - April 18th, 2024 [April 18th, 2024]
- Big tech kneecaps anyone researching it. The online harms bill needs to remove barriers to analysis - Policy Options - April 18th, 2024 [April 18th, 2024]
- Global future will not be driven by big tech but by India's DPI: Amitabh Kant - Moneycontrol - April 18th, 2024 [April 18th, 2024]
- Kids Code bills prompt epic showdown between regulators, activists and big tech firms - Biometric Update - April 18th, 2024 [April 18th, 2024]
- Tech Firms Retreating From Office Market - The Real Deal - April 18th, 2024 [April 18th, 2024]
- UKs antitrust enforcer sounds the alarm over Big Techs grip on GenAI - TechCrunch - April 18th, 2024 [April 18th, 2024]
- Time for government to regulate big tech - ACS - April 18th, 2024 [April 18th, 2024]
- UK Markets Authority Warns of AI Market Capture by Big Tech - BankInfoSecurity.com - April 18th, 2024 [April 18th, 2024]
- 2023 Boosts Big Techs AI monopoly? Google, Microsoft, Nvidia, and others wield money power - HT Tech - January 2nd, 2024 [January 2nd, 2024]
- Alphabet (GOOGL) and Meta Shows Power of Ads Over Subscriptions - Bloomberg - January 2nd, 2024 [January 2nd, 2024]
- Looking Beyond The 'Magnificent 7' Analysts Just Upgraded These Three Large-Cap Stocks - Anheuser-Busch - Benzinga - January 2nd, 2024 [January 2nd, 2024]
- Mapping the Biggest Tech Talent Hubs in the U.S. and Canada - Visual Capitalist - January 2nd, 2024 [January 2nd, 2024]
- Google, Meta, other tech giants slash DEI-related jobs, resource groups in 2023: Report - Fox Business - January 2nd, 2024 [January 2nd, 2024]
- South Koreas proposed tech regulations would be a gift to China - The Hill - January 2nd, 2024 [January 2nd, 2024]
- Outlook 2024: Big changes to expect in personal tech - The Indian Express - January 2nd, 2024 [January 2nd, 2024]
- Big Tech Dumped $17 Billion Into AI Companies in 2023 Despite Frozen Market - The Messenger - January 2nd, 2024 [January 2nd, 2024]
- Why OpenAI signals the start of the post-Christensen startup world - Tech.eu - January 2nd, 2024 [January 2nd, 2024]
- Opinion | Lindsey Graham and Elizabeth Warren: When It Comes to Big Tech, Enough Is Enough - The New York Times - July 29th, 2023 [July 29th, 2023]
- Globe editorial: Canada can't tackle Big Tech on its own - The Globe and Mail - July 29th, 2023 [July 29th, 2023]
- July jobs report and more Big Tech earnings are in the week ahead after markets notch historic run for Dow - CNBC - July 29th, 2023 [July 29th, 2023]
- A Setback in the F.T.C.'s Fight Against Big Tech - The New Yorker - July 29th, 2023 [July 29th, 2023]
- Be strong in the fight against Big Tech, Canada - Canada's National Observer - July 29th, 2023 [July 29th, 2023]
- Decoding volatility: Are big tech stocks as stable as we think? - CryptoSlate - July 29th, 2023 [July 29th, 2023]
- Patients think their health data will be leaked and don't trust big tech ... - Contemporary Pediatrics - July 29th, 2023 [July 29th, 2023]
- The Role of Artificial Intelligence in Big Tech Earnings Season - Fagen wasanni - July 29th, 2023 [July 29th, 2023]
- The problem with Big Tech's voluntary AI safety commitments - Emerging Tech Brew - July 29th, 2023 [July 29th, 2023]
- How the Crypto Market Prepares Ahead of Big Tech Earnings ... - BeInCrypto - July 29th, 2023 [July 29th, 2023]
- Tony Anscombe: It's Misleading to Ask if Big Tech Wants to Read ... - BroadbandBreakfast.com - July 29th, 2023 [July 29th, 2023]
- The Week Ahead: Fed, ECB and BoJ set rates, and Big Tech ... - Financial Times - July 29th, 2023 [July 29th, 2023]
- China's Big Tech making a comeback with Beijing offering fresh ... - The Straits Times - July 29th, 2023 [July 29th, 2023]
- Montgomery County school district sues Big Tech over youth mental ... - Washington Times - June 18th, 2023 [June 18th, 2023]
- Big Tech knows most Brits don't know how to protect their online ... - TechRadar - June 18th, 2023 [June 18th, 2023]
- The time for talk is over is time for action on data privacy - The Hill - June 18th, 2023 [June 18th, 2023]
- Meet the man calling out Big Techs climate hypocrisy - Corporate Knights Magazine - June 18th, 2023 [June 18th, 2023]
- Letter: UK watchdog's tough stance on Big Tech should reassure MPs - Financial Times - June 18th, 2023 [June 18th, 2023]
- Peter Thiel on Big Tech: A Throwback Lecture - Walter Bradley Center for Natural and Artificial Intelligence - June 18th, 2023 [June 18th, 2023]
- Big Tech Is Big Tobacco - The Lever - May 6th, 2023 [May 6th, 2023]
- Graham fires warning shot at Big Tech: Were going to unleash the courtrooms of America on you - Fox News - May 6th, 2023 [May 6th, 2023]
- Experts weigh the current cost of anticompetitive behavior in Big ... - NYU Law - May 6th, 2023 [May 6th, 2023]
- Big Tech lobbying on AI regulation as industry races to harness ... - Center for Responsive Politics - May 6th, 2023 [May 6th, 2023]
- 'Big Tech is knowingly fueling a mental-health crisis in this country ... - Morningstar - May 6th, 2023 [May 6th, 2023]
- EY's Abandoned Split Exposes Obstacles to Big Tech Consulting - Bloomberg Tax - May 6th, 2023 [May 6th, 2023]
- Apple CEO Tim Cook calls mass layoffs a last resort, as the company avoids the giant job cuts of its Big Tech peers - Yahoo Finance - May 6th, 2023 [May 6th, 2023]
- Big Tech stocks are flying! Which ones are the best buys today? - Motley Fool UK - May 6th, 2023 [May 6th, 2023]
- Why Indian start-ups have accused the Internet and Mobile Association of India of spreading Big Tech propaganda - The Indian Express - May 6th, 2023 [May 6th, 2023]
- Intimate Images Protection Update Big Tech Warned To Be Ready ... - BC INJURY LAW - May 6th, 2023 [May 6th, 2023]
- Apple Stock and Big Tech Are Winners. Why Cathie Wood's ARK Is Still a Loser. - Barron's - May 4th, 2023 [May 4th, 2023]
- White House officials will meet Big Tech CEOs as President Biden looks to tackle AI safety concerns - Yahoo Canada Finance - May 4th, 2023 [May 4th, 2023]
- The top 10 buzziest companies Gen Z wants to work fornone of them are in Big Tech, says new report - CNBC - May 4th, 2023 [May 4th, 2023]
- Apple Reports Earnings Today. What to Expect. - Barron's - May 4th, 2023 [May 4th, 2023]
- Big Tech Earnings: Time to Take Another Bite of Apple? - Yahoo Finance - May 4th, 2023 [May 4th, 2023]
- Vibe Check: Big Tech Is Losing Its 'Luster' For The Class Of 2023 Amid Mounting Layoffs And An Uncertain Economy - Forbes - May 4th, 2023 [May 4th, 2023]
- Lindsey Graham says Big Tech will kill online child safety bill, teases plan with Elizabeth Warren - Washington Times - May 4th, 2023 [May 4th, 2023]
- 'Break them open' new EU rules coming for Big Tech - TNW - May 4th, 2023 [May 4th, 2023]
- EY's Abandoned Split Exposes Obstacles to Big Tech Consulting - Bloomberg Law - May 4th, 2023 [May 4th, 2023]
- Open Source Communities Need More Than Funding From Big Tech - DevOps.com - May 4th, 2023 [May 4th, 2023]
- Night School, Class 3: Big Tech vs the insurgents - Financial Times - May 4th, 2023 [May 4th, 2023]
- MM View: The Big Tech monster is coming for you - but only if you let it - Money Marketing - May 4th, 2023 [May 4th, 2023]