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25/07/23 Briefing


The S&P 500 futures are up 6 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 60 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 17  point and are trading 0.1% above fair value.

The stock market is poised for higher open after yesterday's advance saw the Dow Jones Industrial Average register its eleventh straight gain. Earnings season is ramping up and market participants are eyeing key reports after today's close from Alphabet (GOOG) and Microsoft (MSFT). Some gains in mega cap stocks have been supportive of the broader market along with pleasing results from several blue chip companies. 

Separately, Chinese markets had a big day (Hang Seng +4.3%; Shanghai +2.1%) in response to talk of added policy stimulus. 

The 2-yr note yield is down one basis point to 4.87% and the 10-yr note yield is up three basis points to 3.89%. The FOMC begins its two-day policy meeting today. A new policy directive will be released at 2:00 p.m. ET on Wednesdayfollowed by Fed Chair Powell's press conference at 2:30 p.m. ET.

Market participants will receive the following economic data today:

  • 09:00 ET: May FHFA Housing Price Index (Prior 0.7%)

  • 09:00 ET: May S&P Case-Shiller Home Price Index (Briefing.comConsensus -1.9%; Prior -1.7%)

  • 10:00 ET: July Consumer Confidence (Briefing.comconsensus 111.5; Prior 109.7)

In corporate news:

  • Goldman Sachs (GS 357.05, -1.88, -0.5%): downgraded to Neutral from Buy at Citigroup

  • General Motors (GM 39.99, +0.69, +1.8%): beats by $0.05, beats on revs; raises FY23 EPS above consensus; raises FY23 adjusted EBIT guidance

  • 3M (MMM 106.45, +2.18, +2.1%) beats by $0.44, beats on revs; raises FY23 EPS in-line

  • RTX (RTX 93.95, -3..06, -3.2%): beats by $0.11, beats on revs; guides FY23 EPS in-line, revs above consensus; lowers FY23 free cash flow

  • General Electric (GE 114.41, +4.16, +3.8%): beats by $0.22, beats on revs; raises FY23 EPS above consensus

  • Walmart (WMT 160.79, +1.49, +0.9%) upgraded to Overweight from Neutral at Piper Sandler

  • Whirlpool (WHR 150.29, -0.47, -0.3%): beats by $0.45, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • F5 Networks (FFIV 164.99, +14.78, +9.8%): beats by $0.35, reports revs in-line; guides Q4 EPS in-line, revs in-line

  • Dow (DOW 53.23, -0.32, -0.6%): beats by $0.05, beats on revs

  • GE HealthCare (GEHC 80.90, +0.27, +0.3%): beats by $0.05, reports revs in-line; raises FY23 EPS in-line

  • Verizon (VZ 34.98, +0.91, +2.7%): beats by $0.04, misses on revs; reaffirms FY23 EPS guidance, reaffirms total wireless service growth of 2.5-4.5%

  • Danaher (DHR 242.02, -15.96, -6.2%): beats by $0.04, reports revs in-line

  • Sherwin-Williams (SHW 282.00, +13.98, +5.2%): beats by $0.59, beats on revs; raises FY23 EPS above consensus, revs above consensus

  • Kimberly-Clark (KMB 138.52, +1.35, +2.0%): beats by $0.17, reports revs in-line; raises FY23 EPS in-line, raises organic sales growth guidance

  • Biogen (BIIB 280.23, +3.23, +1.2%): beats by $0.25, beats on revs; reaffirms FY23 EPS guidance

  • Corning (GLW 32.74, -0.45, -1.4%): reports EPS in-line, revs in-line; guides Q3 revs below consensus, earnings below consensus

  • PulteGroup (PHM 79.75, +1.22, +1.6%): beats by $0.69, beats on revs

  • Dover (DOV 145.00, -7.09, -4.7%): misses by $0.15, misses on revs; guides FY23 EPS in-line, revs in-line

Reviewing overnight developments:

  • Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with property names leading Hong Kong's Hang Seng (+4.3%) sharply higher after China's Politburo announced that macroeconomic adjustments will be stepped up, including additional support for the real estate sector. Japan's Nikkei: -0.1%, Hong Kong's Hang Seng: +4.3%, China's Shanghai Composite: +2.1%, India's Sensex: UNCH, South Korea's Kospi: +0.3%, Australia's ASX All Ordinaries: +0.5%

  • In economic data:

  • Japan's June BoJ Core CPI 3.0% yr/yr, as expected (last 3.1%)

  • South Korea's Q2 GDP 0.6% qtr/qtr (expected 0.5%; last 0.3%); 0.9% yr/yr (expected 0.8%; last 0.9%)

  • Hong Kong's June trade deficit HKD56.6 bln (expected deficit of HKD42.4 bln; last deficit of HKD26.4 bln). June Imports -12.3% m/m (expected -11.1%; last -16.7%) and Exports -11.4% m/m (expected -24.2%; last -15.6%)

  • In news:

  • Meanwhile, officials with China's National Development Reform Commission met with six manufacturers to seek their opinions.

  • The Bank of Japan is reportedly considering boosting its inflation target to 2.5%, though there are doubts that the momentum will persist.

  • Major European indices trade near their flat lines. STOXX Europe 600: +0.3%, Germany's DAX: +0.1%, U.K.'s FTSE 100: +0.1%, France's CAC 40: +0.2%, Italy's FTSE MIB: +0.1%, Spain's IBEX 35: -0.4%.

  • In economic data:

  • Germany's July ifo Business Climate Index 87.3 (expected 88.0; last 88.6). July Current Assessment 91.3 (expected 93.0; last 93.7) and Business Expectations 83.5 (expected 83.4; last 83.8)

  • U.K.'s July CBI Industrial Trends Orders -9 (expected -17; last -15)

  • In news:

  • The European Central Bank's latest banking survey showed corporate loan demand dropping to a record low, fueling speculation that the ECB could pause its rate hike campaign after this week's meeting. Economists from Germany's ifo Institute see a rising chance of another quarter of contraction, adding that it would be reasonable for the ECB to pause its hiking cycle.

  • Unilever beat Q2 expectations and raised its guidance, but also noted that inflation has peaked.

 

U.S. equity futures:

  • S&P 500 Futures: +4 @ 4,559

  • DJIA Futures: +12 @ 35,423

  • Nasdaq 100 Futures: +46 @ 15,494

Overseas:

  • Europe: DAX +0.1%, FTSE +0.1%, CAC +0.2%

  • Asia: Nikkei -0.1%, Hang Seng +4.3%, Shanghai Composite +2.1%

Commodities:

  • Crude Oil -0.02 @ 78.72

  • Nat Gas +0.036 @ 2.724

  • Gold -1.50 @ 1960.70

  • Silver +0.244 @ 24.825

  • Copper +0.0622 @ 3.9177


 

Earnings/Guidance:

  • 3M (MMM) beats by $0.44, beats on revs; raises FY23 EPS in-line

  • Agilysys (AGYS) beats by $0.04, beats on revs; reaffirms FY24 revs guidance

  • AGNC Investment (AGNC) reports Q2 (Jun) results, posts net spread and dollar roll income per share of $0.67

  • Alaska Air (ALK) beats by $0.29, beats on revs; guides Q3 revs in-line; guides FY23 EPS in-line, revs in-line

  • Alexandria RE (ARE) beats by $0.05, beats on revs; guides FY23 FFO in-line

  • Anywhere Real Estate (HOUS) reports Q2 (Jun) results, beats on revs

  • Archer-Daniels (ADM) beats by $0.30, misses on revs

  • Armstrong World Industries (AWI) beats by $0.07, misses on revs; guides FY23 EPS above consensus, revs in-line; adds $500 mln to share buyback program

  • Asbury Automotive (ABG) beats by $0.71, misses on revs

  • Avery Dennison (AVY) misses by $0.13, misses on revs; guides Q3 EPS below consensus

  • Biogen (BIIB) beats by $0.25, beats on revs; reaffirms FY23 EPS guidance

  • Brown & Brown (BRO) beats by $0.08, beats on revs

  • Cadence Bank (CADE) misses by $0.04, misses on revs

  • Cadence Design (CDNS) beats by $0.04, reports revs in-line; guides FY23 EPS above consensus, revs in-line

  • Cathay Bancorp (CATY) beats by $0.15, net interest income decreased 5.7%

  • ChampionX (CHX) beats by $0.05, misses on revs; guides Q3 revs below consensus

  • Cleveland-Cliffs (CLF) misses by $0.01, beats on revs

  • Corning (GLW) reports EPS in-line, revs in-line; guides Q3 revs below consensus, earnings below consensus

  • Crown (CCK) beats by $0.05, misses on revs; guides Q3 EPS below consensus; lowers FY23 EPS guidance

  • Danaher (DHR) beats by $0.04, reports revs in-line

  • Dover (DOV) misses by $0.15, misses on revs; guides FY23 EPS in-line, revs in-line

  • Dow (DOW) beats by $0.05, beats on revs

  • F5 Networks (FFIV) beats by $0.35, reports revs in-line; guides Q4 EPS in-line, revs in-line

  • GE HealthCare (GEHC) beats by $0.05, reports revs in-line; raises FY23 EPS in-line

  • General Electric (GE) beats by $0.22, beats on revs; raises FY23 EPS above consensus

  • General Motors (GM) beats by $0.05, beats on revs; raises FY23 EPS above consensus; raises FY23 adjusted EBIT guidance

  • HealthStream (HSTM) beats by $0.04, reports revs in-line; reaffirms FY23 revs guidance

  • Herc Holdings (HRI) misses by $0.42, misses on revs

  • Hexcel (HXL) beats by $0.02, reports revs in-line; guides FY23 EPS below consensus, revs in-line

  • Hubbell (HUBB) beats by $0.35, reports revs in-line; guides FY23 EPS above consensus, raises revs in-line

  • Immuron (IMRN) announces first patients enrolled in Travelan clinical study

  • Independent Bank Group (IBTX) misses by $0.06, misses on revs

  • Inter Parfums (IPAR) guides Q2 revs above consensus, driven by robust growth across European and United States based product sales; lifts FY23 revenue outlook

  • Invesco (IVZ) misses by $0.09, misses on revs

  • Iridium Communications (IRDM) misses by $0.28, misses on revs

  • Kimberly-Clark (KMB) beats by $0.17, reports revs in-line; raises FY23 EPS in-line, raises organic sales growth guidance

  • Life Time (LTH) misses by $0.02, reports revs in-line; guides Q3 revs below consensus; guides FY23 revs in-line, raises adj. EBITDA guidance

  • Logitech Int'l SA (LOGI) beats by $0.20, beats on revs; guides FY24 revs below consensus

  • Medpace (MEDP) reports Q2 (Jun) results, beats on revs; guides FY23 revs above consensus

  • Moody's (MCO) beats by $0.05, beats on revs; raises FY23 EPS guidance

  • MSCI (MSCI) beats by $0.15, beats on revs; declares cash dividend of $1.38 for third quarter

  • NextGen Healthcare (NXGN) beats by $0.02, beats on revs; reaffirms FY24 EPS guidance, raises FY24 revenue guidance

  • Nucor (NUE) beats by $0.28, misses on revs; guides Q3 EPS in-line

  • NXP Semi (NXPI) beats by $0.15, beats on revs; guides Q3 EPS and revs mostly above consensus

  • ONEOK's (OKE) Pierce Manufacturing awarded $890 mln U.S. Defense Logistics Agency contract

  • Packaging Corp (PKG) beats by $0.38, misses on revs; guides Q3 EPS below consensus

  • PJT Partners (PJT) beats by $0.38, beats on revs

  • Polaris Industries (PII) beats by $0.21, beats on revs; raises FY23 EPS above consensus, revs above consensus

  • PulteGroup (PHM) beats by $0.69, beats on revs

  • Range Resources (RRC) beats by $0.08, beats on revs

  • Resources Connection (RGP) beats by $0.07, beats on revs

  • RLI Corp (RLI) misses by $0.03

  • RTX (RTX) beats by $0.11, beats on revs; guides FY23 EPS in-line, revs above consensus

  • Sandy Spring Banc (SASR) misses by $0.06

  • Sasol provides FY23 sales and production update

  • Selective Insurance (SIGI) guides Q2 EPS below consensus

  • Sensata Tech (ST) beats by $0.02, beats on revs; guides Q3 EPS below consensus, revs mostly below consensus

  • Sherwin-Williams (SHW) beats by $0.59, beats on revs; raises FY23 EPS above consensus, revs above consensus

  • Simpson Manufacturing (SSD) beats by $0.44, beats on revs

  • SITE Centers (SITC) beats by $0.01, reports revs in-line; guides FY23 FFO in-line

  • Southside Banc (SBSI) beats by $0.12

  • Spotify (SPOT) misses by EUR 0.63, revs inline, guides Q3 revenue below consensus

  • TotalEnergies SE (TTE) fully acquires Total Eren

  • TransUnion (TRU) beats by $0.03, beats on revs; guides Q3 EPS below consensus, revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • TrueBlue (TBI) misses by $0.06, misses on revs; guides Q3 revs below consensus

  • Unilever PLC (UL) reports H1 results; beats on revs

  • Verizon (VZ) beats by $0.04, misses on revs; reaffirms FY23 EPS guidance, reaffirms total wireless service growth of 2.5-4.5%

  • Vertex Energy (VTNR) provides operational update for second quarter 2023

  • Volaris Aviation (VLRS) misses by $0.23; misses on revs; reaffirms FY23 revs

  • Whirlpool (WHR) beats by $0.45, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • WSFS Financial (WSFS) beats by $0.06, beats on revs

  • Xerox (XRX) beats by $0.12, reports revs in-line

  • Zurn Elkay Water Solutions (ZWS) misses by $0.03, beats on revs; guides Q2 revs in-line; guides FY24 revs below consensus

News:

  • China plans to keep lowering interest rates and loosen more property policies, according to Bloomberg

  • FDIC sent warning letter to banks regarding deposit data, according to the Wall Street Journal

  • TikTok to introduce e-commerce business in US to sell goods that were made in China, according to the Wall Street Journal

  • AbbVie (ABBV): Health Canada approves AbbVie's RINVOQ for the treatment of adults with moderately to severely active ulcerative colitis

  • AbCellera (ABCL) announces that the U.S. patent trial and appeal board has denied berkeley lights' request for rehearing

  • Apple (AAPL): UK application developers file $1 bln lawsuit against Apple, according to Reuters

  • Astellas Pharma (ALPMY) and PeptiDream announce a research collaboration and license agreement to discover novel protein degraders for two targets selected by Astellas

  • Bank of America (BAC) and Huntington National Bank (HBAN) had among the biggest revisions to their uninsured deposit figures, according to Wall Street Journal

  • Boston Beer Co (SAM) names Diego Reynoso as its CFO and Treasurer, effective September 5

  • CF Industries (CF): CF Fertilisers UK Limited announces a proposal to permanently close the ammonia plant at its Billingham Complex in order to secure the long-term sustainability of its business in the United Kingdom and more efficiently serve its customers in the country

  • COMPASS Pathways (CMPS) reports first clinical study results of psilocybin treatment in anorexia nervosa published in Nature Medicine

  • Crown Castle (CCI) announces restructuring plan to reduce costs; includes reduction in headcount of approx. 15%

  • Gilead Sciences reports twice-yearly Lenacapavir demonstrates sustained impact on health-related quality of life in people with HIV

  • Hess Midstream Partners (HESM) increases quarterly distribution to $0.6011/share from $0.5851/ $0.6011 per Class A share

  • HSBC Holdings (HSBC): UK CMA takes action against HSBC for breaching Part 5 of the Retail Banking Order

  • Huntington Ingalls (HII) awarded $528 mln U.S. Navy contract; awarded $528.4 mln aircraft carrier maintenance contract

  • Larimar Therapeutics (LRMR) receives FDA clearance to proceed to 50 mg cohort in CTI-1601's Phase 2 Friedreich's Ataxia trial and to initiate open label extension trial

  • MasterCraft (MCFT) authorizes new $50 million share repurchase authorization

  • Modine Manufacturing (MOD) announced that it has been selected as the thermal management supplier for a new Komatsu excavator

  • Stoke Therapeutics (STOK) Announces Positive New Safety & Efficacy Data from Patients Treated with STK-001 in the Phase 1/2a Studies (MONARCH & ADMIRAL) and the SWALLOWTAIL Open-Label Extension (OLE) Study in Children and Adolescents with Dravet Syndrome

  • Tarsus Pharmaceuticals (TARS): FDA Approves XDEMVY (lotilaner ophthalmic solution) 0.25% for the treatment of Demodex blepharitis

M&A:

  • Apollo Global Management (APO): BC Partners agree to sell minority stake in PetSmart to the company, according to Bloomberg

  • Atlantic Union Bankshares (AUB) and American National Bankshares (AMNB) have entered into a definitive merger agreement for Atlantic Union to acquire American National in an all-stock transaction (

  • CareDx (CDNA) announces the acquisition of MediGO; financial terms were not disclosed

  • Chubb (CB) aiming to take 49% stake in Kotak General Insurance, according to Reuters

  • Eli Lilly (LLY) announces the extension of the expiration of the tender offer to acquire all of the issued and outstanding shares of common stock of DICE Therapeutics (DICE), for a purchase price of $48/share in cash

  • 'Eni S.p.A. (E) acquires Chevron's (CVX) Assets in Indonesia

  • Fortress (FIG): US officials are looking at Abu Dhabi sovereign wealth fund's planned merger with Fortress, according to Financial Times

Syndicate:

  • SoundHound AI (SOUN) files $400 mln mixed shelf securities offering

  • Viridian Therapeutics (VRDN) files for 243,902 shares of common stock by selling shareholders

IPOs:

  • Expected to Price:

  • Surf Air Mobility (NYSE: SRFM): The provider of a regional air travel mobility platform that shows schedules and charter flights run by third parties is offering 23.6 M shares through a direct listing.

Gapping Up/Down

  • Gapping up:

  • FFIV +10.2%, LOGI +6.2%, HSTM +5.4%, ZWS+5%, UL +5%, MCFT +4.4%, IPAR +3.9%, SSL +3.1%, RGP +3%, NIO +2.9%, BRO +2.6%, VLRS +2%, APE +1.7%, CATY +1.6%, NXPI+1.5%, MDC +1%, NXGN +1%

  • Gapping down:

  • TBI -12.6%, SOUN -7.5%, AMC -6.5%, DHR-5.4%, CDNS -4.4%, ALK -4.2%, IBTX -2.5%, CMPS -2.4%, CCK -2.2%, HXL -2.1%, AGYS-1.9%, AGNC -1.6%, NWE -1.4%, MEDP-1.2%, WHR -1%, DLR -0.9%, VRDN -0.9%, CHX -0.7%, PKG -0.5%, PII -0.5%

 

Analyst Research (see Upgrades/Downgradescalendarfor full list):

  • Upgrades

  • Adidas AG (ADDYY) upgraded to Buy from Hold at Societe Generale

  • Adidas AG (ADDYY) upgraded to Outperform from Neutral at Exane BNP Paribas

  • Datadog (DDOG) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $140

  • Fortum Oyj (FOJCY) upgraded to Buy from Hold at Berenberg

  • Huntington Banc (HBAN) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $13

  • KBC Group SA (KBCSY) upgraded to Buy from Hold at Deutsche Bank

  • Meta Platforms (META) upgraded to Buy from Neutral at New Street; tgt $350

  • Walmart (WMT) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $210

  • Zscaler (ZS) upgraded to Buy from Neutral at BTIG Research; tgt $185

  • Downgrades:

  • Avanos Medical (AVNS) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Bank of Hawaii (BOH) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt $47

  • CI&T Inc (CINT) downgraded to Neutral from Buy at Citigroup; tgt raised to $7

  • Corteva (CTVA) downgraded to Neutral from Buy at Redburn

  • Goldman Sachs (GS) downgraded to Neutral from Buy at Citigroup; tgt raised to $400

  • Inditex (IDEXY) downgraded to Neutral from Outperform at Exane BNP Paribas

  • Kodiak Sciences (KOD) downgraded to Underweight from Neutral at JP Morgan

  • MainStreet Bancshares (MNSB) downgraded to Equal-Weight from Overweight at Stephens; tgt $24

  • NIKE (NKE) downgraded to Underperform from Neutral at Exane BNP Paribas

  • Progressive (PGR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $114

  • Rackspace Technology (RXT) downgraded to Sell from Neutral at Citigroup; tgt raised to $1.50

  • Sprouts Farmers Market (SFM) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $42

  • TC Energy (TRP) downgraded to Neutral from Sector Outperform at CIBC

  • Tractor Supply (TSCO) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $226

  • Vermilion Energy (VET) downgraded to Hold from Buy at Desjardins

  • Zevia PBC (ZVIA) downgraded to Neutral from Buy at Goldman; tgt lowered to $3

  • Walt Disney (DIS) downgraded to Underweight from Neutral at Atlantic Equities; tgt lowered to $76

  • Others:

  • dLocal Limited (DLO) initiated with a Positive at Susquehanna; tgt $18.50

  • Electronic Arts (EA) initiated with a Hold at HSBC Securities; tgt $128

  • Emerald Holding (EEX) initiated with a Buy at Rosenblatt; tgt $7.20

  • Endava (DAVA) placed on negative catalyst watch at Citigroup; tgt lowered to $63

  • EPAM Systems (EPAM) placed on negative catalyst watch at Citigroup; tgt raised to $240

  • Fidelis Insurance Holdings Limited (FIHL) initiated with a Market Perform at BMO Capital Markets; tgt $15

  • Fluence (FLNC) initiated with a Neutral at ROTH MKM; tgt $31

  • Howmet Aerospace (HWM) initiated with an Outperform at Robert W. Baird; tgt $61

  • Incyte (INCY) initiated with a Buy at Citigroup; tgt $82

  • JD.com(JD) named Research Tactical Idea at Morgan Stanley; tgt $60

  • Kenvue (KVUE) initiated with a Buy at Edward Jones

  • lululemon athletica (LULU) assumed with an Overweight at KeyBanc Capital Markets; tgt $425

  • MAC Limited (MTAL) initiated with a Buy at Canaccord Genuity; tgt $13

  • Mobileye Global (MBLY) resumed with an Equal-Weight at Morgan Stanley; tgt $34

  • NIKE (NKE) assumed with a Sector Weight at KeyBanc Capital Markets

  • On (ONON) initiated with an Overweight at KeyBanc Capital Markets; tgt $42

  • Playtika (PLTK) initiated with a Buy at HSBC Securities; tgt $15.80

  • ProKidney Corp. (PROK) initiated with a Buy at BTIG Research; tgt $16

  • Shift4 Payments (FOUR) initiated with a Buy at Mizuho; tgt $80

  • Sprinklr (CXM) initiated with a Buy at DA Davidson; tgt $17

  • Take-Two (TTWO) initiated with a Buy at HSBC Securities; tgt $170

  • Warner Music Group (WMG) initiated with an Outperform at TD Cowen; tgt $38

  • Watsco (WSO) initiated with a Neutral at Mizuho; tgt $360

  • Wix.com(WIX) placed on 90-day upside catalyst watch at Citigroup; tgt $120

Econ Data:

  • 09:00 ET: FHFA Housing Price Index for May (Briefing.comConsensus NA; Prior 0.7%)

  • 09:00 ET: S&P Case-Shiller Home Price Index for May (Briefing.comConsensus -1.9%; Prior -1.7%)

  • 10:00 ET: Consumer Confidence for July (Briefing.comConsensus 111.5; Prior 109.7)

Earnings:

  • Monday (Jul 24)

  • Morning:  BOH DPZ HOPE PHG

  • Afternoon: AGYS AGNC ARE BRO CADE CDNS CATY CHX CLF CCK FFIV HSTM HXL IBTX LOGI MEDP NXGN NWE NXPI PKG RRC RGP RLI SSD TBI WHR WSFS

  • Tuesday (Jul 25)

  • Morning: MMM ALK ACI HOUS ADM ARCC AWI ABG AUB AVY BKU BIIB GLW CTS DHR DOV DOW FELE GATX GEHC GE GM HRI HUBB IVZ IRDM KMB LW LTH MCO MSCI NEE NEP NUE NVR ONB PCAR PJT PII PHM RTX SASR ST SHW SFNC SITC SBSI SPOT TRU VZ XRX

  • Afternoon:  GOOG ASH ATRC BANC BDN CALM CNI CB CSGP CR EGP WIRE ENVA EQT EEFT FCF HA HIW KALU LXFR MANH MTDR MMSI MSFT NEX PACW PRO RNR RNST ROIC RHI SNAP TDOC TENB TXN TRMK UMBF UHS VBTX VICR V WM WSBC

  • Wednesday (Jul 26)

  • Morning:  AMG ALKS ALLE APH T ADP BXMT BA BOKF GIB CHKP CME KO CSTM EVR FI FTV GD GPI HCSG HES HLT LAD LIVN MNRO COOP NAVI EDU ODFL OMF OTIS OC PAG BPOP PRG PB DGX RCI RES RPM R SLGN SLAB SCL TMHC TEL TDY TMO TLRY TSEM TNL UNP UMC VIRT WNC

  • Afternoon:  AEM AGI AIN ALGN AWK AMP NLY AM AR ACGL ASGN AGR CSL CLS CCS CHE CMG CHDN FIX CNMD CLB CVBF EBAY EW ESI EIG ENVX EQC EG EVTC FIBK FLEX FTAI GFL GL GSHD GGG HP ICLR IEX IMAX PI INVH LHX LRCX LSTR LC MAT MXL META MEOH MAA MC MOH MYRG NTGR NXT NOV ORLY OII CASH PTEN PEGA PDM PPC PLXS PTC QS RJF ROL SLM STX SEIC NOW STAG STC SUI NOVA TER TNET TROX TYL UDR URI VMI VICI VKTX VSTO WU WH

  • Thursday (Jul 27)

  • Morning: AOS ABBV AGCO AEP AMT MT ARCH AMBP ATHM AVNT BCS BAX BSX BFH BMY BC CRS CARR CBZ CBRE CVE CNP CMS CNX CMCSA CROX CFR DTE EXP EME EXLS XPRO FSS FAF FBP FCFS FSV FCN GWW HEES HOG HCA HSY HTZ HON INMD IP ITGR IART KBR KDP KIM KEX LH LAZ TREE LII LECO LIN LKQ HZO MLM MAS MA MCD MDC MBLY NEOG NTCT NYCB NSC NOC NVCR OTLY OIS OPCH OSTK PPBI PATK BTU PNR PRFT PCG PDS PRCT RS RCL SPGI SAH LUV SRCL STM STRA FTI TECK TXT SHYF TSCO TW TPH TRS VLO VLY WAB WST WEX WTW XEL

  • Afternoon:  ACHC AB ALSN AMH ABCB APPF ATR AJG AXNX AX BZH BJRI SAM BYD CP CWST CC CINF OFC COUR CUZ DECK DXCM DLR EMN EIX ENPH EQR ESS EXPO FHI FSLR F FBIN GLPI HIG PEAK HUBG HURN INTC JNPR KNSL KLAC LYV LPLA LTC MGRC MTH MTD MTX MHK MDLZ NATI OLN PEB PFSI PFG PFS ROKU SIMO SKX SKYW SNBR SSB SPSC SSNC SG TMUS TXRH SLCA X UCTT VRSN WY

  • Friday (Jul 28) 

  • Morning:  AON ARCB AZN AVTR B BAH CNC GTLS CHTR CVX CHD CNHI CL DAN XOM FHB BEN GNTX IMO MOG.A NWL NMRK NVT PIPR POR PG SAIA SNY STEL STVN TROW TRP WPC WT

 

Asia & Europe detail:

Asia: Nikkei -0.1%, Hang Seng +4.3%, Shanghai Composite +2.1%

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note with property names leading Hong Kong's Hang Seng (+4.3%) sharply higher after China's Politburo announced that macroeconomic adjustments will be stepped up, including additional support for the real estate sector. Meanwhile, officials with China's National Development Reform Commission met with six manufacturers to seek their opinions. The Bank of Japan is reportedly considering boosting its inflation target to 2.5%, though there are doubts that the momentum will persist.

  • In economic data:

  • Japan's June BoJ Core CPI 3.0% yr/yr, as expected (last 3.1%)

  • South Korea's Q2 GDP 0.6% qtr/qtr (expected 0.5%; last 0.3%); 0.9% yr/yr (expected 0.8%; last 0.9%)

  • Hong Kong's June trade deficit HKD56.6 bln (expected deficit of HKD42.4 bln; last deficit of HKD26.4 bln). June Imports -12.3% m/m (expected -11.1%; last -16.7%) and Exports -11.4% m/m (expected -24.2%; last -15.6%)

---Equity Markets---

  • Japan's Nikkei: -0.1%

  • Hong Kong's Hang Seng: +4.3%

  • China's Shanghai Composite: +2.1%

  • India's Sensex: UNCH

  • South Korea's Kospi: +0.3%

  • Australia's ASX All Ordinaries: +0.5%

---FX---

  • USD/JPY: UNCH at 141.43

  • USD/CNH: -0.5% to 7.1443

  • USD/INR: +0.1% to 81.87

 

Europe: DAX +0.1%, FTSE +0.1%, CAC +0.2%

Major European indices trade near their flat lines. The European Central Bank's latest banking survey showed corporate loan demand dropping to a record low, fueling speculation that the ECB could pause its rate hike campaign after this week's meeting. Economists from Germany's ifo Institute see a rising chance of another quarter of contraction, adding that it would be reasonable for the ECB to pause its hiking cycle. Unilever beat Q2 expectations and raised its guidance, but also noted that inflation has peaked.

  • In economic data:

  • Germany's July ifo Business Climate Index 87.3 (expected 88.0; last 88.6). July Current Assessment 91.3 (expected 93.0; last 93.7) and Business Expectations 83.5 (expected 83.4; last 83.8)

  • U.K.'s July CBI Industrial Trends Orders -9 (expected -17; last -15)

---Equity Markets---

  • STOXX Europe 600: +0.3%

  • Germany's DAX: +0.1%

  • U.K.'s FTSE 100: +0.1%

  • France's CAC 40: +0.2%

  • Italy's FTSE MIB: +0.1%

  • Spain's IBEX 35: -0.4%

---FX---

  • EUR/USD: -0.2% to 1.1040

  • GBP/USD: +0.1% to 1.2834

  • USD/CHF: UNCH at 0.8695

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