Stock Futures Today
This morning, major Chinese markets saw their biggest one-day decline since 2007. Shares of Chinese ADRs are having a rough morning, including Alibaba Group Holding Ltd. (NYSE: BABA).
On Friday, the Dow Jones Industrial Average fell 163 points on the day, extending the index's losing streak to four days. A sharp decline in materials and healthcare stocks and a decline in commodity prices offset strong earnings reports by Amazon.com Inc. (Nasdaq: AMZN), Visa Inc. (NYSE: V), and Starbucks Corp. (Nasdaq: SBUX).
Top News in the Stock Market Today
- The Stock Market Today: This morning, earnings week continues and speculation about a pending rate hike by the U.S. Federal Reserve will be in full swing. The economic calendar for this week is relatively light, with the exception of a very important Q2 GDP reading on Thursday.
- Oil Outlook: Oil prices continued to decline as traders worried about oversupply on the global markets and the broader market sell-off in China. WTI crude futures for September fell more than 1% to hit $47.63 per barrel. Meanwhile, Brent oil prices slipped 1.5% to hit $53.78 per barrel. Both U.S. and Brent crude are on pace to post monthly losses of more than 10%.
- Earnings Reports: Companies reporting earnings today include Aaron's Inc. (NYSE: AAN), AbbVie Inc. (Nasdaq: ABBV), American Airlines Group Inc. (Nasdaq: AAL), Barnes Group Inc. (NYSE: B), South State Corp. (NYSE: SSB), and Spirit Airlines Inc. (Nasdaq: SAVE).
Pre-Market Movers in the Stock Market Today: AGN, TEVA, MYL, FCAU, VZ
- Pre-Market Movers No. 1, AGN: Shares of Allergan Plc. (NYSE: AGN) were up more than 8% this morning on news that it will sell its generic drug unit to Teva Pharmaceuticals Industries Ltd. (NYSE ADR: TEVA) for $40.5 billion. The deal means that Teva has withdrawn its offer to purchase generic drug maker Mylan NV (Nasdaq: MYL). That news sent shares of Mylan into a tailspin this morning, declining more than 14%.
- Pre-Market Movers No. 2, FCAU: Shares of Fiat Chrysler Automobiles NV (NYSE: FCAU) slipped more than 2% this morning after the National Highway Traffic Safety Administration said it was fining the auto giant $105 million over problems related to its recent safety recalls.
- Pre-Market Movers No. 3, VZ: Shares of Verizon Communications Inc. (NYSE: VZ) were down 0.5% this morning on news that employees in nine states are prepared to strike over their current contract. The deal covers roughly 39,000 unionized employees and expires Aug. 1.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.