Stock futures stable as investors look ahead to earnings

Dow Jones Industrial Average futures added 22 points, or 0.1%. S&P 500 and Nasdaq 100 futures also each climbed 0.1%. The S&P 500 and Dow slid around 0.3% and 0.5%, respectively. But the Nasdaq Composite eked out a 0.06% advance. The tech-heavy index was able to post a second day of gains despite selling pressure as investors readied for earnings from Nvidia, which was the biggest laggard on the index in Tuesday’s session. 

Summary for 23.08.2023 

• Stock futures are near flat Tuesday night as investors awaited on the latest crop of corporate earnings reports from well-known names including Nvidia 
• Pan-European stocks jumped 0.7%, helped by a rally in tech shares.
• 10-year Treasury yields near 16-year high whilst Tech optimism lifts Europe, Asia stocks ahead of Nvidia results. In fact 10 yr US Tr climbed to 4.366% – up almost 40 bps month to date – highest level since 2007 
• Existing-home sales in the United States dropped 2.2 percent from a month earlier to a seasonally adjusted annualized rate of 4.07 million units in July 2023, the lowest level since January and below market expectations of 4.15 million. 
• Powell “is unlikely to give direction on September, but he is likely to hint at elevated rates for longer to ensure that inflation has come down,” analysts at TD Securities said, referring to the Fed’s next policy meeting in September. 
• Household names set to report Wednesday. Peloton, Foot Locker, Kohl’s and Abercrombie & Fitch are due before the bell, followed by artificial intelligence stock Nvidia and fellow technology company Snowflake after the market closes. 
• Asian stocks mixed – mirroring similar moves on Wall Street as caution dominated investor sentiment
• Global investors have been shedding China’s blue-chip stocks in what’s been a record-selling streak, showing even the nation’s industry leaders are falling out of favour as a rout deepens. 
• Country Garden Holdings Co., the distressed Chinese developer that earlier this month missed interest payments on some dollar bonds, is leaving investors in the dark about the exact date the grace period ends. 
• U.S. Commerce secretary set to visit China next week as high-level talks continue 
• The au Jibun Bank Japan Manufacturing PMI edged up to 49.7 in August 2023 from a final 49.6 in July, above market estimates of 49.5, flash data showed. It was the third straight month of contraction in factory activity 
• Lithium Craze Sparks 1,100% Stock Gains as Well as Deep Losses
• Oil holds two day loss on demand – US nationwide crude inventories fell 2.4 million barrels whilst WTI traded below $80 a barrel after falling 1.3% over two days