CNBC (from yesterday)
U.S. stock futures were pointing to a lower open on Wall Street, following Monday's sharp sell-off and Tuesday's rebound rally. Tuesday's gain for the Dow was its largest in two months, and the S&P 500 also staged an impressive comeback. However, over the past two trading days, both are virtually flat. (CNBC)
The yield on the benchmark 10-year Treasury note today broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator for economic recessions. The move reflects increasing worries about the global economy as investors rush into safe-haven assets. (CNBC)
* China fixes its daily yuan midpoint at 7.0312 stronger than expected (CNBC)
* China's July industrial output rose 4.8% slowest in 17 years (Reuters)
* $1 trillion US budget deficit is one big reason the Fed may have to cut rates (CNBC)
The United States Trade Representative office said new tariffs on certain consumer items would be delayed until Dec. 15, while other products were being removed from the new China tariff list altogether. The duties had been set to go into effect on Sept. 1, so the announcement eased concerns about the holiday shopping season. (CNBC)
* Mattel, Hasbro surge after US delays tariffs on China-made toys (CNBC)
* Retail stocks surge after tariffs for clothing, footwear delayed (CNBC)
A busy day for government economic numbers begins at 8:30 a.m. ET, with the latest figures on initial jobless claims, productivity, and retail sales. The New York Fed's Empire State manufacturing index and August Philly Fed index are also released. July industrial production figures are out at 9:15 a.m. ET. Both June business inventories and the National Association of Home Builders' August sentiment index are out at 10 a.m. (CNBC)
* Weekly mortgage refinances spike 37% in one week as rates fall further (CNBC)
Retailer Macy's (M) is out with quarterly earnings this morning, with Canada Goose (GOOS), and China's Luckin Coffee (LK) also reporting. Dow component Cisco Systems (CSCO) is out with quarterly earnings after the bell this afternoon, along with Agilent (A) and NetApp (NTAP). (CNBC)
IN THE NEWS TODAY
CBS and Viacom have agreed to merge, ending years of on-and-off talks. The new company will be called ViacomCBS, and Viacom's CEO, Bob Bakish, will be the CEO of the combined company. Joe Ianiello, who was serving as CBS CEO since last year, will be the chairman of CBS and will be in charge of CBS assets after the merger. (CNBC)
The Federal Trade Commission is prepared to break up major technology companies if necessary by undoing past mergers, Chairman Joe Simons said, as the regulator probes anti-competitive practices. He said breaking up a company is challenging, but could be the right remedy to rein in dominant companies and restore competition. (Reuters)
Alphabet Google (GOOGL) unit, Facebook (FB) and Amazon (AMZN) are among the companies that will testify next week at a U.S. government hearing on the French government's digital services tax. In July, the French Senate approved a 3% levy that will apply to revenue from digital services earned in France by big tech companies. (Reuters)
STOCKS TO WATCH
Shares of Tilray (TLRY) was falling about 9% in premarket trading after the company reported a wider-than-expected loss. The cannabis producer did see revenue beat forecasts, and said the company would "potentially" be announcing new supply deals in the coming months.
RealReal (REAL) had better-than-predicted losses in its first quarterly report since going public in late June. The online seller of secondhand luxury goods also saw revenue beat estimates. The stock was surging about 12% in the premarket this morning.
Qualcomm (QCOM) named former Palo Alto Networks (PANW) chairman and CEO Mark McLaughlin as Chairman, replacing Jeff Henderson. Former Cardinal Health (CAH) CFO Henderson will remain on the board and continue to chair the chip maker's audit committee. Qualcomm shares were under some pressure.
Myriad Genetics (MYGN) fell short of forecasts of adjusted quarterly profit and revenue. The company cited lower than expected reimbursements for its expanded carrier screening test, but said it is more optimistic going forward. The stock was losing about a quarter of its value in premarket trading.
CONTRIBUTORS
Jessica Bursztynsky
@jbursz
Peter Schacknow
@peterschack
