InvestorsHub Logo
Followers 271
Posts 53047
Boards Moderated 3
Alias Born 08/16/2008

Re: None

Thursday, 08/22/2019 11:34:45 AM

Thursday, August 22, 2019 11:34:45 AM

Post# of 20496
U.S. stock futures were pointing to a narrowly mixed open on Wall Street following Wednesday's strong gains, the fourth in five sessions for the Dow and S&P 500 and the third in four days for the Nasdaq. Late Wednesday, the yield on the 10-year Treasury fell below that of the 2-year for the second time in a week, sending a possible recession signal. Despite growing concern over the global economy, the Dow, S&P 500, and Nasdaq are on pace for a positive week after losing ground in each of the past three weeks. (CNBC)

* Inversion signals Fed may be too slow to cut rates, risks recession (CNBC)

Fed officials who voted to lower interest rates three weeks ago agreed that the move shouldn't be viewed as part of a "pre-set course" for future cuts. Fed minutes from the July meeting also said "most participants" saw the cut "as part of a recalibration" in response to changing conditions. Meanwhile, the Fed's annual economic policy symposium opens today in Jackson Hole, Wyoming. (CNBC)

On today's economic calendar, the Labor Department is out with its weekly report on initial jobless claims at 8:30 a.m. ET. The Conference Board's Index of leading economic indicators for July follows at 10 a.m. ET. (CNBC)

BJ's Wholesale Club (BJ), Dick's Sporting Goods (DKS), and Hormel Foods (HRL) issue quarterly earnings this morning. This afternoon, Gap (GPS), HP Inc. (HPQ), Intuit (INTU), Ross Stores (ROST), Salesforce (CRM), and VMware (VMW) issue their numbers after today's closing bell. (CNBC)

Nordstrom (JWN) late Wednesday beat estimates with quarterly earnings, although revenue missed. Nordstrom's bottom line got a boost from lower expenses and inventory reductions. The stock was up about 9% in the premarket this morning, after advancing 5.5% on Wednesday with the rest of the retail sector. (CNBC)

Enjoying the CNBC Morning Squawk newsletter? Tell us how we're doing and what we can do better by filling out this simple survey.

IN THE NEWS TODAY

China said today it hopes the U.S. will stop its wrong tariff action, adding that any new tariffs would lead to escalation. Washington said early this month it would impose duties on $300 billion of Chinese goods from Sept. 1, which would effectively extend its tariffs to all of China's exports to the United States. (Reuters)

* Trade war with Europe would be larger and more damaging than China (CNBC)

* China 'will not sit idly by' over US arms sale to Taiwan (AP)

STOCKS TO WATCH

Lingerie maker Victoria's Secret dragged on parent company L Brands's (LB) second-quarter earnings, which topped analysts' expectations on profit while falling short on sales.

Mylan (MYL) was sued by Danish drug maker Novo Nordisk (NVO) for alleged patent infringement, in an attempt to stop Mylan from marketing a generic version of Novo's diabetes drug Victoza.

Wayfair (W) was upgraded to "buy" from "hold" at Stifel Nicolaus in a valuation call for the online home furnishings retailer's stock, with a price target of $150 per share.

CONTRIBUTORS

Jessica Bursztynsky
@jbursz

Peter Schacknow
@peterschack

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.