CNBC
Dow futures bounced more than 200 points Tuesday, one day after the 30-stock average had its worst session in eight months. To start the week, the Dow sank 725 points, or over 2%, as the spread of the delta variant led to a sharp rise in Covid cases in the U.S. and around the world. (CNBC)
The 10-year Treasury yield dipped briefly below 1.17% on Tuesday, touching new five-month lows, before ticking higher. Falling yields, which move inversely to bond prices, added some pressure to premarket stock trading, reflecting heightened concerns about whether the resurgence of Covid would derail global economic growth. (CNBC)
Bitcoin fell below $30,000 for the first time in nearly a month, dragging other digital coins lower as well. The world's biggest cryptocurrency hit an all-time high near $65,000 in April. Since then, bitcoin plunged more than 50%. (CNBC)
IN THE NEWS TODAY
IBM (IBM) beat estimates by 4 cents with adjusted second-quarter earnings of $2.33 per share. Revenue rose 3.4% to 18.75 billion, the company said Monday afternoon, exceeding expectations. It marked IBM's strongest revenue growth in three years, helped by the company's cloud and software businesses. The Dow stock rose nearly 4% in Tuesday's premarket. (CNBC)
STOCKS TO WATCH
Travelers (TRV) earned $3.45 per share for its second quarter, easily beating the consensus estimate of $2.39. Revenue also topped forecasts, with Travelers benefiting from higher premiums, improved investment returns and lower catastrophe losses. The Dow stock lost about 3% in the premarket.
Nasdaq (NDAQ) shares rose more than 1% in the premarket after the exchange operator announced plans to spin out its Nasdaq Private Market, its platform for private company shares, into a separate company. It will do so in partnership with a group of banks including Citigroup, Morgan Stanley and Goldman Sachs.
Halliburton (HAL) jumped more than 2% in premarket trading, after beating estimates by 3 cents with quarterly earnings of 26 cents per share. The oilfield services company posted its second straight quarterly profit as rebounding oil prices boosted demand.
PPG Industries (PPG) earned an adjusted $1.94 per share for its latest quarter, falling short of the $2.19 consensus estimate, though the paint and coatings maker did see revenue slightly above Wall Street forecasts. PPG also warned that input and other costs would increase during the current quarter. PPG tumbled roughly 6.5% in the premarket.
U.S. states are expected to announce a $26 billion settlement this week with companies accused of fueling a nationwide opioid epidemic, according to multiple reports. The settlement would involve payments from drug maker Johnson & Johnson (JNJ) as well as three drug distributors McKesson (MCK), Cardinal Health (CAH) and AmerisourceBergen (ABC).
Comcast (CMCSA) boss Brian Roberts and ViacomCBS (VIAC) Chair Shari Redstone in recent weeks discussed a possible international streaming partnership, according to people familiar with the matter who spoke to the Wall Street Journal. ViacomCBS gained 1.3% in premarket trading, with Comcast was little changed.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
