Reads
- Competition With Russia, China
- Copper Worth Nearly Half a Billion Dollars Goes Missing in China
- Japan Once Led the World in Microchips
- Russian Oil Cap Push
- Stockholm Instead of Rome?
- The Bank of England Raises Rates by a Half-Point
- Brazil’s Central Bank Raises Selic Lending Rate to 13.75%, Considers Increase in September
- Labor Hoarding Holds Key to How Severe a US Recession May Get
- A Recession-Proof Plan for Your Money
- Wall Street Bonuses Poised to Plunge Following Slowdown in Deals
- Companies From Google to Pepsi Are Boosting Capital Spending
- Netflix Is Scrambling to Learn the Ad Business It Long Disdained
- Disney World Prices Up 3,871% In 50 Years
- How a Little-Known Stock Soared 21,000% to Overtake Costco
- Bring Down Hot Startup Zilingo
- Once Lost $6 Billion in a Day. His Big Bet on Bitcoin Might Sink Him Once and for All
Futures
Options
PREMIUM
This Morning
- The S&P 500 futures are in-line with fair value; the Nasdaq 100 futures are 0.1% below fair value; and the DJIA futures are 0.1% above fair value
- Key factors driving the futures market:
- Assumption that market could have a day of consolidation after yesterday's rally effort and ahead of the July employment report on Friday
- Aggressive central bank moves reinforce notion that growth will be slowing further given lagged effect of rate hikes
- Bank of England raised 50 bps to 1.75%, as expected, marking its largest move since 1995
- Brazil's central bank raised by 50 bps to 13.75%, as expected
- Digesting huge stream of earnings news since yesterday's close
- Bank of England is forecasting a long recession for UK and inflation to remain elevated through most of 2023
- Senator Sinema (D-AZ) reportedly pushing for some changes to Inflation Reduction Act that include keeping carried interest tax break
- China's live military exercises near Taiwan could reportedly impede supply chains
- U.S. gas prices approaching average $4.00/gallon after 50 straight days of declining prices, according to The Wall Street Journal
- Walmart (WMT) said to be laying off about 200 corporate positions in restructuring effort
- Brokerage research calls of note:
- Upgrades: AMX, SO, ATHM
- Downgrades: CAC, DAN, HZNP, RVLV, BXP, CRL, DLTH, HSBC, KSS, LEVI, MED, SKLZ, TRUP, UAA, HCC
- WTI crude futures +0.6% to $91.21/bbl; nat gas futures +0.7% to $8.32/mmbtu; copper futures -0.5% to $3.45/lb.
- 2-yr note yield -6 bps to 3.04% and 10-yr note yield -7 bps to 2.68%
- Today's economic data: June Trade Balance and Weekly Initial Jobless Claims at 8:30 a.m. ET