Morning Reads
- Most Since WWII, CDC Says
- Oil Climbs as Tight Supply Moves Back Into Focus
- Expansion of Clean Energy Loans Is ‘Sleeping Giant’ of Climate Bill
- Supply-Chain Bottlenecks Shift to East and Gulf Coast Ports
- Wall Street CEOs Warn Recession Is Likely
- Stocks Can Rally Out of Jackson Hole, Strategists Say
- SoftBank’s Epic Losses Reveal Masayoshi Son’s Broken Business Model
- Companies Face Challenges
- Credit Suisse Is Reassigning Bankers as Part of Focus on Wealth
- Apple’s New iPhone 14 to Show India Closing Tech Gap With China
- Phone Companies Want to Be Your Home-Internet Provider
- Zoom Is Struggling
- Quiet Quitting
- Harvard’s Status as Wealthiest School
- Musk’s Lawyers Seek Documents From Former Twitter Chief Dorsey
Futures
PREMIUM
This Morning
- The S&P 500 futures are 0.2% above fair value; the Nasdaq 100 futures are 0.1% above fair value; and the DJIA futures are 0.1% above fair value
- Key factors driving the futures market:
- Waiting to see if there is a stronger inclination to buy the recent losses in the stock market
- Festering strain of nervousness in front of Fed Chair Powell's Friday speech
- Flash Manufacturing and Services PMIs out of eurozone mostly indicative of a slowdown/contraction in activity
- CNBC, after speaking with Saudi oil minister, reports that it is very likely OPEC+ will cut production or lower rate of production increase at, or before, Sept. 5 meeting
- Euro continues to trade below parity with the dollar (EUR/USD -0.2% to 0.9923) as energy-driven recession worries persist
- Eurozone composite PMI for August at 49.2 (49.0 expected; 49.9 prior), which is indicative of a contraction in activity (50.0 is the dividing line)
- White House said to be looking at $10K student debt cancellation for borrowers making less than $125K, according to CNN
- Palo Alto Networks (PANW) and Dick's Sporting Goods (DKS) top estimates and raise full-year guidance; Zoom Video (ZM) and Macy's (M) top estimates but issue disappointing guidance
- Apple (AAPL) plans to start production of iPhone 14 in India a few months after the initial release out of China, according to Bloomberg
- Intel (INTC) and Brookfield Asset Management (BAM) to jointly invest $30 bln to develop chip factories in Arizona
- U.S, Treasury to sell $44 bln in 2-yr notes today (auction results at 1:00 p.m. ET)
- Brokerage research calls of note:
- Upgrades: DENN
- Downgrades: AERI, GO, INFY, ZM
- WTI crude futures +1.6% to $91.83/bbl; nat gas futures +1.5% to $9.83/mmbtu; copper futures +0.5% to $3.67/lb.
- 2-yr note yield -2 bps to 3.31% and 10-yr note yield -2 bps to 3.02%
- Today's economic data: Preliminary August IHS Markit Manufacturing and Services PMIs at 9:45 a.m. ET; July New Home Sales at 10:00 a.m. ET