Morning Reads

Morning Reads

• Workers Demand Better Pay
• Global Bonds Tumble Into Their First Bear Market in a Generation
• Global Equity Funds Post Massive Weekly Disposals
• Oil Prices Rebound, With OPEC+ Meeting in Focus
• The Government Is Pinching Pennies on COVID Now
• These 50 Startups Rose as America Locked Down
• Service Is Slow
• Gig Workers Tire of Waiting for Action From Biden’s White House
• Starbucks Names a New Chief Executive
• Illumina Wins Case Against FTC on Grail Acquisition
• Trying to Sell Your Old Peloton Bike? So Is Peloton.
• Amazon Loses Key Step
• Banks Battle Back-to-Office Fatigue
• Passenger Blimps Could Be Making a Comeback. Here’s Why.
• Warren Buffett’s Berkshire Offloads More

Open Interest

Futures

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This Morning

• 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 in-line with fair value
• Key factors driving the futures market:
  • Wait-and-see attitude in front of August employment report at 8:30 a.m. ET
  • Falling Treasury yields lending small measure of support
  • Rebound effort Thursday afternoon fostering some hope that market could have more room to run from short-term oversold condition
• Chinese city Chengdu remains in lockdown for Covid testing while parts of Shenzhen are also in lockdown, according to Bloomberg
• Eurozone PPI hit a record high 37.9% year-over-year in July
• The yen continues to weaken against dollar, taking out the 140 level and trading at a 24-year low against the greenback
• China set the yuan reference rate at 6.8917, which is the weakest since August 2020
• A labor official believes Amazon (AMZN) union victory at New York location should be upheld, according to The Wall Street Journal
• lululemon athletica (LULU) up 9.6% after posting better-than-expected earnings and issuing guidance above consensus estimates
• Starbucks (SBUX) confirms Laxman Narasimhan will be incoming CEO on October 1 and fully assume the CEO role on April 1, 2023 after working with interim CEO Howard Schultz
• Brokerage research calls of note:
  • Upgrades: CRM, OKTA
  • Downgrades: DOW, LYB, NVDA, TLYS
• WTI crude futures +1.8% to $88.18/bbl; nat gas futures -2.9% to $8.99/mmbtu; copper futures -0.4% to $3.39/lb.
• 2-yr note yield -4 bps to 3.48% and 10-yr note yield -1 bp to 3.26%
• Today's economic data: August Employment Situation Report at 8:30 a.m. ET; July Factory Orders at 10:00 a.m. ET