Here is what you need to know on Wednesday, August 4:
Copy-paste, oh you caught me, another day another set of records for the (insert name here) S&P 500 as the record run of record-setting continues. 2021 has not yet beaten the record for the number of record highs set in the calendar year but it is on course too. This is all getting a bit confusing, to the moon for everything, simple as! Speaking of to the moon and our friends over at wallstreetbets saw their nemesis, and likely broker to many, surge to new post IPO highs on Tuesday as Robinhood (HOOD) surged 24% on Tuesday and currently, the stock is ahead by 14% in Wednesday’s premarket. Maybe retail has decided to run with the bulls instead of fighting them. The latest data from Refinitiv shows that this earnings season is on course to increase by nearly 90% year on year. Really with that earnings background, The Fed, and a wall of stock buybacks why wouldn’t markets keep making records.
Covid also continues to set new records with delta variant running rampant globally. Numerous companies have revised mask guidance for employees while Toyko and Japan see record infection levels. For now investors remain unfazed and hope that high vaccination rates in the US, UK, and Europe will underpin the global economy.
Speaking of records highs, what about those 400m hurdlers at the Toyko Olympics, first the men smashed the record and then the women stepped up. All good for sportswear companies.
Back to the more mundane currency market by comparison which is a long way from breaking any records, the dollar is a touch weaker at 1.1885 versus the euro, while bitcoin is at $38,450. Oil is back below $70 despite Saudi Arabia raising prices.
European markets are higher, FTSE +0.1%, Dax +0.6% and Eurostoxx +0.2%.
US futures are lower, DOw -0.3%, Nasdaq -0.1% and S&P -0.3%.
SPY stock news
US ADP employment +330k, +690 estimate.
Saudi Arabia raises oil prices for September.
Treasury Secretary Yellen to testify that President Bidens economic plan is key to keeping America’s status as the world’s superpower.
General Motors (GM) missed on EPS but beat on revenue, stock down 4% premarket.
Activision Blizard (ATVI) up 6% premarket on strong earnings and guidance.
CVS Health (CVS) down 5% despite beating on EPS revenue and guidance. Mentions higher medical costs in guidance.
BioNTech (BNTX) up 2% as delta variant surges.
Horizon Therapeutics (HZNP) up 7% premarket on strong earnings.
Novavax (NVAX) finalizes a deal with the EU for 200 million doses of the Covid vaccine. Up 12%.
Match Group (MTCH) down 4% on EPS miss.
Royal Caribbean (RCL) misses on EPS and revenue, down 3%.
Kraft Heinz (KHC) beats on EPS and revenue.
LYFT revenue and EPS beat estimates.
AVIS (CAR) says it had best quarter in history, EPS $5.90 versus estimate of $1.21.
Upgrades, downgrades, Premarket and earnings
Source: Benzinga Pro
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