US Futures consolidating - Watch CSCO, LYFT, MU


The S&P 500 Futures consolidate after they posted a strong rebound yesterday with tech shares gaining the most

Stocks (2)

The S&P 500 Futures consolidate after they posted a strong rebound yesterday with tech shares gaining the most. Official data showed that U.S. Core Consumer Prices rose 0.6% on month in July, the largest gain since 1991.

Later today, the U.S. Labor Department will release July import price index (+0.6% on month expected) and initial jobless claims in the week ended August 8 (1.1 million expected).

European indices are facing a consolidation. The German Federal Statistical Office has posted final readings of July CPI at -0.1% year, as expected. France's INSEE has reported 2Q jobless rate at 7.1% (vs 8.3% expected).

Asian indices consolidated except the Japanese Nikkei which closed in the green. Official data showed that the Australian economy added 114,700 jobs in July (+30,000 jobs expected), while jobless rate rose to 7.5% (7.8% expected) from 7.4% in June.

WTI Crude Oil futures remain on the upside. The U.S. Energy Information Administration reported a reduction of 4.51 million barrels in crude-oil stockpiles last week, much sharper than a reduction of 2.52 million barrels expected. Meanwhile, U.S. crude oil output decreased to 10.7 million barrels per day at the same week from 11.0 million barrels per day.

Gold rebounds, remaining firm above 1900 dollars, while the US dollar softens on doubts about US stimulus.

Gold rose 17.17 dollars (+0.9%) to 1933 dollars.

The dollar index fell 0.37pt to 93.076.

U.S. Equity Snapshot

Cisco Systems (CSCO), a leading global supplier of network hardware and software, dropped after hours after saying it sees first quarter adjusted EPS in the range of 0.69 to 0.71 dollar, and sales down 9% to 11%. Those forecasts are below estimates. Separately, Cisco Systems reported fourth quarter earnings that topped expectations. 

Source: TradingView, GAIN Capital

Lyft (LYFT), the ride-hailing service company, announced a second quarter LPS of 1.41 dollar compared to a loss of 0.68 dollar per share a year earlier on revenue of 339.3 million dollars compared to 867 million dollars a year ago.

Micron Technology (MU), a manufacturer of memory chips, was downgraded to "hold" from "buy" at Deutsche Bank.

More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.