US Futures: tentative rebound, Watch JPM, FAST, NFLX

,

The S&P 500 Futures try to recover as they turned sharply lower in the final trading hour yesterday.

Stocks (1)

The S&P 500 Futures try to recover as they turned sharply lower in the final trading hour yesterday. Investors were discouraged by California's action to roll back its reopening plans due to an uptick in coronavirus cases.

Later today, the U.S. Labor Department will release June CPI (+0.6% on year expected).

European indices are on the downside. The U.K. Office for National Statistics has reported May GDP at +1.8% (vs +5.0% on month expected), industrial production at +6.0% on month (as expected), manufacturing production at +8.4% (vs +8.0% on month expected) and trade balance at 4.3 billion pounds (vs 800 million pounds deficit expected). ZEW survey results of July were released for Germany at -80.9 for current situation vs -65.0 expected, investment confidence was published at 59.3 vs 60 expected. The German Federal Statistical Office has posted final readings of June CPI at +0.6% (vs +0.9% on year expected). The European Commission has reported May industrial production at +12.4% (vs +15.0% on month expected).

Asian indices all ended in the red. This morning, official data showed that China's June exports grew 4.3% on year in yuan terms (+3.5% expected) and imports rose 6.2% (-4.7% expected).

WTI Crude Oil futures remain on the downside after reports that major oil-producing countries may ease output curbs in view of improving demand.

Gold declined 2.58 dollars (-0.14%) to 1800.18 dollars.

U.K GDP disappointed at +1.8% on month in May, vs +5.5% expected. U.K. is on track for largest decline in annual GDP for 300 years.
GBP/USD fell 35pips to 1.252 the day's range was 1.2507 - 1.2563 compared to 1.2551 - 1.2666 the previous session.

U.S. Equity Snapshot

JPMorgan (JPM), the largest financial services and retail bank in the U.S, reported second quarter adjusted revenue up 14% from a year earlier to 33.82 billion dollars, above estimates. EPS for the second quarter is down to 1.38 dollar from 2.82 dollars a year earlier.



Source: TradingView, Gain Capital

Fastenal (FAST), a construction supplies distributor, disclosed second quarter net sales up 10% from a year earlier to 1.51 billion dollars, above estimates. EPS for the second quarter is up to 0.42 dollar from 0.36 dollar a year earlier.

Netflix (NFLX), the video streaming service, was downgraded from Buy to Neutral at UBS.

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.