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Here are the most important news, trends and analysis investors need to start their trading day:
1. Wall Street Plunges After Another Day Of Record Closing
Traders work on the floor of the New York Stock Exchange (NYSE), July 21, 2021.
Brendan McDermid | Reuters
US futures were under pressure on Tuesday, a day after the Dow Jones Industrial Average, the S&P 500 and the Nasdaq posted a fifth straight session of gains and another record-breaking closing day. The Federal Reserve holds its two-day July meeting on Tuesday and Wednesday, with the future of rates, bond buying and inflation on the agenda. Big Tech profits are expected to start arriving after the bell on Tuesday. The second quarter earnings season was stronger than expected. So far, 88% of S&P 500 companies have reported a positive surprise from BPA, according to FactSet. If this is the final tally, it would be the highest since FactSet started tracking the metric in 2008.
2. Big Tech Profits Begin After the Closing Bell
Tim Cook, Apple CEO (L), Satya Nadella, Microsoft CEO (C) and Sundar Pichai, Google CEO.
Getty Images
3. Tesla exceeds $ 1 billion in quarterly net profit for the very first time
SpaceX founder and Tesla CEO Elon Musk watches him visit the construction site of Tesla’s gigafactory in Gruenheide, near Berlin, Germany on May 17, 2021.
Michèle Tantussi | AFP
Tesla shares rose about 1.5% in Tuesday’s pre-market, the morning after the electric automaker reported earnings of $ 1.45 per share on $ 11.96 billion in revenue. Both exceeded expectations. Tesla topped $ 1 billion in quarterly net income for the first time, 10 times more than a year ago. The company also reported a $ 23 million depreciation related to the bitcoin it holds on its balance sheet. The world’s largest cryptocurrency plunged more than 40% in the second quarter, so Tesla’s holdings would be worth much less than the nearly $ 2.5 billion at the end of the first quarter. On Tesla’s post-benefit conference call, CEO Elon Musk said he likely won’t appear on future calls unless he has “something really important” to share.
4. GE, UPS best estimates on profit, revenue
Larry Culp, CEO, General Electric
Scott Mlyn | CNBC
Shares of General Electric jumped more than 3.5% in pre-market trading, after the struggling conglomerate topped estimates with second-quarter earnings and revenue. GE also said on Tuesday that it expects free cash flow for 2021 to be between $ 3.5 billion and $ 5 billion, up from its previous forecast of $ 2.5 billion to $ 4.5 billion. of dollars. Free cash flow is closely watched by investors as a sign of the health of GE’s operations and its ability to repay debt.
UPS CEO Carol Tome meets workers
Source: UPS
Shares of United Parcel Service fell about 2% pre-release, after the delivery giant reported higher than estimated second-quarter earnings and revenue on Tuesday. Under the leadership of Carol Tome, CEO, UPS has kept costs under control and focused on high margin plans as part of its “better not bigger” strategy.
5. A selection panel on the attack on the Capitol will hold its first hearing
United States Representative Liz Cheney (R-WY) with President Bennie Thompson (D-MS) and members of the special committee to investigate the January 6 attack on the United States Capitol, address reporters after meeting with House Speaker Nancy Pelosi (D-CA) at the Capitol in Washington, United States, July 1, 2021.
Jonathan Ernst | Reuters
The House select committee investigating the murderous pro-Trump invasion of the U.S. Capitol will hold its first hearing on Tuesday. The panel will hear directly from four law enforcement officers about their struggles to defend the Capitol from the crowds. Wyoming Representative Liz Cheney, who was ousted from the GOP leadership after refusing to stop criticizing Donald Trump for falsely claiming the 2020 election was rigged, is one of two Republicans appointed to the committee until now. The other Republican is Representative Adam Kinzinger from Illinois. House Speaker Nancy Pelosi previously rejected two of GOP leader Kevin McCarthy’s choices for the committee.
– Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.
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