US stocks rise as additional earnings reports to be released



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U.S. Equity Futures show earnings before the second week of the second quarter earnings season reports.

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$ 34,935.47

-149.06 (-0.42%)

$ 14672.677608

-105.59 (-0.71%)

On Wall Street on Friday, the indices stumbled while concluding another strong month. The S&P 500, which has posted six straight months of gains, lost 0.5% to 4,395.26.

The Dow Jones Industrial Average lost 0.4% to 34,935.47. The Nasdaq composite fell 0.7% to 14,672.68.

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Media and entertainment related businesses will be the focus, with expected results from Fox Corp., News Corp., ViacomCBS, Discovery, Dish Network, Electronic Arts and Sinclair Broadcast to name a few.

In addition, healthcare will also be in the spotlight with figures from Eli Lilly, Amgen, CVS Health, Cigna, Cardinal Health and Moderna all available.

GM, Uber, and Roku are other companies worth mentioning.

U.S. equity futures show gains ahead of week two of the second quarter earnings release.

Meanwhile, Asian stocks started the week higher on Monday, even as China signaled a slowdown in manufacturing activity and countries in the region continued to be hit by the delta variant.

Tokyo’s Nikkei 225 jumped 1.7% to 27,742.28, while Seoul’s Kospi rose 0.1% to 3,205.43. The Hang Seng in Hong Kong was up 0.9% to 26,189.44 after being in the red for much of the morning.

The Shanghai Composite Index rose 0.7% to 3,422.64, while the Australian S & P / ASX 200 rose 1.5% to 7,501.20. The benchmark index in Malaysia rose while those of Singapore and Indonesia declined.

The gains in China follow data released by the National Bureau of Statistics on Saturday showing the country’s official PMI fell to 50.4 in July from 50.9 in June. Numbers greater than 50 indicate expansion on the 100 point scale.

On Monday, a monthly survey of the manufacturing sector published by an economic magazine, Caixin, estimated the July reading at 50.3. This was down from June 51.3.

The official figure was the lowest since February 2020, when a lockdown to prevent the spread of the coronavirus was in place. Analysts expected a smaller slowdown in manufacturing activity.

China is also facing an outbreak of the delta variant of the coronavirus, which is already raging in many other Asian countries.

“None of the factors behind the slowdown in manufacturing and non-manufacturing growth have disappeared,” ING’s Iris Pang said in a report.

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“In fact, other policy directions were announced on July 30, and they stem directly from a meeting chaired by President Xi. These policies are aimed at solving problems to achieve long-term economic stability, which could sacrifice short-term growth momentum, ”she added. noted.

Investors are also watching a Beijing crackdown on Chinese tech companies, even as authorities work to allay fears.

Gaming and social media giant Tencent Holding Ltd. fell 2.8% in Hong Kong on Monday. However, internet search giant Baidu Inc. rose 2.4%, and e-commerce giant Alibaba Group gained 1.1%.

“Despite the long-term outlook for Chinese equities, we believe that the stringency of recent regulatory measures will likely keep foreign investors on edge until sentiment begins to improve,” Nomura analysts said in a statement. note.

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In other exchanges, US benchmark crude oil lost 98 cents to $ 72.97 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil fell $ 1.11 to $ 74.30.

The US dollar rose to 109.69 Japanese yen from 109.62 yen on Friday. The euro rose to $ 1.1878 from $ 1.1875.

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