US futures were higher on Tuesday, ahead of industrial production data which may provide insights into the economic recovery at 9:15am EST.
Earlier, the offshore yuan advanced to its highest level in a year, while stocks in Shanghai traded higher, after industrial production expanded and retail sales in the nation rose for the first time this year in August.
Ahead, today's economic calendar includes; Import and Export Prices for August and the Empire State Manufacturing Index for September, followed by Industrial Production for August at 9:15am EST.
Today's earnings include reports include; FedEx (FDX), Adobe (ADBE) and Cracker Barrel (CBRL).
TODAY'S TOP HEADLINES
China: China’s Economy Picks Up Speed. (The WSJ)
China’s economic recovery accelerated in August, with retail sales, the last holdout among the economy’s major components, returning to pre-coronavirus levels by showing their first month of growth this year.
Today's Economical Announcements.
08:30AM - ★★☆ - Export Price Index (Aug) (Previous: 0.8%)
08:30AM - ★★☆ - Import Price Index (Aug) (Previous: 0.7%)
08:30AM - ★★☆ - NY Empire State Manuf. (Sep) (Previous: 3.70)
09:15AM - ★★☆ - Industrial Production (Aug) (Previous: 3.0%)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Nikola (NKLA): [NEWS] The Securities and Exchange Commission is investigating the company on allegations from a Wall Street research shop Hindenburg Research that Nikola deceived investors about it business products.
Nvidia (NVDA): [REVIEW] Needham raised its price target to a Street high of $700 per share from $600 per share. The Wall Street firm, which has a “buy” rating on Nvidia, said the company’s acquisition of Arm could potentially add $1.20 to $1.65 a share to earnings in 2022.
Lennar (LEN): [EARNINGS] Reported earnings and revenue that beat analysts’ forecasts. Lennar earned $2.12 per share on revenue of $5.87 billion. Wall Street expected earnings of $1.55 per share on revenue of $5.48 billion, according to Refinitiv. The company said the home average sale price was expected to decline in the fiscal fourth quarter.
Sony (SNE): [NEWS] Said it was cutting production targets for its upcoming Playstation 5 by 20%, due to issues with the consoles’ chips.
Kraft Heinz (KHC): [NEWS] The Wall Street Journal reported Kraft Heinz is planning to cut $2 billion in costs over the next five years.
Amazon.com (AMZN): [NEWS] Announced a new shopping platform called “luxury stores.” The high-end shopping experience will be available Tuesday on the Amazon app by invitation. Oscar de la Renta marks the first store featuring its pre-fall and fall/winter 2020 collections.
Walmart (WMT): [NEWS] Walmart+ officially launches today, as a competitor to Amazon.com’s Prime. The membership includes unlimited free delivery on orders over $35, and discounts on gas, among other things.
VF Corp. (VFC): [UPGRADE] BTIG upgraded the stock to “buy” from “neutral.” The Wall Street firm said it sees tailwinds in brands Vans and The North Face, as well as improvement in online traffic. BTIG has a $88 per share price target on VF Corp.
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Equity Distribution Acquisition (EQD.U) (Price: 10) (Est. Vol: $300.0M)
FG New America Acquisition (FGNA.U) (Price: 10) (Est. Vol: $225.0M)
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Sandbridge Acquisition (SBG.U) (Price: 10) (Est. Vol: $200.0M)
Software Acquisition (SAIIU) (Price: 10) (Est. Vol: $150.0M)
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