US stock futures rose on Wednesday, a day after the S&P 500 posted its first decline in eight sessions - its largest decline in three weeks.
The benchmark (-0.83%) had traded higher for much of yesterday's session, but turned lower following a slide in the tech stocks (-1.80%).
Despite this morning's shift, a stalemate over the next coronavirus aid package continues to weigh on sentiment. Senate Majority Leader Mitch McConnell told Fox News that the "stalemate needs to be ended".
Separately, US and Chinese trade representatives are set to discuss the phase one trade agreement in upcoming days, according to reports.
Ahead, today's economic calendar includes; the Consumer Price Index for July at 8:30am, followed by Crude Oil Inventories at 10:30am EST.
Earnings are expected today from; Cisco (CSCO), Lyft (LYFT), Brinker (EAT), SmileDirectClub (SDC) and Performance Food Group (PFGC).
TODAY'S TOP HEADLINES
Politics: Kamala Harris Named as Joe Biden’s VP Pick. (The WSJ)
Joe Biden named Sen. Kamala Harris of California as his running mate.
Today's Economical Announcements.
08:30AM - ★★★ - C. CPI (Jul) (Previous: 0.2%)
08:30AM - ★★☆ - CPI (Jul) (Previous: 0.6%)
10:30AM - ★★★ - Crude Oil Inventories (Previous: -7.373M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Moderna (MRNA): [NEWS] Struck a more than $1.5 billion deal with the U.S. government for 100 million doses of its experimental COVID-19 vaccine. The vaccine will be provided to people free of charge, and the government will have the option to purchase an additional 400 million doses.
American Eagle Outfitters (AEO): [UPGRADE] J.P. Morgan Securities upgraded the apparel retailer’s stock to “overweight” from “neutral”, saying American Eagle is mispriced on the low side given multi-year tailwinds in the casual and athletic categories.
Red Robin Gourmet Burgers (RRGB): [EARNINGS] Reported an adjusted quarterly loss of $3.31 per share, 4 cents wider than anticipated, with the restaurant chain’s revenue also falling below estimates. Its sales were hit by pandemic-related closings, and subsequent reopenings with limited capacity.
Tesla (TSLA): [NEWS] Announced a 5-for-1 stock split, saying it wanted to make its shares more accessible to employees and investors. The extra shares will be issued on August 28 to shareholders of record on August 21 and will begin trading on a split-adjusted basis on August 31.
Roku (ROKU): [RATING] Rated “buy” in new coverage at Deutsche Bank, which notes that the streaming video device maker is the leader in its category with a nearly 50 percent market share and said Roku has done an impressive job building out a large installed customer base.
Overstock.com (OSTK): [NEWS] Announced that a new stock offering of 2.1 million shares was priced at $84.50 per share compared to Tuesday’s closing price of $92 per share. The online retailer said the money raised through the stock offering will be used for general corporate purposes.
Eastman Kodak (KODK): [NEWS] CEO Jim Continenza said the company supported the government’s decision to halt a potential loan to the company, saying the deal required more work. The loan – designed to boost Kodak’s pharmaceutical business – is under scrutiny due to the granting of stock options to executives just prior to the announcement of the loan deal.
Target (TGT): [REVIEW] Was added to the “Analyst Focus” list at J.P. Morgan Securities, with the firm expecting strong first-quarter comparable sales numbers to sustain when second-quarter figures are released.
Brinker International (EAT): [EARNINGS] Reported an adjusted quarterly loss of 88 cents per share, smaller than the loss of $1.37 that Wall Street analysts had predicted. Revenue did come in below forecasts, but Brinker is projecting a smaller than expected loss for the current quarter, with comparable restaurant sales down in the low to mid-teens.
Fluor Corp. (FLR): [NEWS] Said it would not be able to file its quarterly report in a timely manner without incurring unreasonable expense or effort, according to an SEC filing. The engineering and construction firm is in the process of investigating reporting in prior periods, but does expect to file its report before September 30.
Lazard (LAZ): [NEWS] Said it had $222.5 billion in assets under management as of July 31, up from $214.7 billion a month earlier.
GAINERS: LVS, HQY, ALB, WYNN
DECLINERS: INO, HCSG, ADVM, ARCT, FIXX, XPER, BL
Fortress Value (FAII.U) (Price: 10) (Est. Vol: $300.0M)
FS Development (FSDC) (Price: 10) (Est. Vol: $100.0M)
Kubient (KBNT) (Low: 5, High: 7) (Est. Vol: $11.0M)
NavSight (NSH.U) (Price: 10) (Est. Vol: $200.0M)
Presidio Property Trust (SQFT) (Price: 5) (Est. Vol: $10.0M)
WE WILL SHOW YOU THE WAY!