US stock futures ticked higher on Wednesday, while gold hit a new all-time high, as the street looked to Congress for fresh financial support.
Congress is close to a new wave of support, with House officials vowing to work "around the clock" with Democrats to bridge the gap between their $3.2 trillion proposal and the Republican's $1 trillion counter-offer.
While the two have yet to resolve certain sticking points, Treasury Secretary, Mnuchin, said that the goal is to reach a deal this week.
Stocks are also benefiting from reports that the US and China have agreed to high-level talks on Aug. 15 to assess Beijing’s compliance with the bilateral trade agreement that was signed earlier this year.
Ahead, today's economic calendar includes; ADP Nonfarm Employment data for July at 8:15am, Import and Export data for June at 8:30am, Services PMI for July at 9:45am, the ISM Non-Manufacturing PMI for July at 10:00am, followed by Crude Oil Inventories at 10:30am EST.
TODAY'S TOP HEADLINES
China & Trade: China, US To Assess Trade Deal. (The WSJ)
The US and China have agreed to new high-level talks on August 15.
Today's Economical Announcements.
08:15AM - ★★★ - Nonfarm Employ. (Jul) (Previous: 2.369M)
08:30AM - ★★☆ - Exports (Jun) (Previous: 144.51B)
08:30AM - ★★☆ - Imports (Jun) (Previous: 199.12B)
09:45AM - ★★☆ - Services PMI (Jul) (Previous: 47.9)
10:00AM - ★★★ - ISM Non-Manuf. PMI (Jul) (Previous: 57.1)
10:30AM - ★★★ - Crude Oil Inventories (Previous: -10.612M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Novavax (NVAX): [EARNINGS] Reported positive results in an early study of its coronavirus vaccine candidate, saying it produced promising immune responses and was well tolerated by patients.
Nikola (NKLA): [EARNINGS] Lost an adjusted 16 cents per share for its latest quarter, wider than the 13 cent loss that Wall Street analysts were anticipating. Nikola said it was impacted by a pandemic-related supply chain disruption.
Square (SQ): [EARNINGS] Posted a quarterly loss, but saw a 64% jump in second quarter revenue and nearly tripled its transaction volume. Square’s businesses got a boost from the surge in people shopping online due to the pandemic.
Walt Disney (DIS): [EARNINGS] Reported adjusted quarterly profit of 8 cents per share, compared with a consensus estimate of a 64 cent loss. Disney’s bottom line was hit hard by pandemic-related theme park closures and the lack of live sports for its TV networks, but it did report strong growth for its Disney+ streaming service.
Beyond Meat (BYND): [EARNINGS] Lost an adjusted 2 cents per share for its latest quarter, matching estimates, with revenue for the plant-based burger maker coming in above Street forecasts. However, the company spent more than expected dealing with Covid-19 related operation costs.
WW (WW): [EARNINGS] Reported lower-than-expected profit and revenue for the second quarter, hit by the pandemic-related halt of its in-person meetings. The company formerly known as Weight Watchers did offset part of that drop through its digital offerings.
CVS Health (CVS): [EARNINGS] Reported better-than-expected profit, revenue, and same-store sales for the second quarter, and also raised its full-year forecast. Among the factors helping the bottom line: lower medical costs for the company’s pharmacy benefits management business due to the pandemic.
Livongo (LVGO): [NEWS] Is merging with Teladoc Health, a provider of virtual physician visit services, in an $18.5 billion cash and stock deal. Livongo shareholders will receive a little over 0.59 shares plus $11.33 in cash for each share they now own.
Match Group (MTCH): [EARNINGS] Reported better-than-expected second-quarter revenue, and gave an upbeat forecast for the current quarter. The company’s dating services attracted more users amid the pandemic, with stay-at-home orders limiting face-to-face meetings.
Activision Blizzard (ATVI): [EARNINGS & GUIDANCE] Is raising its full-year forecast, after the videogame maker reported stronger-than-expected bookings for the second quarter. As with other gaming companies, Activision benefited from a jump in gaming activity from users forced to stay at home due to the pandemic.
Blackstone (BX): [NEWS] Has a deal in place to buy Ancestry.com for $4.7 billion, according to CNBC.
Wynn Resorts (WYNN): [EARNINGS] Lost $6.14 per share for its latest quarter, wider than the loss of $4.98 that analysts were expecting. The casino operator’s revenue also fell short of forecasts, as the Covid-19 pandemic kept customers away.
Apple (AAPL): [DOWNGRADE] B of A Securities downgraded Apple to “neutral” from “buy”, while raising its price target on the stock to $470 per share from $420. The firm said there are many positives for Apple but risks as well, and that risk/reward is balanced at current price levels.
Exxon Mobil (XOM): [NEWS] Will suspend matching 401(K) contributions to employee accounts beginning in October, according to a memo to workers seen by Reuters.
Palo Alto Networks (PANW): [UPGRADE] Upgraded to “buy” from “neutral” at BTIG, which cited solid demand and good sales execution for Palo Alto’s core firewall business.
GAINERS: CRNC, ENPH, AMD, RUN, VSLR, FSLY, UPWK
DECLINERS: EPZM, SPCE, HAE, EVRG
BigCommerce (BIGC) (Price: 24) (Est. Vol: $216.5M)
BowX (BOWXU) (Price: 10) (Est. Vol: $420.0M)
GO (GOAC.U) (Price: 10) (Est. Vol: $500.0M)
Gores (GRSVU) (Price: 10) (Est. Vol: $400.)M)
Holicity (HOLUU) (Price: 10) (Est. Vol: $250.0M)
Rackspace Technology (RXT) (Price: 21) (Est. Vol: $703.5M)
WE WILL SHOW YOU THE WAY!