5 things to know before the market opens Thursday July 29 – .

5 things to know before the market opens Thursday July 29 – .

Here are the most important news, trends and analysis investors need to start their trading day:

1. Dow Futures Rise After Fed Keeps Rates Near Zero

A trader works behind plexiglass on the floors of the New York Stock Exchange (NYSE) in New York City, New York, the United States, July 28, 2021.
Andrew Kelly | Reuters
Dow futures rose more than 100 points on Thursday, a day after the 30 stock average, the S&P 500 fell slightly and the Nasdaq rose slightly. All three benchmarks finished less than 1% of Monday’s record after Federal Reserve Chairman Jerome Powell told his press conference after the meeting that substantial economic improvement would be needed for the central bank begins to reverse its easy money policies. On the tax front, the Senate voted Wednesday night in favor of a bipartisan infrastructure plan, a crucial step towards the Democrats’ adoption of their broad economic program.

  • In stocks to watch: Dow Merck stock fell into pre-market after the drug marker matched estimates with quarterly earnings and beat earnings expectations. Amazon announces its profits after the bell Thursday.
  • Trevor Milton, founder of Nikola, has been charged with three counts of fraud by the US attorney’s office in Manhattan as part of its investigation into the ailing electric vehicle start-up. Shares of Nikola, which have lost more than half of their value in the past 12 months, fell 6% in pre-market trading on Thursday.
  • Uber Technologies fell 5.1% in pre-market trading after sources told CNBC that Japanese investment giant Softbank was selling part of its stake in Uber to cover losses from its investment in another carpooling company, Didi Global.
  • Didi himself is in the news, denying a previous Wall Street Journal report that he was considering going private. Didi had increased by more than 30% in pre-marketing before this refusal, before reducing this still significant gain to 17.5%.

2. Latest GDP, initial jobless claims lower than expected

In the latest snapshot of the economic recovery from the Covid pandemic, the Commerce Department said Thursday morning that its first glimpse of second-quarter gross domestic product had grown at an annual rate of 6.5%, a big failure compared to growth estimates of 8.4%.

The Labor Department also reported ahead of the opening bell on Wall Street that initial jobless claims stood at 400,000 last week, slightly worse than expected. The level of the previous week has been revised to 424,000. Initial claims for the week ended July 10 out of 368,000 matched last month’s Covid-era low.

3. Robinhood to make public debut after pricing the IPO

Vlad Tenev, CEO and Co-Founder, Robinhood in his office on July 15, 2021 in Menlo Park, California.

Kimberly White | Getty Images Entertainment | Getty Images

Robinhood, whose stock trading app has gained popularity with retail investors, is expected to debut on the Nasdaq on Thursday. The initial public offering was priced at the lower end of the range at $ 38 apiece on Wednesday night, raising around $ 2 billion and valuing the company at around $ 32 billion. However, the business is not without controversy.

  • Earlier this year, during the initial stock market frenzy, Robinhood angered some investors and lawmakers when it restricted trading in some popular stocks following a tenfold increase in filing requirements at its clearinghouse. .
  • The company revealed this week that it has received regulatory requests from the United States on whether its employees traded in GameStop and AMC Entertainment shares before trading restrictions were placed in late January.
  • In June, Robinhood agreed to pay nearly $ 70 million to settle an investigation by Wall Street’s own regulator.

4. Facebook warns of growth and defines mandate for vaccines

A giant digital sign is seen on the campus of Facebook’s headquarters in Menlo Park, Calif., October 23, 2019.

Josh Edelson | AFP | Getty Images

Facebook shares fell about 3.5% in Thursday’s pre-release, the morning after the social network announced that revenue growth would slow in the second half of the year. Facebook cited a change in Apple’s privacy policies that it said will hurt the social network’s ability to target ads. In the second quarter, Facebook reported earnings of $ 3.61 per share on revenue of $ 29.08 billion. Both have exceeded estimates. Daily active users and monthly active users each met expectations.

Facebook will require workers returning to its U.S. offices to be vaccinated, the company said on Wednesday. “How we implement this policy will depend on local conditions and regulations,” Facebook executive Lori Goler said in a statement. Facebook will create processes for those who cannot be vaccinated for medical or other reasons, Goler said, adding that the company will continue to evaluate its approach outside of the United States.

5. Disney and Apple Reinstate Covid Mask Requirements

The guests wear masks. as requested. to attend the Magic Kingdom’s official reopening day at Walt Disney World in Lake Buena Vista, Fla. on Saturday July 11, 2020.

Joe Burbank | Sentinelle d’Orlando | Getty Images

Disney has changed the mask policy at its US-based theme parks following new guidance from health officials and government. Starting Friday, the company will require all guests, regardless of their immunization status, to wear masks inside the Walt Disney World Resort in Florida and the Disneyland Resort in California. Children under 2 are exempt.
People walk past an Apple store on July 13, 2021 in New York City.

Angela Weiss | AFP | Getty Images

Apple will require vaccinated and unvaccinated customers and staff members to wear masks at many of its U.S. retail stores starting Thursday, a person familiar with the matter told CNBC’s Josh Lipton. Earlier this week, Apple CEO Tim Cook told CNBC the company pushed back its return-to-work plans for company employees from September to October and that it could be delayed again.

– Reuters and CNBC Peter Schacknow contributed to this report. Follow all market actions like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.


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