STOCKS/ECONOMY
-Stock futures are flat after Monday's 440-point rally for the Dow, smaller 0.3 percent gain for the S&P 500, and a 0.3 percent gain for the Nasdaq. Investors are digesting President-elect Trump's tariff threat on Mexico and Canada and remaining bullish this morning.
-The Trump tariff threat calls on Mexico and Canada to do more to stop the flow of illegal immigrants and drugs, especially fentanyl, into the U.S. Meanwhile, Mexico's new president Claudia Sheinbaum has already promised to reduce China's input in Mexican imports to the U.S.
-The yield on the 10-year Treasury bond is at 4.28 percent.
-Gold is at the $2,631 per ounce level. Bitcoin is down to the $92,500 level.
-Asian markets closed mostly lower today, led by a 0.9 percent loss for the Nikkei. The Hang Seng closed just above breakeven, and the Shenzhen fell 0.8 percent.
OIL/ENERGY
-U.S. crude prices are up and at the $69 a barrel level.
-Gasoline prices are up to $3.06 a gallon, national average.
EARNINGS SCORECARD
-Dick's Sports (DKS) reported better than expected quarterly profits and revenues, thanks to a better than expected back to school season. Dick's is also now raising its full year earnings guidance when it had been cautious ahead of the presidential election. Dick's shares are up 6 percent in the premarket.
-Best Buy (BBY) reported weaker than expected quarterly profits and revenues. It also lowered its full-year sales forecasts. Best Buy says consumers are holding on to devices they bought during the COVID lockdowns and not replacing them as quickly as hoped. Best Buy shares are down 8 percent in premarket trading.
-Abercrombie & Fitch (ANF) reported better than expected quarterly profits and revenues, and also released strong guidance for the current Christmas season quarter. Its shares are still down 6 percent in the premarket.
-Macy's (M) was supposed to report earnings this week, but it indefinitely delayed the report after saying a now-former employee hid up to $154 million in expenses off the balance sheet. Macy's shares fell 2 percent on the news Monday and are down another 2 percent in the premarket today.
WEIGHT LOSS WARS
-Amgen (AMGN) says its experimental weight loss injectable MariTide helped obese patients lose up to 20 percent of their weight in a year with no plateauing issues. But Wall Street was expecting even better numbers and Amgen shares are down 9 percent in the premarket.
CHIPS AHOY!
-Intel (INTC) will get up to $7.9 billion to help fund new chip plants in four states as part of the Biden administration's Chips Act plan. That's less than the $8.5 billion originally promised to the company, but the award was reduced when Intel clinched a separate $3 billion deal with the Defense Department. Intel shares are up 1 percent in the premarket, but are still down more than 50 percent so far this year.
Stock futures are flat after another big rally for the Dow
investors taking a wait and see on tariffs (don’t listen)
retail reporting a mixed bag. Dick’s Sports (back to school) A&F good, best buy bad
but macy’s takes the cake
weight loss wars are brutal
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