Disney has joined several notable companies in cutting its ad spending on Facebook
Dow Jones Industrial Average (DJI) futures are inching lower to kick off the week, as Wall Street weighs another packed schedule of corporate reports and a continual rise of coronavirus cases in the U.S. Futures on the S&P 500 Index (SPX) are also lower, while futures on the tech-heavy Nasdaq-100 Index (NDX) sit modestly above fair value. Investors are also keeping an eye on political developments in Washington D.C., where lawmakers are set to negotiate a second round of stimulus measures.
Continue reading for more on today's market, including:
- This bank stock couldn't muster the same post-earnings pop as its sector giants.
- See how Microsoft's job cuts impacted the blue-chip stock.
- Plus, eBay selling classified ads unit; SBUX gets new "overweight" rating; and Disney pulls ad spending on Facebook.
5 Things You Need to Know Today
- The Cboe Options Exchange
(CBOE) saw 1.9 million call contracts traded on Friday, and 897,190 put
contracts. The single-session equity put/call ratio slipped to 0.46, and the
21-day moving average climbed to 0.50.
- eBay Inc (NASDAQ:EBAY) stock is up 1.8% ahead of the open, after the e-retailer approached a deal to sell its classified ads unit to Adevinta. According to the Wall Street Journal, the deal could be worth up to $8 billion. eBay stock is up 61% in 2020.
- Starbucks Corporation (NASDAQ:SBUX) stock is 0.6% higher before the bell, after Wells Fargo initiated coverage with an "overweight" rating. The analyst in coverage sees COVID-19 distributions as not effecting the coffee chain as much as other restaurants. Starbucks stock has spent the last two months consolidating below the $75 level.
- The shares of Facebook, Inc. (NASDAQ:FB) are down 0.9% in electronic trading, after Walt Disney (DIS) joined the dozens of high-profile companies in pulling its ad spending on the social media app. FB hit a record high of $250.15 on July 13,a nd is up 18% year-to-date.
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The week will start out the week slow, with no economic data and earnings from Cal-Maine Foods (CALM), Halliburton (HAL), and IBM (IBM).
Overseas Markets Mixed as EU Hammers Out Recovery Fund Details
Stocks in Asia were mixed to start off the week, after China kept both its one-year and five-year loan prime rates unchanged, as the country’s economy continues to recover from the coronavirus crisis. As a result, China’s Shanghai Composite closed 3.1% higher. Meanwhile in Japan, the Nikkei was up 0.1%, despite exports diving 26.2% year-over-year, for the month of June. Elsewhere, South Korea’s Kospi and Hong Kong’s Hang Seng both closed 0.1% lower.
Across the pond, stocks are mostly higher, as European Union (EU) leaders continue to work out an agreement over a multi-billion-euro recovery fund after a failed attempt at a compromise on Friday. At last check, the German DAX was up 0.6%, France’s CAC was up 0.1%, and London’s FTSE 100 was down 0.4%.