Stock futures mixed as earnings kick off

Amazon Prime Day ‘great’ for consumer, retailers: Kristin Bentz

KB Advisory Group’s Kristin Bentz and Retail Analyst Hitha Herzog discuss the economic impact of Amazon Prime Day and Apple’s release of the iPhone 12.

Stock futures were mixed on Tuesday following Monday's strong gains as investors get set for earnings season to kick off.

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TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28837.52+250.62+0.88%
JNJJOHNSON & JOHNSON151.84+0.87+0.58%

Dow Jones Industrial Average futures were off 124 points, or 0.4%, after Johnson and Johnson Inc. announced it would pause its COVID-19 trial for an illness. Shares of the pharmaceutical giant were off more than 1% in early trading as investors awaited third-quarter earnings.

The Nasdaq Composite and S&P 500 indices were mixed, with the Nasdaq gaining 0.8%, while the S&P 500 fell less than 0.2%.

NASDAQ LEADS STOCK GAINS AHEAD OF AMAZON PRIME DAY, APPLE REVEAL

European indices were slightly weaker on Tuesday, with the Stoxx Europe 600 down 0.1%, while the German DAX, French CAC 40 and FTSE 100 were also lower.

EARNINGS COME TO LIGHT

TickerSecurityLastChangeChange %
JPMJP MORGAN CHASE & CO.102.44+1.24+1.23%
CCITIGROUP INC.45.88+0.95+2.11%
BLKBLACKROCK INC.614.89+3.32+0.54%
DALDELTA AIR LINES INC.32.64-0.17-0.52%

Also reporting early Tuesday were JPMorgan Chase & Co., Citigroup Inc., BlackRock Inc. and Delta Airlines Inc., with investors looking for readings on the health of the financial sector and the airline industry.

Delta will be of particular interest, given lawmakers in Washington continue to go back and forth over the next round of fiscal stimulus, which may include additional aid for the airlines. Delta has seen its shares fall nearly 50% since the start of the year because of the coronavirus pandemic.

TECH IN FOCUS

TickerSecurityLastChangeChange %
AMZNAMAZON.COM INC.3,442.93+156.28+4.75%
AAPLAPPLE INC.124.40+7.43+6.35%

Large-cap tech stocks will be in focus on Tuesday as Amazon.com Inc. kicks off its two-day shopping event, Prime Day, and Apple Inc. holds a product event.

Apple is widely expected to unveil a new 5G version of its iPhone at the event held at its Cupertino, Calif., headquarters. It's also expected to show off a new, cheaper smart speaker and may also announce new over-the-ear headphones and an updated Apple TV set-top box.

TickerSecurityLastChangeChange %
DISWALT DISNEY COMPANY124.97-0.01-0.01%

The Walt Disney Co. shares were sharply higher Tuesday after the media giant announced a reorganization to put a focus on streaming. The company also announced a virtual investor day, scheduled for Dec. 4.

ECONOMIC NEWS

The economic calendar is light on Tuesday, with the NFIB Small Business Optimism Index and readings on inflation set to be released.

At 8:30 a.m., economists will be looking for a September reading of the consumer price index (CPI) of 0.2%, down from 0.4% in August.

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West Texas Intermediate crude oil was rising on Monday, gaining more than 2%% to $40.25 a barrel. Gold ticked down modestly to $1,925.80 an ounce.

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