Impact of Pelosi trip on markets
Mona Mahajan, Edward Jones senior investment strategist, addressed the impact of Pelosi's possible Taiwan visit on markets in a CNBC "Squawk Box" appearance Tuesday:
"Geopolitical tension has been a theme we've really been seeing all year that has been weighing on markets. ... The risk and the concern is that we have a Russia-Ukraine 2.0, something that's even more severe coming out of China. I think for now it's a tail risk. I do think the trip will not lead to any real economic disruption, but of course the rhetoric and the headlines start to intensify and it's something we need to watch going forward."
—John Melloy
Caterpillar drops after reporting earnings
Caterpillar shares slid more than 1% after the industrial giant posted mixed quarterly results. The company earned $3.18 per share, beating a Refinitiv consensus forecast of $3.01 per share. However, Caterpillar's revenue of $14.25 billion was just below an estimate of $14.35 billion.
—Fred Imbert
Treasury yields fall in early trading
U.S. Treasury yields fell in early trading Tuesday ahead of House Speaker Nancy Pelosi's expected trip to Taiwan. The benchmark 10-year rate dropped more than 5 basis points to 2.548%, while the 2-year yield slid to 2.856%.
—Fred Imbert
Oil major BP boosts dividend as quarterly profits jump on high commodity prices
U.K. oil giant BP boosted its dividend on Tuesday as it posted bumper second-quarter profits, benefitting from a surge in commodity prices.
Second-quarter underlying replacement cost profit, used as a proxy for net profit, came in at $8.5 billion. The soaring profits gave BP room for a 10% increase in its quarterly dividend payout to shareholders, raising it to 6.006 cents per ordinary share.
European stocks retreat, tracking global risk-off sentiment
European markets pulled back slightly on Tuesday, tracking risk-off sentiment globally as investors assess whether last month's rally has further to run.
The pan-European Stoxx 600 dropped 0.6% by mid-morning in London, with tech stocks shedding 2.1% to lead losses as almost all sectors and major bourses slid into the red. Telecoms gained 0.6%.
Earnings remain a key driver of individual share price movement. BP, Ferrari, Maersk and Uniper were among the major European companies reporting before the bell on Tuesday.
Chinese stocks drop as tensions rise over Pelosi visit
Stock futures open flat
Stock futures opened flat in overnight trading on Monday.
Futures tied to the Dow Jones Industrial Average inched 0.06% lower, or 21 points. S&P 500 futures and Nasdaq 100 futures dipped 0.06% and 0.01%, respectively.
— Samantha Subin
The upside from here is limited over the next few months, says Truist's Lerner
Investors overallocated toward stocks should consider using the current market conditions to trim back their positions as the upside for equities is limited going forward, says Keith Lerner, co-chief investment officer at Truist.
According to Lerner, the upside for the market over the next few months is likely capped in the 3% to 5% range, but the downside could exceed that amount.
"The market's been very resilient, no doubt, and maybe it stays that way for a little bit, but we don't see the risk-reward as that compelling here," he said.
This by no means is an indication of the top of the market and equities could squeeze higher, but it is an opportunity to reallocate exposure after last month's strong market rally, Lerner added.
-Samantha Subin
Pinterest shares pop 21% as Elliott Management reveals position as largest investor
Pinterest shares popped more than 21% after the company posted stronger-than-expected user numbers and Elliott Management revealed it's the largest shareholder in the image-sharing company.
Activist investor Elliott said in a statement that it has "conviction in the value-creation opportunity" at Pinterest, calling the social media company a "highly strategic business with significant potential for growth."
"As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest's next phase of growth," Elliott wrote.
Despite the stock move, Pinterest missed estimates for the second quarter on the top and bottom lines, Monthly active users for the period came in 2 million above estimates.
— Samantha Subin
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August 02, 2022 at 02:32PM
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Stock futures are flat after first trading day in August - CNBC
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