| What to watch today: Dow to open higher ahead of Big Tech hearing and Fed policy decision | | |  | WED, JUL 29, 2020 | | | | AS OF WED, JUL 29, 2020 • 08:01 ET | | Dow Jones Fut | | 26,379.28 | | Current: | 26,328.00 | | Change: | 31.00 | | Impl. Open: | 55.72 | | | S&P 500 Fut | | 3,218.44 | | Current: | 3,219.75 | | Change: | 6.75 | | Impl. Open: | 9.31 | | | NASDAQ 100 Fut | | 10,532.50 | | Current: | 10,596.00 | | Change: | 56.00 | | Impl. Open: | 75.50 | | | Russell 2000 Mini | | 1,469.76 | | Current: | 1,470.80 | | Change: | 3.40 | | Impl. Open: | 8.24 | | Dow futures indicated a roughly 70-point gain at the opening bell, ahead of a blockbuster Big Tech congressional hearing, a Fed policy statement and another batch of corporate earnings reports. S&P 500 and Nasdaq futures also were mildly higher. The Dow on Tuesday fell about 205 points, or .77%. The S&P 500 gave up .65% while the tech-heavy Nasdaq Composite sank 1.27%.
The Dow, S&P 500 and Nasdaq have fallen in three of the past four trading days, although all remain on course for solid July gains. The Dow begins the new day at a more than two-week low, coming off its lowest close since July 13.
* Treasury yields edge higher ahead of Fed interest rate decision (CNBC) | | | | The Federal Reserve's Open Market Committee will issue its latest policy statement at 2:00 p.m. ET, followed by Fed Chairman Jerome Powell's virtual news conference 30 minutes later. | | | | Total mortgage application volume fell 0.8% last week from the previous week, according to the Mortgage Bankers Association's latest report. Mortgage applications to buy a home were down 2% last week compared to the prior week but 21% higher annually. (CNBC) | | Biotech firm Moderna (MRNA) is planning to price its potential coronavirus vaccine at $50 to $60 per course for high-income countries, according to a Financial Times report. The price for the two-dose vaccine comes in higher than the proposed price from Pfizer (PFE) and German-based BioNTech, according to Reuters, based on the companies' $1.95 billion deal with the U.S. government to produce and deliver 100 million doses. The price for Moderna's vaccine, which entered late-stage human trials earlier this week, is not finalized, Reuters reported. (FT) | | | | In a historic move, AMC Theaters (AMC) and Comcast-owned Universal Pictures inked an agreement to shorten the theatrical release window for Universal's movies, allowing them to head to digital streaming just 17 days after their debut on the big screen. Theaters previously would have the exclusive rights to films for about 90 days. AMC will share in some of the new revenue from the digital on-demand rentals. Comcast is parent company of CNBC and NBCUniversal. (CNBC) | | | | The American Federation of Teachers, one of the largest teachers' unions in the U.S., will support any of its local chapters that decide to strike if they feel school reopening plans are not safe enough. The federation, which represents 1.7 million school employees, said in its Tuesday resolution that striking should be the last option, but it called for reopening plans to include social distancing measures and mask requirements. It also said buildings should only reopen in places where coronavirus transmission rates are low. (USA Today) | | Visa (V) came in 4 cents above estimates with quarterly earnings of $1.07 per share, with revenue above estimates as well. The payments processor did say that payment volume was down 10% during the quarter with profit dropping 23%, as consumer spending was hit by rising unemployment. | | | | Mondelez (MDLZ) reported adjusted quarterly profit of 63 cents per share, 7 cents above estimates, with the snack maker's revenue slightly above Wall Street forecasts. Strong demand for its snacks in North America helped offset other declines, and Mondelez also announced an 11% dividend increase. | | | | FireEye (FEYE) surprised analysts who had expected a loss by reporting an adjusted profit of 9 cents per share with revenue above estimates as well. The cybersecurity company benefited from the shift to cloud-based work amid the pandemic. | | | | Avis Budget (CAR) reported a quarterly loss of $5.60 per share, slightly smaller than the loss of $5.68 that analysts were expecting. The car rental's revenue beat estimates, with a recovering used car market and increased leisure rentals helping results. | | | | L Brands (LB) is cutting 15% of its corporate staff, amounting to 850 jobs. The parent of Victoria's Secret and Bath & Body Works also projected a smaller than expected current quarter sales decline. | | | | Spirit Airlines (SAVE) will tell its unions to be prepared for possible October furloughs of 20 to 30% of workers, according to a memo sent to employees and first reported by Reuters. | | | | Advanced Micro Devices (AMD) beat estimates by 2 cents with adjusted quarterly profit of 18 cents per share, with the chip maker's revenue above estimates as well. AMD also raised its full-year forecast, as the surge in the number of employees working from home raises demands for its chips. | | | | EBay (EBAY) reported adjusted quarterly earnings of $1.08 per share, 2 cents above estimates, with the e-commerce company's revenue also beating forecasts. It also raised its full-year outlook, amid more online shopping by people staying indoors during the coronavirus pandemic. | | | | Amgen (AMGN) earned an adjusted $4.25 per share for its latest quarter, compared to a $3.82 consensus estimate, with revenue above forecasts as well. The biotech company was helped by stronger sales of its newer drugs. | | Budweiser has unveiled its newest beer with a twist. It has no alcohol. The 50-calorie Bud Zero is now going out nationwide and was created with the help of former NBA star Dwyane Wade. The new drink gives Anheuser Busch Inbev (BUD) further exposure to the non-alcoholic beer category, which has been growing fast this year. (USA Today) | |  | | |
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