Listed here are an important information, tendencies and evaluation that buyers want to start out their buying and selling day:
1. Wall Avenue set to bounce as Dow appears for an additional file
Merchants on the NYSE
Dow futures gained ground Tuesday, a day after the 30-stock average gave up early gains and lost nearly 100 points as concerns about Covid and peaking economic growth overshadowed strong earnings. The S&P 500 dropped slightly and the Nasdaq rose slightly. The Dow and S&P 500 finished less than 1% away from last week’s record close. The Nasdaq ended just over 1% shy of last week’s record close.
PepsiCo announced Tuesday it has agreed to sell Tropicana, Naked and other North American juice brands to a French private equity firm for $3.3 billion. The food and beverage giant will receive a 39% stake in a newly formed joint venture with PAI Partners and the exclusive U.S. distribution rights for the juice brands for certain channels, like food service. PepsiCo shares rose modestly in the premarket.
2. 10-year Treasury yield rises after Monday’s sharp drop
Bond yields climbed Tuesday morning, with the 10-year Treasury yield near 1.18%, despite concerns about a slowdown in growth. Bond yields move inversely to prices. The 10-year Treasury yield fell to 1.15% on Monday, after data showed the U.S. manufacturing sector expanded at a slower pace in July than in the previous month. Federal Reserve Governor Christopher Waller also told CNBC on Monday the central bank could start tapering its bond purchases as early as October.
3. Average daily new U.S. Covid cases top last summer levels
A poster for New Orleans healthcare workers is seen with the slogan ‘Won’t Bow Down’ on Frenchmen Street on April 24, 2020 in New Orleans, Louisiana.
Chris Graythen | Getty Images
The spread of the delta Covid variant has been stoking uncertainty in financial markets. The seven-day average of new daily coronavirus cases in the U.S. reached 72,790 on Friday, surpassing the peak seen last summer, when the nation didn’t have a Covid vaccine, according to CDC data. As of Monday, the seven-day average was 85,459. The CDC said that 80% of all U.S. counties have high and substantial Covid transmission levels. To combat the spike, Louisiana on Monday became the second state to revive its mask mandate, joining Nevada. San Francisco and neighboring counties reinstated mask mandates. McDonald’s, Target and Kohl’s were the latest companies to require masks for store employees in high-risk regions.
4. Clorox, Eli Lilly see earnings hurt by tough Covid comparisons
Clorox Disinfecting Wipes canisters move along a conveyor belt at the company’s manufacturing facility in Forest Park, Georgia, on Wednesday March 10, 2021.
Matt Odom | Bloomberg | Getty Images
Clorox forecast full-year sales below Wall Street estimates as demand for its bleaches, wipes and other surface cleaners eased from pandemic highs, sending its shares down more than 11% in the premarket. The company’s latest quarterly earnings and revenue fell short of expectations. Sales in the company’s health and wellness division, its biggest unit by sales and home to Clorox disinfecting wipes, fell 17%.
An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021.
Mike Segar | Reuters
Eli Lilly fell short of quarterly profit and revenue expectations, hurt by weaker sales of its Covid therapies as vaccinations gained pace in the U.S. Sales of its antibody treatments dropped over 80% in the quarter. Lilly in April lowered its expectations for sales of those drugs. Looking ahead, the drugmaker lowered its annual sales forecast. Shares lost roughly 1.5% in the premarket.
5. Under Armour, Simon see pops on sales as retail recovers
People walks past a Under Armour clothing store in Siam Center, Bangkok.
Guillaume Payen | SOPA Images | LightRocket | Getty Images
Under Armour second-quarter earnings and sales topped analyst estimates as its turnaround efforts took hold. The athletic apparel maker on Tuesday also hiked its revenue outlook, saying 2021 revenue will rise at a low-20s percentage, compared with a previous outlook of a high-teen percentage increase. Shares jumped 6% in the premarket.
Shoppers ascend and descend escalators at the King of Prussia Mall, owned by Simon Property Group, United State’s largest retail shopping space, in King of Prussia, Pennsylvania.
Mark Makela | Reuters
Simon Property Group saw sales at its shopping malls and outlet centers bounce back to pre-pandemic levels in its latest fiscal quarter, as Americans shopped for clothes, shoes and other items. The largest U.S. mall owner is hoping the improved results encourage retailers to sign new leases and help it fill space vacated during the pandemic. Shares rose about 3% in Tuesday’s premarket.
— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.