Here are the key news, trends, and analysis investors need to start their trading day:
1. Stock futures ahead of US retail sales under pressure
A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York, August 9, 2021.
Andrew Kelly | Reuters
Stock futures fell Tuesday as traders waited for key economic data to be released on the US consumer. Futures pegged to the Dow Jones Industrial Average lost 22 points, or 0.6%. The futures on the S&P 500 and Nasdaq 100 fell 0.5% and 0.4%, respectively. Tuesday’s declines came a day after the Dow and S&P 500 hit new record highs.
July retail sales data is expected to be released at 8:30 a.m. ET. According to the Dow Jones, economists expect sales to decline by 0.3%. Without cars, however, retail sales are likely to have increased 0.2%.
2. S&P 500 doubles from the bottom of the Covid pandemic
Monday was a stellar day for the S&P 500 in several ways. The benchmark closed at 4,479.71, an increase of 100.2% from its Covid closing low of 2,237.40 on March 23, 2020. According to data from S&P Dow Jones Indices, this marked the fastest bull market, doubling a low since World War II. The huge gains during this period came as the Federal Reserve launched a massive bond-buying program and kept interest rates low while the government shot trillions of dollars into the economy through aid spending.
3. Retail giants Home Depot and Walmart are reporting profits
A customer wearing a protective mask loads lumber at a Home Depot store in Pleasanton, California, on February 22, 2021.
David Paul Morris | Bloomberg | Getty Images
Home Depot shares fell more than 3% in the premarket after the home improvement retailer’s sales missed expectations in the previous quarter. Home Depot reported earnings per share and revenue for the quarter that exceeded analysts’ expectations, but sales in the same store for the second fiscal quarter rose a disappointing 4.5%. According to StreetAccount, analysts expected an increase of 5%. The slight miss comes a year after consumers flocked to stores to buy home improvement items while stuck indoors due to the pandemic.
A mask buyer makes a purchase at a Walmart store in Hallandale Beach, Florida on May 18, 2021.
Joe Raedle | Getty Images
4. The US is expected to recommend a booster vaccination against Covid 8 months after the second dose
Fourth year medical student Anna Roesler will administer the vaccine against Pfizer BioNTech coronavirus disease (COVID-19) on Dec.
Bryan Woolston | Reuters
U.S. health experts are expected to recommend Americans of all ages get a booster vaccination against Covid eight months after receiving their second dose, The Associated Press reported, citing sources. The report said an announcement of booster shots is expected as early as this week. The recommendation would come as new cases surge across the country amid the spread of the Delta variant. Over the weekend, five states set new records for Covid cases.
5. Flights from Kabul will resume while people make efforts to leave Afghanistan
French and Afghan nationals face off on the 17th (Photo by STR / AFP) (Photo by STR / AFP via Getty Images)
STR | AFP | Getty Images
Flights from Kabul International Airport resumed Tuesday after a hectic day in which thousands of Afghans ran onto the tarmac trying to leave Afghanistan. “The situation is stabilizing, but we are obviously monitoring it very carefully,” British Foreign Secretary Dominic Raab told Sky News on Tuesday. “I think the airport is more stable today than it was yesterday and we have to make sure that we consolidate that in the coming days.” The chaos in the Middle Eastern nation came after the Taliban captured Kabul on Sunday when the US withdrew its troops from the country. “I fully support my decision. After 20 years, I’ve learned the hard way that there was never a good time to withdraw the US forces, “President Joe Biden said on Monday.
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