On Wednesday, futures of U.S. stock market looks little charming, while some of expectations are flat as on the Sino-U.S. trade war surged and investors waited for earnings results.
Futures took place as; S&P 500 futures surged 0.28% to 2,858.45 while Dow futures rose 0.50%, to 25,628.91 on last seen before market bell. In the meantime tech heavy index “NASDAQ 100” futures were down in start but on last seen it moved up 0.31%, to 7,883.66.
On Tuesday, U.S. released that it will compel 25% tariff on $16B of Chinese goods on August 23, as the trade war amid the two major economies in the world rises. In last two months, it’s the second set of tariffs against China. Beijing is probable to retaliate, dollar-for-dollar, by means of its own set of tariffs.
Earnings on the Spotlight
The major players’ earning that is expected on Wednesday are, Twenty-First Century Fox Inc (NASDAQ:FOX), CVS Health (NYSE:CVS), Michael Kors Holdings Limited (NYSE:KORS) and Yelp Inc (NYSE:YELP).
In pre-market session, Snap Inc (NYSE:SNAP) kept among the top gainers, its shares surging 1.16% on last seen after it tops analysts anticipations of sales despite a decrease in daily active users. On the other side, Facebook (NASDAQ:FB) eased up 0.21% while General Electric (NYSE:GE) was up 0.46% in before trading session.
To another place Tesla (NASDAQ:TSLA) jumped down over 2% in pre session. The firm surged around 11% in previous session following CEO Elon Musk stated that he was deeming taking the luxury car maker private. At the same time as the S&P 500 persists to flirt with that January record high, it’ll take many to kill the spotlight on Tesla today.
The analysts Ben Kallo and David Katter, stated in a note to clients “We think some shareholders may demand a steeper premium than the $420 mark, and we think shares could move higher as shorts cover and investors demand a higher price to go private.” The added, “We view the risk/reward as extremely favorable at current levels.”
In the same reference, Walt Disney Company (NYSE:DIS) slightly dropped 0.57% after its earnings came in less than anticipated.
In commodity market, gold futures surged 0.09% to $1,219.40 a troy ounce at the same time as crude oil futures were increased 0.04% to $69.20 a barrel. The U.S. dollar index which measures the dollar against a euro, inched up 0.03% to 95.03. A Hong Kong-based trader, Philip Ho said, “Gold is consolidating here for the moment. The dips on the dollar still seem to be bought so I am sceptical to call a bottom on gold.