Investing.com – U.S. stocks futures edged lower, indicating an extension of losses seen on Wall Street the previous day, while traders assessed the implications of Fitch’s downgrading of the United States’ credit ratings this week. continue to do. , On the other hand, investors await the publication of quarterly results from tech giants Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN), while Adidas predicts a narrower loss in 2023 due to strong sales of its surplus stock. . Zapatillas of Yeezy. Here we have five key questions that will be pending in the financial markets this July, August 3.
H 2 1. Futures Bajan Tres Las Ventas/h2
A day after liquidation began on Wall Street after rating agency Fitch cut the credit rating of the United States, futures for US equities are heading towards the red digits this July.
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At 11:18 a.m. (CET), Dow futures contracts fell 85 points, or 0.24%, S&P 500 futures fell 12 points, or 0.28%, and Nasdaq 100 futures fell 55 points, or 0.36%.
The previous day, the benchmark S&P 500 posted its biggest drop since April, while the Nasdaq Composite of Technologies posted its worst day since February.
It is likely the focus will now turn to this week’s flurry of business results, as tech giants Amazon and Apple will present their latest quarterly reports after the opening bell.
In today’s economic agenda, investors can analyze the weekly data on unemployment subsidy requests, which will serve as a prelude to the publication of the most important United States employment report for July this year.
H 2 2. Qualcomm (NASDAQ:QCOM) Disappoints Sales Forecast/h2
Qualcomm released a sales forecast for its fiscal fourth quarter that didn’t meet expectations and announced plans to cut its workforce in the face of recent weakness in the smartphone market.
The American chip designer says it now believes its revenue for the quarter will be between $8,100 and $8,900 million. Analysts had predicted $8,700 million.
In addition to the underlying problems, the San Diego-headquartered company says it currently provides “no material income” from Huawei because it does not have a license to sell 5G chips to the Chinese telecom conglomerate. Qualcomm also indicated that it would likely be affected by “significant” restructuring positions involving staff reductions.
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The company’s activity is falling sharply while waiting for the US market to open.
H 2 3. Apple and Amazon report/h2
Apple and e-commerce giant Amazon will announce their quarterly results this July, one of the most relevant reports in what has been a busy week of results for the companies.
In Apple’s case, most analysts expect the Californian maker of the iPhone to post its third consecutive quarter of revenue declines. Attention will likely focus on whatever details the company decides to reveal about the current quarter ending in September.
At Amazon, the group’s flagship division of computing in the cloud will be the focus of all eyes.
Amazon, which is headquartered in Bellevue, Washington, previously indicated that the slowdown in last quarter’s growth for its Amazon Web Services unit continued in April. The slowdown may be a reflection of a greater weakening of spending on the cloud, as inflationary pressures cause customers and individuals to cut some spending on the technology.
H 2 4. Adidas predicts lower losses in 2023 after Yeezy shortage/h2
Adidas (ETR:ADSGN) has cut its projected losses for 2023 due to strong demand for the surplus of its Yeezy shoe brand, according to German sports clothing group Youth.
Last year, the company halted sales of Zapatilla after the rapper, known as Kanye West, ended its relationship with designer Yate over anti-Semitic statements.
To avoid heavy depreciation of its remaining stock of Yeezy branded products, Adidas announced in May that it would sell part of this surplus and donate the profits to various charitable organizations that fight against anti-Semitism and racism.
H 2 5. Oil falls ahead of falling stockpiles and Fitch’s downgrade signal/h2
Oil prices declined on the day on concerns over the global economic outlook, even as a record drop in US stockpiles signaled substantial adjustments in crude markets.
Official data published by the public showed that United States crude stockpiles decreased by more than 17 million barrels in the week ending July 28, the most recorded since these figures began to be collected in 1982. The biggest downfall is
A cut in the United States’ credit rating by Fitch also reduced risk-on interest for the second day in a row, which dragged down oil prices. This announcement was made even before the completion of three years of the announcement of the qualifying agency.
At 11:11 a.m. (CET), United States crude futures fell 0.18% to $79.35 a barrel, while the Brent contract was down 0.24% to $83.00 a barrel.
