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August Poised for Upbeat Start With Stock Index Futures in the Green

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·2-min read
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Stocks were weighed down on Friday after Amazon shares took a tumble. All three major stock market indices finished the session in the red. And while the S&P 500 was down for the day, it clocked a gain for the month of July as a whole. Also on Friday, the Dow Jones Industrial Average fell almost 150 points, while the tech-heavy Nasdaq was down more than 100 points.

That Was Then, This Is Now

Stock index futures are trading in the green across the board on Sunday evening. At this rate, investors are poised to leave Friday’s declines and inflation fears behind and begin the month of August on a positive note.

Stocks to Watch

Amazon’s stock plummeted 7.5% on Friday after the e-commerce giant fell short on the top line, a disappointment that hasn’t happened in three years. As the economy has reopened, consumers have turned their attention to other things beyond online shopping.

As a result, Amazon’s Q3 revenue is expected to similarly fall below Wall Street estimates, though it will likely remain above the USD 100 billion threshold. Amazon is not alone amid a trend among big tech companies where revenue is retreating from pandemic-related highs.

Square reported its Q2 earnings sooner than expected. In the report, Square revealed that it is scooping up Afterpay, an Australia-based buy now, pay later (BNPL) startup, in a blockbuster USD 29 billion deal using all stock. Square CEO Jack Dorsey said that his company and Afterpay have a “shared purpose.” Square will integrate AfterPay into its Cash App and Seller divisions, giving more merchants the opportunity to offer BNPL.

In Q2, Square’s revenue soared more than 143% to USD 4.68 billion. Bitcoin revenue came in at USD 2.72 billion via the Cash App. Square’s earnings call will take place on Monday. The call was originally planned for Aug. 5 but that one has been cancelled.

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Look Ahead

The ISM Manufacturing index for the month of July will be released on Monday. Wells Fargo economists predict that the ISM index fell slightly due to the one-two punch of hiring challenges and supply-chain constraints that have taken a toll on the manufacturing sector.

Construction spending data for June will also come out on Monday. Wells Fargo economists are expecting an increase of 0.6% in “construction outlays.”

On the earnings front, Uber Technology reports its Q2 results on Wednesday. DraftKings will report its quarterly results on Friday.

This article was originally posted on FX Empire

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