US stock futures little changed as investors await earnings reports
Trump says he’s not firing Jerome Powell, despite reports
In a meeting with the Crown Prince of Bahrain, the president denied reports that he will fire the Chair of the Federal Reserve, Jerome Powell.
U.S. stock futures are little changed as investors waited to see more earnings reports.
Some of the major companies slated to report before the opening bell include Taiwan Semiconductor Manufacturing, Travelers, GE Aerospace, Abbott Laboratories, PepsiCo, U.S. Bancorp and Citizens Financial Group. Streaming company Netflix is due after the close.
At 6 a.m. ET, futures tied to the blue-chip Dow slipped -0.08%; while broad S&P 500 futures added 0.06% and tech-laden Nasdaq futures rose 0.15%.
Investors will also see June retail sales data and weekly jobless claims to get a sense of whether the economy is showing cracks. In May, retail sales fell more than expected and weekly jobless claims have not yet shown signs that the labor market is faltering. However, continuing claims have shown people without jobs are out of work longer.
Corporate news
- United Airlines missed second-quarter revenue estimates and lowered its annual earnings per share forecast.
- Sarepta Therapeutics announced a “strategic restructuring” plan that includes a 36% workforce reduction, or around 500 employees.
- Monarch Casino & Resort reported an increase in second-quarter earnings from a year ago.
- Walmart is cutting hundreds of store-support and training jobs at Walmart Academy, according Bloomberg, citing a memo.
Cryptocurrency
Coinbase unveiled “Base App,” or an “everything app” that combines social networking, mini-apps, chat, payments, and trading. It all runs on the company’s public blockchain network Base.
Separately, a trio of crypto bills failed again to jump a procedural hurdle in Congress despite President Donald Trump‘s earlier assurance that holdouts would vote yes.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
