The S&P 500 futures are up 35 points (0.7%), the Nasdaq 100 futures are up 134 points (0.7%), and the Dow Jones Industrial Average futures are up 261 points (0.7%).
There's a positive start today after last week's losses. Pre-open gains in some large-cap stocks are helping the market.
Treasury yields are higher than Friday's close. The 10-year note yield is up four points to 3.75% and the 2-year note yield is also up four points to 3.69%. Higher rates are giving extra support to equity futures.
Today's economic data includes:
- 10:00 ET: July Wholesale Inventories (0.3%; prior 0.2%)
- 15:00 ET: July Consumer Credit ($11.5 billion; prior $8.9 billion)
Reviewing corporate news:
Today's News
Palantir Technologies (PLTR, Financial) and BP (BP, Financial) have entered a five-year strategic collaboration to introduce new artificial intelligence capabilities using Palantir's AIP software. This new contract builds on a decade-long partnership and aims to improve and accelerate decision-making processes within BP's operations by harnessing large language models (LLMs).
Workhorse (WKHS, Financial) shares surged after securing an order from FedEx (FDX, Financial) for 15 W56 step vans. The W56 vehicles demonstrated an average fuel economy of 31 MPGe compared to 7 MPG for traditional delivery trucks, significantly reducing emissions. This order comes shortly after Workhorse raised concerns about its ability to continue operations due to a sharp decline in sales and working capital.
Microsoft (MSFT, Financial) has announced changes to its investor metrics and segment reporting, providing a clearer view of its Azure segment. Morgan Stanley highlighted that Azure is growing faster on a standalone basis and gaining market share. This restatement is expected to give management better visibility on Azure's growth as capacity constraints loosen.
Summit Therapeutics (SMMT, Financial) saw its shares soar by 51% after its investigational bispecific antibody, ivonescimab, showed a 49% reduction in the risk of disease progression or death compared to Merck’s (MRK, Financial) Keytruda in lung cancer patients. The Phase III trial demonstrated a significant improvement in progression-free survival.
Dell Technologies (DELL, Financial) and Palantir Technologies (PLTR, Financial) surged over 6% after being announced as new additions to the S&P 500 index. Dell will replace Etsy, while Palantir will take the place of American Airlines Group. This inclusion is seen as a validation of Palantir's improved profitability and business model.
Volkswagen (VLKAF, Financial) is facing increased pressure to justify its €5 billion partnership with Rivian Automotive (RIVN, Financial) amid concerns about European market share and job security. The company is considering closing a large vehicle plant and a component factory due to competition from Chinese rivals and a tough economic environment.
Terns Pharmaceuticals (TERN, Financial) shares jumped 34% after its GLP-1 receptor agonist TERN-601 showed positive results for obesity treatment in an early-stage trial. The drug demonstrated significant mean weight loss and was well tolerated, paving the way for a Phase 2 clinical trial in 2025.
B. Riley Financial (RILY) is in talks to sell a majority stake in the Great American Group, valuing the business at around $380 million. The company also secured a non-binding commitment for debt financing, which is expected to generate approximately $236 million in proceeds to pay down senior secured debt.
Mobileye (MBLY) has decided to end the internal development of next-generation frequency modulated continuous wave (FMCW) lidars. This decision, affecting about 100 employees, is based on progress in the company's EyeQ6-based computer vision perception and cost reductions in third-party lidar units.
Exxon Mobil (XOM) has withdrawn from bidding on Galp Energia's (GLPEF) new ownership interest in a significant oil discovery in Namibia. Several other oil companies, including Shell (SHEL) and Petrobras (PBR), remain interested in the stake.
GuruFocus Stock Analysis
- PepsiCo's Balanced Approach: Growth, Dividends and Stability by Uswah Tahir
- What's Fueling Gold's Record-Breaking Prices? by Bernard Zambonin
