Wake Up Wall Street (SPX) (QQQ): Morgan Stanley overweight on DNUT, AMZN sends Bitcoin to moon

Here is what you need to know on Monday, July 26:

Asian markets overnight looked pretty scary with the Hang Seng closing 4% lower. The reason is a now all-too-familiar one: heightened Chinese regulatory concerns. This time it was education stocks that were hammered as China banned for-profit tutoring in certain core subjects. Some well-known and retail interest stocks with Nasdaq listings are taking a serious hammering this morning. TAL Education (TAL), Gaotu (GOTU), and New Orient Education (EDU) are down about 25% in Monday's premarket. US-China talks are ongoing with both sides talking their own book and the headlines not looking too rosy.

Other names going up in smoke are Phillip Morris (PM), with the company saying it may stop selling cigarettes in the UK in the next ten years. The headline appears to have little impact, with the stock price barely moving. 

Speaking of throwing toys out of the pram, Hasbro (HAS) is up nearly 4% in premarket as the toymaker releases strong earnings for Q2. The big one today though is Tesla (TSLA), which releases results after the close. See here for more details on Tesla and a link to the conference call. 

Crypto stocks are boosted by Amazon reportedly planning to accept Bitcoin, see more

The dollar meanwhile remains on summer holidays, barely changed at 1.1780 versus the euro. Bitcoin bounces to $38,600 on Amazon news, while Gold is at $1,802. Oil continues to steady itself above $70, now trading at $71.93. 

See Forex today 

European markets are mixed: the FTSE and EuroStoxx are flat, while the Dax is -0.2%.

US futures are all down: S&P -0.2%, Dow -0.2%,  Nasdaq -0.1%.

Wall Street top news

German IFO Expectations 101.2 versus 103.6 forecast.

US to keep current travel restrictions in place due to Delta variant.

US-China talks, China says ties at a stalemate.

Goldman Sachs cuts US Q3 GDP forecast to 8.5% from 9.5%.

Deutsche Bank survey shows investors still bullish on US and European equities.

Lockheed Martin (LMT) earnings just miss forecasts, EPS $6.52 versus $6.53 estimate.

Hasbro (HAS) EPS $1.05 versus $0.48.

Bank of Hawaii (BOH) $1.68 versus $1.31 expected. Definitely want to attend that investor presentation on location.

AON shares are up 6% after it ends deal for Willis Towers Watson.

Ryanair (RYAAY) shares up 3% premarket on results with load factor (passengers) improving. 

GAP upgraded by Deutsche Bank.

Spotify (SPOT) downgraded by Redburn.

TAL, GOTU and EDU all downgraded by Goldman Sachs.

Tencent Music (TME): regulators said the company could not hold exclusive rights to online music.

Krispy Kreme (DNUT): Morgan Stanley starts coverage with an overweight rating. Headline of the day award? 

Upgrades, downgrades, earnings and premarket

Source: Benzinga Pro

Economic releases




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