Wake Up Wall Street (SPX) (QQQ): Records again, but Red takes over as China names crack

Here is what you need to know on Tuesday, July 27:

China day continues across the board on Tuesday with related names taking another hammering in the premarket. China and the US continue to haggle, with the US Defense Secretary talking tough over Taiwan, and China saying the relationship is at a stalemate. The Hang Seng followed up Monday's 5% slump by tanking another 4% on Tuesday and is in the process of sending US-listed Chinese stocks down again. Currently in the premarket: NetEase (NTES) -6%, Pindouduo (PDD) -5%, Tencent Music (TME) -5%, JD.com (JD) also down 5%. While this may be sending panic across the minds of retail investors who are strong followers of many of these names and the Chinese EV makers (NIO, XPEV, LI) the broad market is so far shaking off the increasing political tensions. Let's face it, it is not like relations with China were much different under the previous administration, and we have been here before with BABA and Ant Group.

It all gets a bit serious for big tech after the close on Tuesday with Apple (AAPL), Microsoft (MSFT), Google (GOOGL), AMD, Visa (V) and Starbucks (SBUX) the highlights. That will at least give us plenty to talk about over the virtual water cooler tomorrow.

With such a big slate after the close, it may be a risk-averse session, and the futures and Europe are currently looking pretty quiet. Over in the currency market, the dollar is pretty calm at 1.1810 versus the euro. Gold is $1,802, and oil is at $72. Bitcoin is still elevated at $38,000 despite Amazon denying reports from many (including ourselves, sorry) that it was due to begin accepting the pioneer crypto.

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European markets are lower: FTSE -0.4%, EuroStoxx -0.5% and Dax -0.4%.

US futures are just a tad lower: Nasdaq is flat, while both the Dow and S&P are -0.2%.

Wall Street top news

US and China relations continue to sour as both sides talk tough.

Chinese stocks suffer further falls and now WeChat says it has stopped accepting new user registrations.

SEC Official Allison Lee says US-listed, Chinese stocks must disclose risks of the Chinese government interfering in their business as part of their reporting obligations.

US Durable Goods 0.8%, forecast 2.2%.

Tesla (TSLA) posted strong earnings after the close on Monday, beating on EPS, revenue and deliveries.

General Electric (GE) beats on EPS and revenue and also surprised analysts by raising the free cash flow forecast.

F5 Networks (FFIV) sales and EPS beat estimates, up 7% premarket.

Sirius XM (SIRI) up 4% premarket as EPS in line, while sales beat and outlook ahead of estimates.

Waste Management (WM) raises guidance and beat on EPS and sales. Stock up 2% premarket.

UPS beats on sales and EPS, but guidance and domestic US revenue disappointed. 

3M (MMM) beats on EPS and revenue, shares up 1% premarket.

American Airlines (AAL) upgraded by Susquehanna and Berenberg. 

Upgrades, downgrades, earnings and premarket movers

Source: Benzinga Pro

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