Evercore’s Emanuel is watching the S&P 500 at 6,600 by mid-2025
Julian Emmanuel, chief equity and quantitative strategist at Evercore ISI, has seen the market in the “digestion stage” following Donald Trump’s election as US president, saying “the bond market will call that song” at least next year.
Bloomberg
US stock futures are lower after another revenue after markets shut down, pre-evaluating inflation data before the opening bell.
Out of hours, Ulta and Autodesk issued strong guidance, but Dell’s outlook was disappointing.
Investors are also looking forward to looking at the Federal Reserve’s preferred inflation calculations, the Personal Consumption Expense Pais Index, or the PCE Index. The economists voted by Dow Jones hope that July will see an increase of 0.2% that month and 2.6% per year.
At 6:10am on ET, futures linked to the Blue Chip Dow fell by -0.34%, while the Broad S&P 500 futures slipped at -0.33%, while the high-tech Nasdaq futures fell by -0.52%.
Corporate News
- Cosmetics retailer Ulta has boosted its annual outlook over Wall Street forecasts after posting results a year ago.
- Semiconductor design company Ambarella has outperformed its second-quarter estimates and issued guidance for the current quarter than analysts expect.
- Marvell Technology met its second-quarter adjusted per share estimates per share, but its current quarter earnings outlook fell below forecasts.
- Peto raised its annual revenue outlook and made profits in the latest quarter.
- Dell raised its outlook for the year due to strong demand for AI, but its third-quarter earnings outlook for the Wall Street views.
- Buy Now For Companies, check out top forecasts for the last three months of the fiscal year.
- Caterpillar has increased the expected net impact from tariffs from $1.5 billion to $1.8 billion from $1.5 billion this year. He also said it is expected that the adjusted operating profit margin for the full year will fall to the lower end of the guidance range.
- According to the Gap, sales at the same store increased slightly, and revenue growth was in line with expectations.
Cryptocurrency
Buenos Aires allows certain local taxes, vehicle registrations, driver’s licenses and fines to be paid in cryptocurrency for the first time.
“The goal is for the city to become a global leader in crypto. We already have human capital. Now we are creating tools by reducing the bureaucracy to facilitate taxpayers’ compliance and support the arrival of new companies established here.”
Medora Lee is a money, market and personal finance reporter for USA Today. You can contact her at mjlee@usatoday.com and subscribe to our free daily money newsletter for personal finance tips and business news every Monday to Friday morning.
