Here are 5 things you indispensable cognize for Thursday, July 22:
1. -- Stock Futures Rise connected Earnings Optimism
Stock futures were rising modestly Thursday arsenic optimism astir net and the economical recovery outweighed Wall Street's concerns astir rising ostentation and surging coronavirus cases.
Contracts linked to the Dow Jones Industrial Average roseate 84 points, S&P 500 futures were up 8 points and Nasdaq futures gained 26 points.
The output connected the benchmark 10-year Treasury roseate aboriginal Thursday to 1.287%. Yields dropped beneath 1.2% earlier this week arsenic traders pared bets connected immoderate near-term moves connected involvement rates from the Federal Reserve.
“The delta variant of [COVID-19] remains an ever-present downside hazard for the markets successful the near-term,” said Craig Erlam of Oanda, “but arsenic agelong arsenic ostentation remains lone a impermanent problem, it besides keeps cardinal slope hawks astatine bay.”
President Joe Biden, astatine a municipality hallway successful Cincinnati hosted by CNN, said Wednesday nighttime "there volition beryllium near-term inflation" arsenic the system recovers but said helium has been advised by his economical squad that existent terms increases won't past arsenic request returns to mean levels.
Stocks finished higher connected Wednesday as investors were encouraged by coagulated net reports. About 86% of the companies successful the S&P 500 that already person reported net person topped analysts' expectations, according to Bloomberg.
Rallies connected Wall Street some Tuesday and Wednesday recouped the losses from Monday's steep selloff.
2. -- Thursday's Calendar: Intel, AT&T and Twitter Earnings
Earnings reports are expected Thursday from Intel (INTC) - Get Report, Abbott Laboratories (ABT) - Get Report, AT&T (T) - Get Report, Union Pacific (UNP) - Get Report, Snap (SNAP) - Get Report, Twitter (TWTR) - Get Report, Biogen (BIIB) - Get Report, Freeport-McMoran (FCX) - Get Report, Dow Inc. (DOW) - Get Report, Southwest Airlines (LUV) - Get Report and American Airlines (AAL) - Get Report.
The economic calendar successful the U.S. Thursday includes play Jobless Claims astatine 8:30 a.m. ET and Existing Home Sales for June astatine 10 a.m.
3. -- Bitcoin Gets Boost From Musk, Wood and Dorsey
Bitcoin roseate to adjacent $32,000, led higher by affirmative comments astir the world's largest cryptocurrency from Elon Musk, Jack Dorsey and Cathie Wood.
Musk, CEO of Tesla (TSLA) - Get Report, said the electric conveyance institution mightiness soon again judge Bitcoin for conveyance purchases.
“It looks similar Bitcoin is shifting a batch much toward renewables and a clump of the heavy-duty ember plants that were being utilized ... person been unopen down, particularly successful China,” said Musk astatine a Bitcoin conference.
“I privation to bash a small much owed diligence to corroborate that the percent of renewable vigor usage is astir apt astatine oregon supra 50% and that determination is simply a inclination toward expanding that number. If so, Tesla volition astir apt resume accepting bitcoin,” helium said.
ARK Invest's Wood said companies should see adding Bitcoin to their equilibrium sheets.
Bitcoin roseate 3.11% connected Thursday to $31,834. It has gained much than 10.43% twelvemonth to date.
4. -- Activision Is Sued for 'Frat Boy' Culture, Harassment
Activision Blizzard (ATVI) - Get Report, the shaper of video games specified as “Call of Duty” and “World of Warcraft,” was accused successful a suit of fostering a “frat boy” culture, including years-long harassment and intersexual bias against pistillate employees.
The suit was filed by the California Department of Fair Employment and Housing.
Female employees marque up astir 20% of the Activision workforce. They are subjected to "cube crawls" successful which antheral employees "drink copious [amounts] of intoxicant arsenic they ‘crawl’ their mode done assorted cubicles successful the bureau and often prosecute successful inappropriate behaviour toward pistillate employees," the ailment said.
The suit besides alleged that pistillate employees were paid and promoted little than their antheral coworkers.
“We worth diverseness and strive to foster a workplace that offers inclusivity for everyone. There is nary spot successful our institution oregon industry, oregon immoderate industry, for intersexual misconduct oregon harassment of immoderate kind,” said a connection from Activision Blizzard. “We instrumentality each allegation earnestly and analyse each claims. In cases related to misconduct, enactment was taken to code the issue,”
“The DFEH includes distorted, and successful galore cases false,
descriptions of Blizzard’s past," the institution added.
The banal fell somewhat successful premarket trading.
5. -- Chembio Diagnostics Extends Sharp Gains
Chembio Diagnostics (CEMI) - Get Report extended crisp gains successful premarket trading Thursday aft the medical diagnostics company received a $28.3 cardinal acquisition order from Bio-Manguinhos for SARS-CoV-2 antigen tests successful Brazil.
The trial is designed to observe the COVID-19 pathogen successful lone 20 minutes utilizing a "minimally invasive" nasal swab.
Chembio shares roseate 7.3% to $5.73 successful premarket trading. The banal soared much than 159% connected Wednesday to adjacent astatine $5.34.
Investors connected StockTwits were cheering the surge successful Chembio shares. "With this overmuch measurement I americium reasoning we deed precocious 7s earlier immoderate dip!!!!! LETS GO!" said 1 commenter.