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CNBC
17 minutes ago
- CNBC
CNBC Daily Open: Markets appear to have gotten over the July jobs report — unlike Trump
The U.S. Bureau of Labor Statistics' July's jobs report revised previous months' figures down so dramatically that U.S. President Donald Trump on Monday called it "RIGGED" and "CONCOCTED." Markets, however, seem to have shrugged off their worries for now — U.S. stocks rebounded Monday from the sell-off on Friday after the report was released. But the move could be more of an instinctive reflex than a reflection of what's really driving markets. "Today is sort of a bounce-back day," said Sam Stovall, chief investment strategist at CFRA Research. "Stocks tend to pop after a drop, so that's what's happening." "We have to wait and see what happens tomorrow, because there could be a possibility that investors think, 'You know what, we really need to take some money off the table to digest some of these gains,'" he added. Trump's new tariffs come into force on Aug. 7, so there's a possibility investors could seize this opportunity, when markets have recovered slightly from Friday's losses, to take profit first — and before any further slowdown, as suggested by July's jobs report, is potentially "rigged" and strikes the U.S. economy. Trump will 'substantially' raise tariffs on India. The South Asian country's oil purchases from Russia is the cause behind Trump's threat. In response, India said it was being "targeted" by the U.S. and EU, and criticized them as "indulging in trade with Russia." The EU will suspend its planned U.S. tariffs for six months. The countermeasures, which would have taken effect on Aug. 7, were delayed to allow the bloc to "further negotiate" with the U.S. and "finalise a Joint Statement" on their trade deal. U.S. stocks rebound from Friday's losses. Major U.S. indexes rose Monday, with the S&P 500 snapping a four-day losing streak. Asia-Pacific markets traded higher Tuesday, though India's Nifty 50 fell as it began trading for the day. Palantir's quarterly revenue exceeds $1 billion. Wall Street had expected the software provider to hit that milestone only in the fourth quarter of the year. But a 48% year-over-year jump in second-quarter revenue helped Palantir beat forecasts. [PRO] The 'Magnificent Seven' are powering earnings growth. Year on year, Mag 7 earnings have increased by 26%. The other S&P 500 companies posted a combined 4% growth — a disparity that could be problematic for investors, according to an analyst. How an obscure SEC proposal could boost listings on European stock exchanges The Securities and Exchange Commission is in the early stages of a proposal to tighten the rules for foreign companies that trade on U.S. exchanges. It's a move that could inadvertently prompt dozens of stocks to seek a secondary listing in London or another major financial center. The plan targets the definition of a "Foreign Private Issuer." One of the key changes being floated would require FPIs to have an active listing on a "major" non-U.S. exchange to qualify for exemptions from some regulatory requirements.


Business Insider
2 hours ago
- Business Insider
Closing Bell Movers: Palantir hits record highs on beat and raise
In the opening hour of the evening session, U.S. equity futures are up marginally, with S&P 500, Nasdaq 100, and Dow Industrials all adding to Monday's solid market with 0.1% gains. WTI Crude Oil is little changed around $66 per barrel following three consecutive sessions of declines, while Precious Metals are opening slightly higher in electronic trade, and if gains should hold, will mark three straight sessions of advance. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Tech and Communications Services – dominated by Google and Meta – led the S&P 500 index on Monday, followed closely by high-yielding Utilities benefiting from lower interest rates. The yield on the 10-year Treasury edged further down to 4.2% – the cusp of a three-month low. Fed funds futures markets also continued to price in the near-certain FOMC easing starting with September decision, with probabilities now rising to 94%. Afterhours, Palantir was the highlight, rising to record highs on a strong earnings beat and guidance raise. Vertex Pharma and Hims and Hers were down double-digits however, with earnings falling shy of consensus. Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGS – ALSO HIGHER – Arteris (AIP) up 55.1% after entering partnership with AMD (AMD) DOWN AFTER EARNINGS – Inspire Medical Systems (INSP) down 21.1% Vertex Pharmaceuticals (VRTX) down 14.5% Hims & Hers Health (HIMS) down 13.7% Kyndryl Holdings (KD) down 13.6% CRISPR Therapeutics (CRSP) down 6.0% MercadoLibre (MELI) down 5.2% Air Lease (AL) down 4.9% Diamondback Energy (FANG) down 3.7% Trex Company (TREX) down 2.8%


Business Insider
3 hours ago
- Business Insider
U.S. Stock Futures Rise as Wall Street Rebounds, PLTR Stock Pops
U.S. stock futures traded higher on Monday night, following a positive trading session. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were up 0.2%, 0.15%, and 0.18%, respectively, at 10:20 p.m. EDT on August 4. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. In after-hours trading, Palantir (PLTR) stock surged over 3% after announcing quarterly revenue exceeding $1 billion for the first time. On the other hand, Hims & Hers Health (HIMS) stock dropped more than 12% following a Q2 revenue report that fell short of consensus estimates. In Monday's regular trading session, the S&P 500 staged a rebound, jumping about 1.5% and ending a four-day losing streak. The Nasdaq Composite also saw a strong gain of nearly 2%, while the Dow Jones climbed 1.3%. At the same time, the small-cap Russell 2000 jumped over 2%. Looking ahead, investors are focused on a new round of corporate earnings reports on Tuesday, with major companies like Pfizer (PFE), Yum! Brands (YUM), Snap (SNAP), Advanced Micro Devices (AMD), and Rivian (RIVN). Key economic reports such as trade deficit and Services Purchasing Managers Index are also due on Tuesday morning.