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Atom Daily Digest 07/22/2021

Email sent: Jul 22, 2021 8:42am
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Atom Finance July 22, 2021

Atom daily digest

Morning Briefing - Aiming for third straight day of gains

The S&P 500 futures trade four points, or 0.1%, above fair value as the market tries to extend its rebound bid to three straight days. Q2 earnings reports remain a focal point.  

AT&T (T 28.34, +0.44, +1.6%), CSX (CSX 32.66, +1.09, +3.5%), and Dow Inc. (DOW 60.57, +0.84, +1.4%) are supporting the positive bias after each beat top and bottom-line estimates, with AT&T also providing upbeat FY21 guidance.

Texas Instruments (TXN 185.80, -8.44, -4.4%), on the other hand, has underwhelmed investors with its Q3 guidance, although it did reiterate that there's nothing out of the ordinary with any of its end markets or regions and demand remains strong. TXN shares are down 4% in pre-market action. 

In other developments, the European Central Bank made no changes to interest rates or the pace of net asset purchases. President Biden said he expects "near term inflation" but that it's "highly unlikely" long-term inflation will occur, according to Bloomberg.

On the data front, investors will receive the weekly Initial Claims (Briefing.com consensus 360,000) and Continuing Claims report at 8:30 a.m. ET, followed by Existing Home Sales for June (Briefing.com consensus 5.90 million) and the Conference Board's Leading Economic Index for June (Briefing.com consensus 0.9%) at 10:00 a.m. ET. 

The 10-yr yield, meanwhile, continues to rebound along with the futures market and is up two basis points to 1.30%. The 2-yr yield is flat at 0.21%. The U.S. Dollar Index is flat at 92.75. WTI crude futures are up 0.7% to $70.76/bbl. 

In U.S. Corporate news:

  • AT&T (T 28.34, +0.44): +1.6% after beating top and bottom-line estimates and guiding FY21 EPS and revenue above consensus.
  • Texas Instruments (TXN 185.80, -8.44): -4.4% despite beating top and bottom-line estimates and issuing in-line guidance for Q3. The company reiterated that there is nothing out of the ordinary with any of its end markets or regions and demand remains strong.
  • CSX (CSX 32.66, +1.09): +3.5% after beating top and bottom-line estimates. 
  • Dow Inc. (DOW 60.57, +0.84): +1.4% after beating top and bottom-line estimates. 
  • American Airlines (AAL 21.19, -0.21): -1.0% despite beating EPS estimates. CEO Doug Parker told CNBC that business travel is beginning to recover and that demand continues to grow.
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