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Atom Daily Digest 07/31/2020

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Daily Digest - July 31, 2020
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Morning Briefing - Better-than-expected mega-cap earnings offset lack of progress on relief bill

The S&P 500 futures trade 20 points, or 0.6%, above fair value, as the market gets major support from mega-cap earnings, which are helping outweigh the uncertainty surrounding the contentious coronavirus relief bill negotiations. The Nasdaq 100 futures outperform by trading 1.9% above fair value. 

Apple (AAPL 412.77, +28.01, +7.3%), Amazon (AMZN 3242.00, +190.12, +6.2%), Alphabet (GOOG 1531.50, +0.05, unch), and Facebook (FB 249.30, +14.80, +6.3%) each beat top and bottom-line estimates after yesterday's close, but Alphabet is the only stock not sporting a huge gain. AAPL is up 7%, AMZN is up 6%, and FB is up 6%. 

On the data front, investors will receive Personal Income for June ( consensus -0.9%), Personal Spending for June ( consensus +5.9%), the PCE Price Index for June ( consensus 0.4%), and the Q2 Employment Cost Index ( consensus 0.6%) at 8:30 a.m. ET.

The Chicago PMI for July ( consensus 42.0) is due out at 9:45 a.m. ET, followed by the revised University of Michigan Index of Consumer Sentiment for July ( consensus 73.0) at 10:00 a.m. ET. 

U.S. Treasuries trade near their flat lines ahead of today's data. The 2-yr yield is flat at 0.11%, and the 10-yr yield is flat at 0.54%. The U.S. Dollar Index is little changed at 92.99 after declining 1.5% over the prior four days. WTI crude futures are up 0.8%, or $0.31, to $40.23/bbl.

In U.S. Corporate news:

  • Apple (AAPL 412.77, +28.01): +7.3% after beating top and bottom-line estimates. The company also announced a 4:1 stock split. 
  • Amazon (AMZN 3242.00, +190.12): +6.2% after beating top and bottom-line estimates and guiding Q3 revenue above consensus.
  • Facebook (FB 249.30, +14.80): +6.3% after beating top and bottom-line estimates. 
  • Alphabet (GOOG 1531.50, +0.05): UNCH despite beating top and bottom-line estimates. 
  • Caterpillar (CAT 139.00, +2.27): +1.7% after beating top and bottom-line estimates. 
  • Exxon Mobil (XOM 41.45, -0.42): -1.0% after missing top and bottom-line estimates. 
  • Chevron (CVX 84.47, -1.80): -2.1% after missing top and bottom-line estimates. 
  • Merck (MRK 81.30, +2.31): +2.9% after beating top and bottom-line estimates and raising its FY20 EPS above consensus. 
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