Here are the most important news items that investors need to start their trading day:
1. Stock futures fall after jobs report
People walk past the New York Stock Exchange (NYSE) on Wall Street on July 12, 2022 in New York City.
Angela Weiss | AFP | Getty Images
2. U.S. added 528,000 jobs in July
A man walks past a “We Are Hiring” sign in New York City on July 8, 2022.
Angela Weiss | AFP | Getty Images
3. China halts cooperation with U.S. on military, climate
China said Friday it’s putting a stop to cooperation with the U.S. on issues including climate change and military relations after House Speaker Nancy Pelosi earlier this week visited Taiwan, the democratic island that Beijing claims as its own territory. China also imposed sanctions on Pelosi personally for the visit, which further stoked tensions between the world’s two largest economies. U.S. Secretary of State Antony Blinken criticized China for launching missiles during military exercises near Taiwan this week, saying those actions represented an “extreme, disproportionate and escalatory” response, according to Reuters.
4. DoorDash pops and more earnings
An AFP journalist checks the DoorDash food delivery application on her smartphone on February 27, 2020 in Washington, DC.
Eric Baradat | AFP | Getty Images
In more earnings news:
- Expedia Group posted strong earnings and revenue for the quarter ended June 30, sending shares up more than 4%, and CEO Peter Kern said “travel demand has remained strong” despite flight disruptions and economic uncertainty.
- Ride-hailing company Lyft reported better-than-expected adjusted earnings, based on estimates compiled by FactSet, helping send shares higher by 7.5% in premarket trading.
- Beyond Meat trimmed its full-year sales forecast and announced plans to lay off about 4% of its workforce, while also reporting disappointing Q2 results. CNBC’s Amelia Lucas has a full recap here.
5. Democrats reportedly add buyback tax to ‘Inflation Reduction Act’
Senator Kyrsten Sinema, a Democrat from Arizona, listens during a news conference in the Dirksen Senate Office Building in Washington, D.C., U.S., on Wednesday, July 28, 2021.
Stefani Reynolds | Bloomberg | Getty Images
Democrats in the Senate appear to have enough support to advance the so-called Inflation Reduction Act, and a 1% tax on stock buybacks is reportedly now part of the sweeping legislative proposal, CNBC’s Ylan Mui reported Friday morning. However, as a condition of garnering the backing of Sen. Kyrsten Sinema, D-Ariz., the bill no longer includes a change to the carried interest tax, which allows hedge fund and private equity investors to pay a lower rate. Read a full story on Sinema’s support for the legislation here.
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