On Tuesday morning, investors are gearing up for another day of trading as the stock market prepares to open. Here are five key things to know before the opening bell:
1. Market Recap: The S&P 500 and Nasdaq Composite both made solid gains on Monday, with tech shares leading the way. The Dow Jones Industrial Average also saw a positive uptick, fueled by strong performances from megacap tech names like Nvidia, Meta, and Alphabet. However, CrowdStrike faced a significant drop following last week’s IT outage, making it the worst performer in the S&P 500.
2. General Motors (GM) Earnings: GM exceeded Wall Street’s expectations for the second quarter and raised its financial targets for the year. The automaker reported strong results in its North American operations, driven by robust truck sales. However, GM’s return to profitability in China fell short of expectations, and the production of its autonomous vehicle was indefinitely delayed.
3. Kamala Harris Campaign: Vice President Kamala Harris saw a surge in campaign donations following President Joe Biden’s announcement that he would not seek reelection in 2024 and endorsed her candidacy. Harris received record-breaking contributions, endorsements from key political figures, and the support of a majority of pledged Democratic convention delegates.
4. Wiz-Google Deal: Cybersecurity firm Wiz decided to walk away from a $23 billion acquisition deal with Google and will pursue an IPO instead. The move was fueled by antitrust and investor concerns, marking Google’s missed opportunity for its largest-ever acquisition. The deal could have boosted Google’s cloud security offerings in a competitive landscape.
5. Comcast Earnings: Comcast reported mixed earnings results, beating revenue estimates but falling short of revenue targets. The company faced tough comparisons in its film studio and theme park segments but saw growth in its streaming service Peacock. Revenue for the Universal Pictures studio segment declined, while Peacock’s paid subscribers increased significantly.
As the stock market gears up for another day of trading, investors will be closely watching these key developments to inform their trading decisions.
