Stock futures fall as earnings rise

All three major indexes are lower before the bell

The major indexes are down this morning and futures are down Dow Jones Industrial Average (DJIA) down 88 points as investors deliver a mixed batch of earnings reports. Semiconductor shares Micron Technology (MU) fell about 5% pre-open despite strong results as its outlook disappointed Wall Street’s massive artificial intelligence (AI)-driven expectations. Meanwhile, large-cap tech stocks continue to rally, and tomorrow’s inflation report remains highly anticipated.

Continue reading for more information on today’s market, including:

• Call traders with your eyes FedEx shares growth after results.
• 3 gold stocks to watch inflation data.
• Additionally, LEVI is declining rapidly due to loss of revenue; Downgraded USB; and IP merger talks disappear.

5 things you need to know today

1. On the Cboe Options Exchange (CBOE) on Wednesday, over 1.9 million call contracts and 1 million put contracts were exchanged. The one-day value of put/call options on the stock fell to 0.54, while the 21-day moving average remained at 0.67.
2. 
   
   Levi Strauss & Co (NYSE:LEVI) fell 16.1% before opening, after corporate Fiscal second-quarter earnings beat estimates. The company’s shares, falling from their early June highs in two years, are poised to significantly reduce their year-to-date lead of 39.8%.

3. 
   

   US Bancorp (NYSE:USB) fell 1.7% before the bell after JP Morgan Securities downgraded to “neutral” from “overweight.” Since the beginning of the year, the price of USB has fallen by 8.2%.

4. Shares International Paper Co (NYSE:IP) fell 11.6% in e-commerce after Suzano’s takeover talks ended. Expected to decline further from this week’s two-year highs, IP will increase by 28.9% in 2024.

The Japanese yen hits a 38-year low

Asian markets calmed down on Thursday as the Japanese yen fell to a 38-year low and the country’s annual retail sales growth in May exceeded expectations. Meanwhile, official data showed that Chinese industrial profits rose 3.4% year-on-year from January to May. Following behind the laggards was Hong Kong’s Hang Seng, which fell 2.1%, putting it near two-month lows. China’s Shanghai Composite lost 0.9%, Japan’s Nikkei and South Korea’s Kospi lost 0.8% and 0.3%, respectively.

European markets are also mostly losing as investors await tomorrow’s state inflation data, which will likely influence next moves by the US Federal Reserve. The French CAC 40 fell by 0.6%, London’s FTSE 100 fell by 0.3% and the German DAX rose by 0.3%.