The continuing decline in US Treasury rates triggers sales on the US stock exchange. The ten-year rates fell to 1.329% from 1.45% at the end of June and compared to a value above 1.70% in March. The trend in yields reflects concerns about the sustainability of economic growth. Dow Jones futures drop 0.45% to 34,661 points; those on the S&P 500 fall by 0.35% to 4,352 points, those on the Nasdaq fall by 0.02% to 14,888 points.
Among the notable company stories, Morgan Stanley announced that it ended the quarter of the year ended June 30, 2021 with net revenue of $ 14.8 billion, compared to $ 13.7 billion for the same period last year. , better than the $ 13.98 billion expected by the consensus. Net income was $ 3.5 billion, or $ 1.85 on a diluted basis, compared to $ 3.2 billion, or $ 1.96 per share, in the second quarter of 2020, and above the consensus estimate of $ 1.65. .
James P. Gorman, the bank’s president and chief executive officer confirmed that the banking giant will double dividends by also launching a $ 12 billion buyback deal.
Among the titles focus also on Netflix, up by up to + 2% after the news concerning the hiring, by Big Tech, of a video game expert.
This is Mike Verdu, who has worked for Facebook so far, holding the position of deputy general manager of the virtual reality and augmented reality content division. The stock meme of video game retail company GameStop, which plunges almost -7%, does not toast the news.
Yesterday Wall Street closed positively, thanks to the dovish tones of Fed Chairman Jerome Powell who, in a congressional hearing, reiterated that “we continue to foresee that it will be appropriate to maintain the current target range on rates, until the conditions of the the labor market will not have reached levels consistent with the Commission’s assessment of what is the maximum employment, and until inflation has risen to 2% and moderately exceeded 2% for a while of time”. Powell will speak in Congress also today.