Waiting on Wall Street for the most important index for the Fed to monitor the trend of US inflation: the index of personal consumption expenditures, which will be announced at 2.30 pm Italian time. Meanwhile, Nasdaq futures are down 0.93% after slipping by more than 1%, on the back of sales that are hitting Amazon above all (stock has lost more than -7% in afterhours trading, now in premarket. loses over -6%) and Pinterest, which marks a drop of almost -21%.
Dow Jones futures lost 0.25% to 34,866 points, while S&P 500 futures fell 0.57% to approximately 4,386 points.
Both Amazon and Pinterest have released reports that have not convinced analysts.
In particular, Amazon’s revenue stood at $ 113.08 billion in the second quarter of the year, below the $ 115.2 billion expected by the consensus of analysts interviewed by Refinitiv. Turnover growth was + 27% year-on-year, a sharp slowdown compared to the growth rate of + 41% of turnover in the second quarter of 2020. The turnover in the second quarter was worse than expected for the first time in three years, in the face of weak guidance.
Practically, with the reopening of the global economy, Amazon lost that strong assist of ‘stay home’ style measures, which had led consumers, confined to their homes, to hoard online purchases.
The news of the loss of monthly users during the quarter ended June 30 last drowned the quotes of Pinterest.
We also look to the debut of the online trading company Robinhood, which landed on Nasdaq yesterday with an IPO operation at the placement price of $ 38. The stock closed more than 8% lower at $ 34.82 and fell more than 1% in the premarket.
Procter & Gamble stock + 1%, after the consumer products giant announced it ended the second quarter of the year with better-than-expected earnings and revenue. At the same time, the American multinational warned that commodity costs could affect its earnings over the next year.
However, a positive month for Wall Street is about to end: since the beginning of July the Nasdaq Composite and the Dow Jones have risen respectively by 1.89% and 1.69%, while the S&P 500 benchmark index has marked an increase of 2.83%.
The index was supported by utilities, technology stocks and stocks from the health-care and real estate sectors. Conversely, weakness in the month for energy and financial stocks.