20-Jul-22 08:05 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -12.00. Nasdaq futures vs fair value: -37.00.
The S&P 500 futures are down 8 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 15 points and are trading 0.3% below fair value. The Dow Jones Industrial Average futures are down 66 points and are trading 0.1% below fair value.
Yesterday's sentiment-driven gains have been stymied by an early inclination to sell into strength.
The European Commission officially asked member states to cut their gas commission by 15% between August 1st and March 31st 2023. The 27 EU governments are asked to update their emergency plans and report to the Commission every two months on how they're progressing to comply. Commission President Ursula von der Leyen said, "whether a partial major cut-off of Russian gas or a total cut-off of Russian gas, Europe needs to be ready."
In other European news, bond markets got some relief ahead of a key ECB meeting Thursday when Italy's Prime Minister Draghi said he will stay in power provided parliamentarians back his coalition government.
Inflation hit a 40-yr high of 9.4% in the UK, fueling fears that the Bank of England will have to be more aggressive. Bank of England Governor Bailey said policymakers will consider a 50 basis point rate hike at their meeting next month.
In other news, the mortgage demand dropped to a 22-yr low with the MBA Mortgage Application Index showing a contraction of more than 6% week-over-week.
In corporate news:
Netflix (NFLX 214.00, +13.37, +6.1%): beats by $0.25, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; global streaming paid net adds -0.97 mln vs -2.00 mln prior guidance; guides to Q3 at +1.00 mln
Nasdaq (NDAQ 161.00, +1.68, +1.1%): beats by $0.15, beats on revs; announces 3-for-1 stock split and quarterly dividend of $0.20/share
Baker Hughes (BKR 27.00, -1.22, -4.3%): misses by $0.11, misses on revs
ASML (ASML 493.35, -5.01, -1.0%): beats by €0.01, beats on revs; guides Q3 revs below consensus; guides FY22 revs below consensus
Biogen (BIIB 219.74, -0.52, -0.2%): beats by $1.16, beats on revs; raises FY22 guidance
Merck (MRK 91.53, -0.83, -0.9%): reports Phase 3 KEYNOTE-412 Trial did not meet its primary endpoint