We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The U.S. stock market mayhem is likely to continue on Monday after a devastating last Friday. Equity market sell-off intensified globally following recession concerns in the United States. Futures on the Dow, the S&P 500 and the Nasdaq Composite are down 3%, 4.1% and 5.6%, respectively. These three major stock indexes tumbled 1.5%, 1.8% and 2.4%, respectively, on Friday.
Weak labor market data for July, along with tepid reading for July manufacturing PMI and June’s construction spending, dented investors’ confidence in a “soft landing” of the U.S. economy by the Fed. Market participants are worried that the central bank may be late in reducing the benchmark lending rate and that the economy is heading toward a recession.
In line with recession fears, the yield on the benchmark 10-Year U.S. Treasury Note was down to 3.684% — its lowest level since July 2023. The yield on the short-term 2-Year U.S. Treasury Note also dropped to 3.685%.
The U.S. Dollar Index against six major currencies dropped to 102.62, a near five-month low. Japanese Yen surged to a seven-month high against the U.S. dollar. On Aug 5, the Nikkei 225 index plummeted 12.4%, marking its worst single-day performance since the “Black Monday” of 1987. At present, Nikkei 225 is in bear territory with a negative year-to-date return.
Bitcoin, the largest cryptocurrency in the world, briefly slipped below the 50,000 threshold for the first time since February. As a result of the global equity market rout, the CBOE VIX — Wall Street’s fear gauge — jumped more than 187% to above 53, its highest level since Apr 2, 2020.
Aside from a tepid economic outlook, geo-political tensions also intensified. The prolonged war between Ukraine and Russia is not heading for any conclusion. Tensions between Israel and Iran heightened after the killing of two top Hamas commanders. Political upheaval in the South East Asian country Bangladesh leading to the resignation of prime minister Sheikh Hasina worsened the situation.
This morning’s major earnings results were mixed. Tyson Foods Inc. (TSN - Free Report) reported third-quarter fiscal 2024 adjusted earnings per share of $0.87, outpacing the Zacks Consensus Estimate of $0.61. The largest meat producers and markets of the United States posted revenues of $13.35 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.42%.
Investment fund The Carlyle Group Inc. (CG - Free Report) has come up with quarterly adjusted earnings of $0.78 per share, missing the Zacks Consensus Estimate of $0.84 per share. The company posted adjusted revenues of $788.9 million, below the Zacks Consensus Estimate of $842 million.
Pet food company Freshpet Inc. (FRPT) has registered quarterly loss per share of $0.03, narrower than the Zacks Consensus Estimate of a loss of $0.09 per share. The company posted revenues of $235.25 million, beating the Zacks Consensus Estimate by 1.87%.
On the economic data front, the Institute of Supply Management will release services PMI for July after the opening bell. Investors will keenly watch this data after the pathetic reading of manufacturing PMI, which missed the consensus estimate and stayed contracted for four consecutive months. Weakness in services PMI data will heighten the concern of a near-term recession in the U.S. economy.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Market Awaits Services PMI Data
The U.S. stock market mayhem is likely to continue on Monday after a devastating last Friday. Equity market sell-off intensified globally following recession concerns in the United States. Futures on the Dow, the S&P 500 and the Nasdaq Composite are down 3%, 4.1% and 5.6%, respectively. These three major stock indexes tumbled 1.5%, 1.8% and 2.4%, respectively, on Friday.
Weak labor market data for July, along with tepid reading for July manufacturing PMI and June’s construction spending, dented investors’ confidence in a “soft landing” of the U.S. economy by the Fed. Market participants are worried that the central bank may be late in reducing the benchmark lending rate and that the economy is heading toward a recession.
In line with recession fears, the yield on the benchmark 10-Year U.S. Treasury Note was down to 3.684% — its lowest level since July 2023. The yield on the short-term 2-Year U.S. Treasury Note also dropped to 3.685%.
The U.S. Dollar Index against six major currencies dropped to 102.62, a near five-month low. Japanese Yen surged to a seven-month high against the U.S. dollar. On Aug 5, the Nikkei 225 index plummeted 12.4%, marking its worst single-day performance since the “Black Monday” of 1987. At present, Nikkei 225 is in bear territory with a negative year-to-date return.
Bitcoin, the largest cryptocurrency in the world, briefly slipped below the 50,000 threshold for the first time since February. As a result of the global equity market rout, the CBOE VIX — Wall Street’s fear gauge — jumped more than 187% to above 53, its highest level since Apr 2, 2020.
Aside from a tepid economic outlook, geo-political tensions also intensified. The prolonged war between Ukraine and Russia is not heading for any conclusion. Tensions between Israel and Iran heightened after the killing of two top Hamas commanders. Political upheaval in the South East Asian country Bangladesh leading to the resignation of prime minister Sheikh Hasina worsened the situation.
This morning’s major earnings results were mixed. Tyson Foods Inc. (TSN - Free Report) reported third-quarter fiscal 2024 adjusted earnings per share of $0.87, outpacing the Zacks Consensus Estimate of $0.61. The largest meat producers and markets of the United States posted revenues of $13.35 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.42%.
Investment fund The Carlyle Group Inc. (CG - Free Report) has come up with quarterly adjusted earnings of $0.78 per share, missing the Zacks Consensus Estimate of $0.84 per share. The company posted adjusted revenues of $788.9 million, below the Zacks Consensus Estimate of $842 million.
Pet food company Freshpet Inc. (FRPT) has registered quarterly loss per share of $0.03, narrower than the Zacks Consensus Estimate of a loss of $0.09 per share. The company posted revenues of $235.25 million, beating the Zacks Consensus Estimate by 1.87%.
On the economic data front, the Institute of Supply Management will release services PMI for July after the opening bell. Investors will keenly watch this data after the pathetic reading of manufacturing PMI, which missed the consensus estimate and stayed contracted for four consecutive months. Weakness in services PMI data will heighten the concern of a near-term recession in the U.S. economy.