A man walks on Wall St. during the morning commute as the city faces record temperatures and excessive heat, in New York City, July 20, 2022.
Brendan McDermid | Reuters
Here are the most important information investors need to start their trading day:
1. Stock futures are rising
US stock markets were ready to a positive open tuesdaywhich would come as a relief after Friday’s sharp sell-off and Monday’s declines. Oil futures contracts, meanwhile, fell early on Tuesday after Monday’s rally. Investors are looking for a way forward after Fed Chairman Jerome Powell’s remarks on Friday in which he said the central bank would continue its aggressive rate hikes to rein in four-decade high inflation. New economic data is on the agenda for Tuesday, including the Conference Board’s latest consumer confidence survey. Big name names such as Best Buy, HP and CrowdStrike are also announcing their results on Tuesday.
2. Best Buy revenue
A person walks out of a Best Buy store in New York.
andrew kelly | Reuters
best buy to beat Wall Street’s Low Expectations for sales and profits in its second fiscal quarter as the major electronics retailer suffered from weaker consumer demand. People did a lot to stock up on electronics at the height of the pandemic, and soaring inflation is pushing shoppers to spend more on essentials like gas and food. The company also met its full-year guidance, which it had already lowered in July. “At the start of the year, we expected the consumer electronics industry to be weaker than last year after two years of strong growth driven by unusually strong demand for technology and technology products and services. fueled in part by stimulus dollars,” CEO Corie Barry said in the company’s statement. publication of the results, adding that the retailer and its cohorts face additional economic pressures.
3. Sony’s mobile gaming ambitions
Sony, the maker of the PlayStation family of consoles, is push in mobile game. The Japanese electronics and entertainment giant is in a tough spot with its games business. The demand that boosted sales at the height of the Covid lockdowns has dried up as people return to the office, restaurants and vacation spots. Sony is also struggling to keep up with demand for its PlayStation 5 console due to supply chain issues. The PlayStation mobile game unit will operate independently of the console business, the company said.
4. Ukraine claims the success of the counter-offensive
Ukraine’s President Volodymyr Zelenskyy stands in Independence Square as he congratulates Ukrainians on Independence Day, amid Russia’s attack on Ukraine, in Kyiv, Ukraine Ukraine, in this photo posted August 24, 2022.
Ukrainian Presidential Press Service | Reuters
Ukraine launched a counter-offensive against Russian forces in the south of the country, and it seems that the Ukrainian army was able to achieve some initial successes. A spokesman for Ukrainian forces in the south told NBC News that some Russian forces had begun to retreat. The news came as British intelligence said Russian forces in the area, particularly those in and around the city of Kherson, may be understaffed and disorganized. “The occupiers must know: we will pursue them to the border. To our border, the line of which has not been changed,” Ukrainian President Volodymyr Zelenskyy said Monday evening. Read updates on the war in Ukraine here.
5. Problems in Greenland
An adult female polar bear (L) and a pair of yearling cubs walk on snow-covered freshwater glacier ice in southeast Greenland in this photograph taken in March 2015. Kristin Laidre/University of Washington/Handout via REUTERS THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO RESALE. NO CREDIT REQUIRED FROM THE ARCHIVES
Kristin Laidre | University of Washington | Reuters
Greenland’s ice cap, the second largest in the world, covers 80% of the island. New research says 3.3% of it will melt by 2100, causing sea levels to rise by 10 inches. This will happen no matter what actions humanity takes to fight climate change, the scientists said. The forecast is more than double what scientists had previously predicted from the Greenland Ice Sheet. Sea level rise threatens hundreds of millions of people and billions of dollars of economic output in the United States and elsewhere.
– CNBC’s Jesse Pound, Arjun Kharpal, Melissa Repko, Holly Ellyatt and Emma Newburger contributed to this report.
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