10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TSLA, PZZA, GOOG, HMNY)
Here is what you need to know.
Chinese policymakers are moving to shore up economic growth. A statement released by China’s State Council on Tuesday said policymakers are taking steps to support economic growth, including delivering additional corporate tax cuts and promising to speed up infrastructure spending.
Goldman Sachs breaks down the damage a trade war could cause in the stock market. The firm says a deepening of the trade war would cause a 15% drop in S&P 500 earnings next year, and offered two trades for investors who are worried things will get worse.
Bitcoin tops $8,000. The cryptocurrency has rallied more than 35% since its June lows, and is back above the $8,000 mark for the first time since May.
Alphabet tops Wall Street targets. Google’s parent company beat on both the top and bottom line and delivered strong growth in the face of the European Union’s record-breaking $5 billion fine.
Papa John’s creates a poison pill to prevent founder John Schnatter from taking it over. The Papa John’s board of directors has adopted a limited-duration stockholder rights plan to prevent the company’s founder, John Schnatter, from taking control of the company.
MoviePass shareholders approve 2 measures meant to keep the company from being kicked off its stock exchange. At a special meeting on Monday, shareholders of Helios & Matheson — which owns 92% of MoviePass — approved the possibilities of issuing 4.5 billion new shares or of carrying out a reverse stock split, which can be exercised independently at management’s discretion.
A top Tesla sales exec is out. Ganesh Srivats, a top Tesla sales executive in charge of global growth at the company, has resigned to become CEO of the online retailer Moda Operandi.
Stock markets around the world are higher. China’s Shanghai Composite (+1.61%) led the gains in Asia and Germany’s DAX (+1.47%) is out front in Europe. The S&P 500 is set to open up 0.36% near 2,817.
Earnings reporting heats up. 3M, Harley-Davidson, and Verizon Communications are among the names reporting ahead of the opening bell while AT&T releases its quarterly results after markets close.
US economic keeps coming. FHFA home prices will be released at 9 a.m. ET before Markit US manufacturing and services cross the wires at 9:45 a.m. ET. The US 10-year yield is down 1 basis point at 2.95%.
Read the full article from it’s original source: http://uk.businessinsider.com/stock-market-news-opening-bell-july-24-2018-2018-7