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Pre-market futures are correcting Monday’s slight selloff at this hour; ultimately, as we had said in this space yesterday, we don’t expect much movement either direction until inflation reports begin to hit the tape Wednesday morning with the Consumer Price Index (CPI) Inflation Rate. The Dow is +71 points presently, the S&P 500 +16 and the Nasdaq +129 points.
Small Business Index Shows Signs of Hope
Early this morning, the NFIB Small Business Index for July came in at 99.8 — the highest rate since August of last year, which was 100.8. (For scale, the 12-month low was 95.3 in March of this year.) Eight of 10 components in this survey were optimistic, and 20% of small business owners plan to create new jobs in the next three months. The top issue these small business owners had last month were labor quality and availability.
Existing Home Sales Report After the Open
Estimates for July Existing Home Sales — a metric of the housing market that could use some good news — are expected to tick down to 4.05 million seasonally adjusted, annualized units, down for the second-straight month from a near-term high 4.19 million units in May. In the last report, only the Northeast increased in existing home sales, +2.1% to 0.48 million units; the South dipped -3.6%, the Midwest was -3.0% and the West -1.3%.
Earnings Updates at a Glance
Ahead of today’s open, Cardinal Health (CAH - Free Report) posted mixed fiscal Q4 results, beating expectations by +20% to earnings of $2.91 per share on revenues of $63.67 billion, which missed the Zacks consensus by -2.96%. Higher 2027 earnings guidance, however, is keeping Cardinal shares buoyant: up marginally on the news, +15% year to date.
Chinese audio entertainment platform Tencent Music (TME - Free Report) beat earnings estimates by a penny to $0.25 per ADS, on revenues of $1.32 billion (U.S. dollar equivalent), which was shy of the $1.35 billion analysts had been expecting. Shares had gone up +12% over the past month, and have given up -10% of its stock price on the news in early trading.
After the close today, Super Micro Computer (SMCI - Free Report) is expected to grow +65.85% on earnings per share, +91% on revenues. The data center technology services provider has outpaced earnings estimates in each of the past three quarters.
AI GPU infrastructure provider CoreWeave (CRWV - Free Report) shares are up +2% early today, ahead of its earnings report after the closing bell. Earnings are anticipated to tumble -333% for Q2, but gain +109% on quarterly revenues. Three of the past four quarters, CoreWeave has missed earnings estimates.
Fast-casual restaurant chain Cava Group (CAVA - Free Report) is expected to report fiscal Q4 earnings up +12.5% per share this afternoon, on +25.9% on revenues. The company has beaten estimates in three of the past four quarters; shares are up modestly ahead of the open.
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Image: Bigstock
Existing Home Sales Data in Focus
Pre-market futures are correcting Monday’s slight selloff at this hour; ultimately, as we had said in this space yesterday, we don’t expect much movement either direction until inflation reports begin to hit the tape Wednesday morning with the Consumer Price Index (CPI) Inflation Rate. The Dow is +71 points presently, the S&P 500 +16 and the Nasdaq +129 points.
Small Business Index Shows Signs of Hope
Early this morning, the NFIB Small Business Index for July came in at 99.8 — the highest rate since August of last year, which was 100.8. (For scale, the 12-month low was 95.3 in March of this year.) Eight of 10 components in this survey were optimistic, and 20% of small business owners plan to create new jobs in the next three months. The top issue these small business owners had last month were labor quality and availability.
Existing Home Sales Report After the Open
Estimates for July Existing Home Sales — a metric of the housing market that could use some good news — are expected to tick down to 4.05 million seasonally adjusted, annualized units, down for the second-straight month from a near-term high 4.19 million units in May. In the last report, only the Northeast increased in existing home sales, +2.1% to 0.48 million units; the South dipped -3.6%, the Midwest was -3.0% and the West -1.3%.
Earnings Updates at a Glance
Ahead of today’s open, Cardinal Health (CAH - Free Report) posted mixed fiscal Q4 results, beating expectations by +20% to earnings of $2.91 per share on revenues of $63.67 billion, which missed the Zacks consensus by -2.96%. Higher 2027 earnings guidance, however, is keeping Cardinal shares buoyant: up marginally on the news, +15% year to date.
Chinese audio entertainment platform Tencent Music (TME - Free Report) beat earnings estimates by a penny to $0.25 per ADS, on revenues of $1.32 billion (U.S. dollar equivalent), which was shy of the $1.35 billion analysts had been expecting. Shares had gone up +12% over the past month, and have given up -10% of its stock price on the news in early trading.
After the close today, Super Micro Computer (SMCI - Free Report) is expected to grow +65.85% on earnings per share, +91% on revenues. The data center technology services provider has outpaced earnings estimates in each of the past three quarters.
AI GPU infrastructure provider CoreWeave (CRWV - Free Report) shares are up +2% early today, ahead of its earnings report after the closing bell. Earnings are anticipated to tumble -333% for Q2, but gain +109% on quarterly revenues. Three of the past four quarters, CoreWeave has missed earnings estimates.
Fast-casual restaurant chain Cava Group (CAVA - Free Report) is expected to report fiscal Q4 earnings up +12.5% per share this afternoon, on +25.9% on revenues. The company has beaten estimates in three of the past four quarters; shares are up modestly ahead of the open.