Here are five things to know for Monday, July 20:
1. – Stock futures fall as Wall Street looks at earnings reports
Stock futures were mainly lower on Monday as Wall Street came out of its third straight week of earnings and investors turned their attention to a wave of earnings reports.
Dow Jones Industrial Average-linked contracts fell 31 points, S&P 500 futures decreased 6 points and Nasdaq futures increased 9 points.
The Dow gained 2.3% last week, the S&P 500 was up 1.3% and the Nasdaq was down 1.1%.
While stocks have increased, concerns about the health of the US economy continue as the coronavirus pandemic worsens.
President Donald Trump is expected to meet with House of Representatives minority leader Kevin McCarthy and Senate Majority Leader Mitch McConnell to discuss what would be the fifth coronavirus aid bill.
Shares in Europe traded mixed as leaders continued to negotiate the terms of a stimulus package.
Chevron (CVX) – Get report said Monday that it reached an agreement to acquire Noble Energy for $ 5 billion in shares (NBL) – Get report.
Noble Energy shares rose 7.82% to $ 10.41.
2. – IBM and Halliburton report earnings on Monday
Halliburton (HAL) – Get report It posted a less-than-expected loss in the second quarter, but still saw revenue of less than half of last year’s total as the coronavirus pandemic halted crude drilling projects in key markets around the world.
International business machines (IBM) – Get report It is also slated to report earnings after the closing bell on Monday.
Later in the week, Microsoft will issue reports. (MSFT) – Get reportTesla (TSLA) – Get report, Coca Cola (KO) – Get report, Lockheed Martin (LMT) – Get reportUnited Airlines (UAL) – Get report, American airlines (AAL) – Get report, Southwest Airlines (LUV) – Get report, Snap (SNAP) – Get report, Texas Instruments (TXN) – Get report, Chipotle Mexican Grill (CMG) – Get report, AT&T (T) – Get reportTwitter (TWTR) – Get reportIntel (INTC) – Get report, Verizon Communications (VZ) – Get report and American Express (AXP) – Get report.
Microsoft is a stake in Jim Cramer’s Action Alerts PLUS Members Club. Do you want to be alerted before Jim Cramer buys or sells MSFT? Learn more now.
Monday’s economic calendar is bare.
3. – Coronavirus – The Latest
The number of confirmed global cases of the coronavirus has increased to 14,508,892, according to Johns Hopkins University., and deaths increased to 606,206.
The United States has 3,773,260 cases of coronavirus, the most in the world, according to Johns Hopkins. Deaths in the United States have increased to 140,534, also the highest number in the world.
The Covid-19 outbreak in Florida is “totally out of control,” said Democratic Rep. Donna Shalala, and called for a state shutdown.
“The residents here are terrified and I am terrified, for the first time in my career because there is a lack of leadership,” Shalala, whose district is within Miami-Dade County, told ABC “This Week.”
“It is terrible. We have community spread, which means that the virus is out of control,” he added.
Los Angeles Mayor Eric Garcetti said the city opened too quickly and may be “on the verge” of new restrictions as coronavirus cases continue to rise. Another order to stay home was an option, Garcetti said on CNN Sunday.
Phase 1 results for a coronavirus vaccine developed by AstraZeneca (AZN) – Get report and the University of Oxford is expected to be published Monday in The Lancet medical journal.
4. – Disney reduces advertising spending on Facebook and Instagram
Walt disney (DIS) – Get report has drastically reduced your ad spending on Facebook (full board) – Get report and Facebook-owned Instagram reported The Wall Street Journal, citing people familiar with the situation.
Disney was the top American Facebook advertiser for the first six months of 2020, according to research firm Pathmatics, the Journal reported.
Several major advertisers, such as Unilever and Coca-Cola, earlier this month signed the boycott, which is a protest at Facebook’s policies on hate speech, voter suppression and disinformation. It has gained steam for several weeks, with hundreds of brands pledging to withdraw Facebook and Instagram ad budgets until at least July.
Facebook fell 0.55% to $ 240.71 in pre-market trading on Monday.
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5. – EBay is close to an agreement to sell classified ad businesses
EBay (EBAY) – Get report is in advanced talks to sell its classified ad business to Adevinta of Norway, The Wall Street Journal reported, citing people familiar with the matter.
A cash and stock deal could be announced as early as Monday. The unit is expected to sell for approximately $ 8 billion or more.
Adevinta’s offer appears to have exceeded those of a private equity consortium and Prosus NV, the Journal noted. Bloomberg reported last week that Prosus was the favorite for the eBay business.
EBay said in February that it was in active talks with multiple suitors about a possible deal for its classifieds business, as it responded to pressure from activist investors to focus more on its main online marketplace that has been battling competition from Amazon. .com. (AMZN) – Get report.
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