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What to Watch Today: U.S. Stock Futures Flat Despite Strong Bank Earnings

BY THE NUMBERS

U.S. stock futures were flat Tuesday as earnings season kicked off one day after the Dow, S&P 500 and Nasdaq logged record closes. All the major benchmarks have been on hot streaks recently. The S&P 500 leads the three with a 16.7% year-to-date gain. The Dow and Nasdaq are up about 14.3% for 2021. (CNBC)

The 10-year Treasury yield rose Tuesday, trading at around 1.38% after going as low as 1.25% last Thursday. The yield move came after the government said its June consumer price index jumped 0.9% on both the headline number and the non-food and energy core reading. Those are nearly double expectations. The year-over-year numbers were up 5.4% on headline CPI and up 4.5% on the core rate. (CNBC)

IN THE NEWS TODAY

Shares of JPMorgan (JPM) fell nearly 1% in Tuesday's premarket, after the bank reported second-quarter profit and revenue that exceeded expectations as the firm released money set aside for loan losses. Borrowers have held up better than expected as the economy continued to pull out of the Covid pandemic tailspin. (CNBC)

Shares of Goldman Sachs (GS) rose 0.3% in premarket trading, after the bank's second-quarter earnings report blew past Wall Street estimates, propelled by strong performance in investment banking during this year's robust IPO market. (CNBC)

PepsiCo (PEP) shares rose more than 1% in the premarket, after the beverage and snack company reported that its quarterly revenue rose more than 20% from a year earlier as restaurant demand for its drinks returned, fueling an earnings beat. PepsiCo also raised its outlook for its full-year adjusted earnings per share growth. (CNBC)

Boeing shares fell 2% in the premarket after the aircraft maker announced Tuesday morning that it cut its delivery target for its undelivered 787 Dreamliner planes. Boeing said it will temporarily lower production rates after a new defect was detected on some of the wide-body jets. (CNBC)

The FDA is expected to announce a new warning for Johnson & Johnson's Covid-19 vaccine, saying the shot has been linked to a serious, but rare, autoimmune disorder, according to The Washington Post. About 100 preliminary reports of Guillain-Barre syndrome have been detected after 12.8 million doses of J&J's one-does vaccine were administered, the CDC said in a statement to NBC News.

* J&J, AstraZeneca explore vaccine modification over rare blood clots (WSJ)

The Trump Organization has removed longtime finance chief Allen Weisselberg as an officer at some of its subsidiaries, after prosecutors accused him and the company of a 15-year tax-fraud scheme, according to public filings and people familiar with the matter. (WSJ)

President Joe Biden will lay out Tuesday a "moral case" for voting rights as he faces growing pressure from civil rights activists and other Democrats to combat efforts by Republican-led state legislatures to restrict access to the ballot. (AP)

* Texas Democrats leave state to try to stop GOP voting bill (AP)

STOCKS TO WATCH

Conagra Brands (CAG) beat estimates by 2 cents with adjusted quarterly earnings of 54 cents per share, with revenue topping analyst predictions as well. The food producer did cut its fiscal 2022 full-year forecast due to the impact of inflation, and its stock fell 3.7% in premarket action.

Nokia (NOK) said it would announce an improved outlook for the year on July 29, when it reports its second-quarter results. The telecom equipment maker cites a pickup in business during the quarter. Shares surged 8.4% in premarket trading.

Hanesbrands' (HBI) stock jumped 3.2% in the premarket after Wells Fargo upgraded the apparel producer to "overweight" from "equal weight". Wells Fargo said it was impressed by the company's new leadership team and the overall direction of the business.

Walt Disney (DIS) is raising subscription prices for its ESPN+ sports streaming platform. The monthly price goes up by $1 to $6.99, while the annual plan will increase by $10 to $69.99.

The U.S. government has begun the review process that will determine if Medicare will cover the cost of Biogen's (BIIB) newly approved Alzheimer's drug Aduhelm. A final decision is expected within nine months.

McDonald's (MCD) is backing franchisee efforts to attract more workers, making a multimillion investment in perks such as higher pay, more paid time off, college tuition aid and emergency child care.

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