- Reuters/Dado Ruvic
Here is what you need to know.
A key short-term boost has vanished for stocks. Traders have not been this unresponsive to earnings beats in 17 years, according to a Bank of America Merrill Lynch team of equity and quant strategists led by Savita Subramanian.
The S&P 500 is making a new rule that bars Snap from joining. The benchmark stock index will no longer allow companies with multiple classes of shares to join, meaning Snap is disqualified because it offered stock with no voting rights, Reuters says.
Bitcoin’s big day is here. The cryptocurrency will most likely split in two on Tuesday to settle a long-running dispute between core developers and miners. Bitcoin trades down about 3.4% at $2,790 a coin ahead of the announcement, which should come no later than 8:20 a.m. ET.
Pandora beats across the board. Shares of Pandora gained more than 7% in after-hours trading on Monday after the company’s second-quarter earnings beat on both the top and bottom lines.
Reddit is valued at nearly $2 billion. The online message board raised $200 million at a valuation of $1.8 billion, Recode reports.
Chinese manufacturing is picking up. The Caixin-IHS Markit Purchasing Managers’ Index jumped to 51.1 in July, making for the highest reading in four months.
Australia’s central bank holds. The Reserve Bank of Australia held its benchmark interest rate at 1.50% and said the stronger Australian dollar was becoming problematic.
Stock markets around the world are higher. Australia’s ASX (+0.94%) led the overnight advance, and Britain’s FTSE (+0.82%) is out front in Europe. The S&P 500 is on track to open up 0.35% near 2,479.
Earnings reporting picks back up. Under Armour reports ahead of the opening bell, while Apple releases its quarterly results after markets close.
US economic data is heavy. Personal income, personal spending, and core PCE will all be released at 8:30 a.m. ET before ISM manufacturing and construction spending cross the wires at 10 a.m. ET. US auto sales will be announced throughout the day. The US 10-year yield is down 1 basis point at 2.29%.