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DJIA Futures: +117 (+0.3%)
SPX Futures: +11 (+0.3%)
NASDAQ Futures: +40 (+0.3%)
Good morning friends!
Futures are higher as traders wait for key inflation data Wednesday morning.
Let’s get right to it!
Microsoft Announces More Job Cuts
Microsoft (MSFT) shares are up 0.2% ahead of the open after the company confirmed additional job cuts on Monday.
The tech giant did not specify the number of additional layoffs but they are in addition to the 10,000 announced in January.
A spokesperson told CNBC in an email, “Organizational and workforce adjustments are a necessary and regular part of managing our business. We will continue to prioritize and invest in strategic growth areas for our future and in support of our customers and partners.”
Astra Plans Reverse Stock Split
Astra Space Inc (ASTR) shares are falling 2.5% in premarket trade after the company revealed plans for a reverse stock split.
In a securities filing Monday, the small rocket builder said it plans to conduct a 1 to 15 reverse stock split.
Astra also hopes to raise up to $65 million through an “at the market” common stock offering.
The reverse split plan was approved by the board on July 6 and is expected to take place on or before October 2.
Small Business Optimism Rises
Optimism among U.S. small business owners rose more than expected in June.
The National Federation of Independent Business’ optimism index rose 1.6 points to 91 last month vs 89.9 expected.
It was the highest reading in seven months as inflationary pressures continue to ease.
The percentage of firms expecting the economy to improve rose 10 points to 40% while the percentage of firms expecting better sales rose 7 points to 14%.
But the percentage of those planning to increase employment fell 4 points to 15% while just 6% said they feel it is a good time to expand.
24% of owners said inflation was the most important problem for their business while 24% cited labor quality as their top issue.
Oil Prices Rise Ahead Of Supply Cuts
Oil prices are higher this morning due to upcoming supply cuts by the world’s largest exporters and hopes for higher demand in the second half of this year.
West Texas Intermediate crude futures are up 0.4% to over $73.30 bbl while Brent crude futures are up 0.4% to over $78 bbl.
Saudi Arabia and Russia are set to implement supply cuts in August.
The weaker dollar is also supporting prices as the dollar fell to a two-month low.
A weaker dollar boosts oil demand as it makes crude cheaper for holders of other currencies.
In Case You Missed It
- Carvana (CVNA) shares soared 16.4% on Monday after the company announced booming used electric vehicle sales. The used car retailer said in a statement that its used EV sales have increased 786% in the past five years. The company also named its top 10 best-selling electric vehicles for the first half of 2023 with the Tesla (TSLA) Model 3 topping that list.