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DJIA Futures: +111 (+0.3%)

SPX Futures: +19 (+0.4%)

NASDAQ Futures: +85 (+0.6%)

Good morning friends!

Futures are higher as the market looks to rebound from a losing week.

Let’s get right to it!

Tyson Earnings Miss

Tyson Foods (TSN) shares are dropping 7.9% ahead of the open after missing fiscal Q3 expectations on the top and bottom line. 

Here’s how the meat producer’s results compared to analysts’ estimates: 

  • Adjusted EPS: $0.15 vs $0.26 expected
  • Revenue: $13.14 billion vs $13.63 billion expected

Tyson’s CEO said, “While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement.”

Beef sales fell 5.3% during the quarter as prices rose 5.2%, pork sales fell 1.8% and prices tumbled 16.4%, chicken sales rose 2.8% and prices fell 5.5%, and prepared food sales fell 0.7% while prices fell 1.9%. 

Tyson forecast full-year sales between $53 billion to $54 billion, in line with analysts’ estimates for $53.7 billion.

Inflation Week

This is a key week for traders as the market awaits the latest inflation data. 

The Bureau of Labor Statistics releases the July consumer price index Thursday morning. 

Economists expect the annual CPI to increase to 3.3% from 3% in June with the core CPI falling to 4.7% from 4.8% in June. 

This report is part of the data the Fed is monitoring as it decides what to do at the September meeting. 

The PPI will be released Friday morning. 

Upcoming Earnings

Second-quarter earnings season continues this week, here are some of the biggest reports set to be released:

  • Monday PM: Lucid Group (LCID)
  • Tuesday AM: UPS (UPS), Under Armour (UA)
  • Tuesday PM: AMC Entertainment (AMC), Lyft (LYFT)
  • Wednesday AM: Roblox (RBLX)
  • Wednesday PM: Walt Disney (DIS)
  • Thursday AM: Alibaba (BABA)

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