Global indices are lower with the Hang Seng closing down around 3%. This was the worst day the index has seen in about a month as Covid numbers are on the rise again. Here in the US, the focus is on tech shares, specifically Twitter as Elon Musk threatens to walk away from his $44 billion offer to purchase the company. The CEO of Tesla has raised concerns about the number of Bot accounts. Twitter said that they are committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plan to pursue legal action to enforce the merger agreement.
In addition to Twitter this week, we’ll get out first look at 2Q earnings as the banks are set to report we have: Morgan Stanley MS, Wells Fargo WFC, JP Morgan JPM, Citi C. Also keep an eye on: Delta DAL, PepsiCo PEP, Fastenal FAST, Cintas CTAS, and United Health Group UNH.
In terms of economic data, we have some inflation figures that could move markets like consumer price index and producer price index. In addition to those, retail sales, beige book, industrial production, and Michigan sentiment reports will be released.
Lastly, the US dollar remains near 20 year highs. This creates headwinds for multinational companies. There's a possibility it could be something we start to hear about from CEOs during the earnings calls in the upcoming weeks. So keep an eye on large caps, especially the Dow.
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