1. Stock futures in red
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, June 30, 2022.
Brendan McDermid | Reuters
U.S. stock futures fell on Tuesday, as investors worried about inflamed geopolitical tensions between Beijing and Washington ahead of House Speaker Nancy Pelosi’s expected visit to Taiwan. Treasury yields also slumped on Tuesday, with the benchmark 10-year Treasury note trading at 2.516%, as investors flock to perceived US government debt. Stocks in mainland China and Hong Kong also fell on Tuesday, and the yen, considered a safe haven currency, was boosting. On Monday, Wall Street’s major stock indexes closed in the red, breaking their three-day losing streak.
2. It is said that Chinese warplanes are flying close to the dividing line of the Taiwan Strait
Photo of House Speaker Nancy Pelosi holding her weekly press conference on Capitol Hill on Friday, July 29, 2022 in Washington, DC. US House Speaker Nancy Pelosi is expected to arrive in Taipei later on Tuesday, a source familiar with the matter told Reuters, as several Chinese warplanes flew near the line dividing the Taiwan Strait.
Kent Nishimura | Los Angeles Times | Getty Images
Reuters reported, quoting a source, today, Tuesday, that Chinese warplanes flew near the center line in the Taiwan Strait. Beijing has warned Pelosi against visiting Taiwan, an autonomous island claimed by China. Pelosi is touring the region, but her expected visit to Taiwan has not been officially announced. Tensions between China and Taiwan have risen in recent years.
3. Uber Reported Another Big Loss, But Stocks Soared
Uber CEO Dara Khosrowshahi speaks at a product launch event in San Francisco, California on September 26, 2019.
Philip Pacheco | AFP via Getty Images
Shares of Uber Technologies Inc. jumped on Tuesday after the transportation and food service company reported better-than-expected quarterly revenue. Uber’s second-quarter sales came in at $8.07 billion, well above analysts’ forecasts of $7.39 billion, according to Refinitiv. However, Uber reported a net loss of $2.6 billion for the quarter, including $1.7 billion as a result of a revaluation of its investments in Grab Aurora and Zomato. Total losses from operations for the quarter ended June 30 were $713 million, but the company reported positive free cash flow of $382 million. In May, CEO Dara Khosrowshahi told employees in a note that cash-flow positivity had become an important near-term goal.
4. Oil companies boost dividends
The BP logo is photographed in London on May 12, 2021. The International Energy Agency recently reported that 2021 saw energy-related carbon dioxide emissions rise to their highest level in history.
Glenn Kirk | Afp | Getty Images
British oil giant BP and US shale producer Devon Energy reported strong quarterly earnings and increased dividends, as higher crude oil prices this year helped companies boost their capital return programmes. BP, which on Tuesday reported $8.5 billion in second-quarter earnings, raised its quarterly dividend 10% to 6,006 cents per common share. Devon Energy, which Monday posted better-than-expected second-quarter earnings results, reported a 22% increase in its dividend. Using a fixed plus variable dividend strategy, Devon’s quarterly payout is now $1.55 per share, up from $1.27.
5. Pinterest jumps. An activist company says it is the largest shareholder
Online photo board banner Pinterest Inc. Hanging from the New York Stock Exchange (NYSE) on the morning of Pinterest’s initial public offering on April 18, 2019 in New York City.
Spencer Platt | Getty Images News | Getty Images
Shares of Pinterest rose about 18% in premarket trading on Tuesday, a day after the social media company reported quarterly earnings and revenue above Wall Street expectations, and guidance for the current quarter was weaker than expected. While Pinterest’s monthly active user decline wasn’t as bad as feared, the company’s results nonetheless show the challenging operating environment for the social media name right now. Pinterest stock may react to news that activist investor Elliot Management revealed on Monday that it is the company’s largest shareholder, promoting the “value creation opportunity” it sees.
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