Fed is targeting the market: Gary Kaltbaum
Kaltbaum Capital Management President Gary Kaltbaum, Fox News contributor Scott Martin and FBN’s Susan Li on potential further rate cuts by the Federal Reserve and concerns over the global economic outlook.
Stock futures are pointing to giving back some of the previous session’s gains after data showed the British economy contracted for the first time since 2012.
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Dow Jones industrial futures are down 0.5 percent, S&P 500 futures are also pointing to a loss of 0.6 percent and Nasdaq futures are off 0.8 percent.
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UK gross domestic product fell at a quarterly rate of 0.2 percent, a Reuters poll expected a flat reading. Year-on-year economic growth slid to 1.2 percent from 1.8 percent in the first quarter.
In the prior session, the Dow Jones Industrial Average and the S&P 500 jumped over 1 percent, while the tech-heavy Nasdaq Composite rose over 2 percent.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26378.19 | +371.12 | +1.43% |
| SP500 | S&P 500 | 2938.09 | +54.11 | +1.88% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8039.156033 | +176.33 | +2.24% |
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Safe havens such as gold rose above $1,500 on Friday, its highest in more than six years.
U.S. crude prices are higher by 1.4 percent to $53.25 per barrel.
Investors will get the latest read on inflation with the report on U.S. producer prices.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 42.97 | +3.27 | +8.24% |
| CBS | CBS CORP. | 50.82 | +1.64 | +3.33% |
In the extended session, shares of Uber fell 10 percent after posting weaker than expected quarterly sales. Rival Lyft enjoyed better results, rising about 3 percent, after beating estimates for second-quarter revenue and said the loss for 2019 would be less than its prior forecast.
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CBS Corp. posted strong top and bottom line growth as the company prepares for the transformation of a merger with its corporate sibling Viacom.
