Tesla rally; Stocks slump on trade fears; CBS earnings

1. Tesla rally: Shares in Tesla are surging 8% premarket as investors express relief that t...

Posted: Aug 2, 2018 1:49 PM
Updated: Aug 2, 2018 1:49 PM

1. Tesla rally: Shares in Tesla are surging 8% premarket as investors express relief that the company's big quarterly loss wasn't as bad as expected.

Tesla reported its largest quarterly loss in its history on Wednesday and burned through $430 million in cash over three months.

The electric carmaker said it lost more than $717.5 million in the second quarter. But its cash burn rate was less than investors expected, and the company had $2.2 billion in cash at the end of the quarter.

2. Trade scare: The latest flare up in global trade tensions is hitting China's stock markets.

The Trump administration announced it is considering more than doubling tariffs on an additional $200 billion worth of goods from China. US tariffs could be set at 25% instead of 10%.

The main Shanghai Composite index fell 2% as investors reacted to the threat. The Hang Seng shed 2.3% and the Shenzhen Composite dropped 2.4%.

Data released this week suggested that the Chinese economy is already starting to feel the pain from recently introduced US tariffs, prompting further investor concern.

So far, the United States had slapped 25% tariffs on Chinese goods worth $34 billion to punish Beijing for what it says are its unfair trade practices.

3. Global stock market overview: US stock futures were lower.

European stocks dipped in early trading, with Germany's Dax down 1.5%.

The Dow Jones industrial average and S&P 500 had a rough Wednesday, slipping 0.3% and 0.1% respectively. The Nasdaq was more buoyant, rising 0.5%.

The yield on 10-year US Treasuries have stuck around 3% after rising to that level on Wednesday.

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4. Earnings galore: It's another big day for earnings in the United States.

Ahead of the open, investors will hear from Blue Apron, Cigna, DowDuPont, Kellogg, MGM Resorts, TransCanada, Wayfair and Yum! Brands.

Cigna was in the news on Wednesday as the Wall Street Journal reported that activist investor Carl Icahn built a sizable stake in health insurer.

CBS, Activision Blizzard, Take-Two, GoDaddy, GoPro and Shake Shack will report quarterly results after the close.

BMW stock slumped 2% after the German automaker reported its quarterly results.

5. Central bank action: The Bank of England is widely expected to hike interest rates on Thursday as high inflation and a strong job market encourage the central bank to clamp down on cheap money.

The decision is expected at 7 a.m. ET and economists are expecting the central bank to raise the benchmark rate to 0.75% from 0.5%.

"The BoE looks almost certain in our view to raise interest rates for the second time since the global financial crisis," said Fawad Razaqzada, a market analyst at Forex.com.

The US Federal Reserve held rates steady on Wednesday.

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6. Coming this week:

Thursday — Bank of England announces interest rate decision; CBS earnings
Friday — US jobs report released; Kraft Heinz and Toyota earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 40163

Reported Deaths: 1528
CountyConfirmedDeaths
Hennepin12867789
Ramsey5066230
Dakota252494
Stearns244819
Anoka2328111
Nobles16766
Olmsted119617
Washington119040
Mower9722
Rice8628
Scott8034
Clay59838
Kandiyohi5841
Blue Earth5352
Wright5055
Carver4331
Todd4022
Sherburne3405
Lyon3312
Freeborn3020
Watonwan2420
Steele2401
Benton2283
St. Louis20316
Nicollet18712
Martin1715
Cottonwood1380
Goodhue1378
Winona13315
Le Sueur1171
Pine1110
Crow Wing10812
Chisago1031
Otter Tail1021
McLeod960
Dodge930
Carlton890
Polk863
Unassigned8438
Chippewa791
Isanti780
Waseca730
Itasca6812
Douglas670
Murray670
Pipestone664
Meeker621
Morrison611
Faribault600
Becker570
Jackson570
Sibley562
Pennington530
Beltrami410
Brown392
Renville372
Mille Lacs342
Wabasha340
Rock310
Yellow Medicine310
Fillmore300
Houston290
Swift251
Grant220
Norman210
Redwood210
Wilkin213
Cass192
Roseau190
Big Stone170
Koochiching171
Kanabec161
Wadena160
Aitkin150
Marshall120
Pope120
Lincoln110
Clearwater100
Mahnomen101
Hubbard80
Stevens80
Lake60
Traverse60
Lac qui Parle40
Red Lake40
Kittson20
Cook10
Lake of the Woods00

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 33162

Reported Deaths: 740
CountyConfirmedDeaths
Polk6990182
Woodbury328243
Black Hawk239759
Buena Vista172711
Johnson13848
Linn134183
Dallas133031
Marshall106819
Scott92610
Dubuque83422
Story8254
Pottawattamie78012
Wapello71231
Muscatine68344
Crawford6793
Sioux4930
Tama47829
Wright3891
Louisa36313
Plymouth3365
Jasper33217
Warren3001
Dickinson2853
Webster2844
Washington2489
Cerro Gordo2231
Hamilton1931
Boone1601
Clay1431
Clarke1403
Allamakee1354
Clinton1211
Mahaska11817
Shelby1180
Poweshiek1088
Carroll1041
Pocahontas1041
Bremer1027
Franklin990
Des Moines952
Emmet920
Henry903
Hardin880
Cedar851
Cherokee811
Taylor810
Monona770
Marion750
Floyd742
Benton721
Guthrie724
Jones680
Sac650
Osceola640
Iowa621
Jefferson620
Buchanan611
Butler602
Humboldt591
Calhoun582
Hancock571
Harrison560
Delaware541
Fayette540
Lee542
Madison512
Monroe517
Jackson480
Lyon480
Clayton473
Mills460
Palo Alto460
Mitchell430
Winneshiek430
Davis421
Grundy420
Kossuth390
Howard370
Union370
Lucas324
Winnebago310
Chickasaw290
Greene290
Cass270
Ida230
Unassigned220
Appanoose213
Van Buren210
Worth210
Keokuk201
Page200
Adair160
Audubon161
Ringgold151
Decatur120
Montgomery112
Wayne100
Adams80
Fremont80
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