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: 97638

Reported Deaths: 2067
CountyConfirmedDeaths
Hennepin27372932
Ramsey11088322
Dakota7635126
Anoka6238137
Stearns407724
Washington388355
Scott262533
Olmsted251928
Nobles197716
Blue Earth17266
Wright16957
St. Louis165941
Carver14377
Clay141741
Rice13438
Mower13425
Sherburne116914
Kandiyohi10552
Winona91318
Lyon7224
Waseca6898
Benton5603
Crow Wing55518
Steele5552
Freeborn5464
Nicollet54517
Watonwan5304
Chisago5131
Todd5042
McLeod5012
Le Sueur4744
Otter Tail4624
Beltrami4505
Martin43010
Goodhue3829
Itasca34715
Pine3430
Douglas3372
Polk3224
Isanti3151
Becker2812
Carlton2761
Morrison2682
Dodge2570
Pipestone23210
Cottonwood2280
Chippewa2231
Meeker2132
Wabasha2020
Sibley1993
Brown1962
Yellow Medicine1902
Cass1844
Redwood1773
Rock1760
Murray1722
Mille Lacs1693
Renville1578
Unassigned15452
Jackson1491
Faribault1470
Swift1441
Fillmore1330
Houston1280
Kanabec1278
Roseau1250
Koochiching1233
Pennington1201
Hubbard1171
Lincoln1160
Stevens1041
Pope990
Aitkin831
Big Stone830
Wadena720
Wilkin703
Lac qui Parle651
Grant634
Lake600
Norman540
Marshall531
Mahnomen491
Red Lake451
Traverse340
Clearwater280
Lake of the Woods231
Kittson120
Cook60

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 86860

Reported Deaths: 1315
CountyConfirmedDeaths
Polk16010262
Woodbury555467
Johnson517027
Black Hawk450990
Linn4101113
Story346217
Dubuque333241
Scott304528
Dallas280738
Pottawattamie215939
Buena Vista199912
Marshall179134
Sioux16803
Wapello134057
Webster128014
Plymouth116121
Clinton113021
Muscatine112155
Crawford11005
Cerro Gordo105921
Warren9666
Jasper86432
Des Moines8008
Marion7697
Henry7554
Tama73932
Carroll6855
Lee6437
Wright5961
Dickinson5306
Boone5178
Bremer5027
Washington47211
Louisa43115
Delaware4233
Mahaska41519
Floyd3543
Jackson3523
Franklin35118
Lyon3514
Winneshiek3406
Clay3344
Hamilton3323
Benton3281
Winnebago31713
Hardin3071
Poweshiek3078
Buchanan2861
Jones2843
Kossuth2800
Butler2752
Emmet27010
Clarke2683
Shelby2681
Allamakee2666
Chickasaw2661
Sac2650
Clayton2633
Cherokee2552
Cedar2521
Guthrie2527
Harrison2523
Fayette2312
Madison2272
Grundy2243
Iowa2161
Palo Alto2050
Hancock1952
Howard1927
Humboldt1913
Mitchell1910
Calhoun1873
Mills1831
Page1710
Cass1692
Osceola1690
Pocahontas1652
Monona1601
Monroe16011
Lucas1566
Appanoose1423
Jefferson1391
Union1383
Taylor1321
Davis1274
Ida1261
Fremont1210
Van Buren1151
Keokuk1141
Worth1090
Greene1030
Montgomery975
Audubon871
Wayne872
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Decatur670
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Adams330
Unassigned140
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