The Market News Today: Key Earnings Reports from AutoZone, Lowe’s, Macy’s Before the Opening Bell

Key Earnings Reports: AutoZone, Lowe’s, Macy’s, and More

Before the market opens, several notable companies will report earnings. AutoZone (AZO) is expected to post earnings of $36.03 per share. Lowe’s (LOW) anticipates $2.95 per share, reflecting a challenging quarter. Macy’s (M) is forecasted at $0.16 per share, and Eagle Materials (EXP) and James Hardie (JHX) are estimated at $2.67 and $0.42 per share, respectively. After the close, Toll Brothers (TOL) will report, with analysts predicting earnings of $4.14 per share. These reports are crucial for market insights.

Crypto Surge: Ether and Bitcoin Rally Amid SEC ETF Optimism

Cryptocurrencies surged Tuesday amid optimism surrounding the U.S. SEC’s decisions on spot ether ETF applications. Ether led the rally, rising 9% to $3,680.98, while Bitcoin added 2%, trading at $71,350. Crypto-related equities like Coinbase, Microstrategy, and Robinhood also saw gains. Investors speculate that the SEC might approve spot ETH ETFs, with decisions expected this week. Final decisions on applications by VanEck and Ark Invest are due soon, fueling market excitement.

Stock Futures Steady as Nasdaq Hits All-Time High

Stock futures remained flat Tuesday morning after the Nasdaq Composite closed at an all-time high. Nasdaq 100 futures dipped 0.1%, while Dow Jones and S&P 500 futures hovered near the flatline. Palo Alto Networks dropped 8% in after-hours trading due to modest guidance. Nvidia’s 2.5% rally ahead of its earnings report lifted the Nasdaq. The Dow fell 200 points, influenced by JPMorgan’s decline after CEO Jamie Dimon hinted at an earlier retirement. Investors are eyeing Federal Reserve speeches and economic data.

Crude Oil Under Pressure, Gold Eases Amid Dollar Strength

Crude oil prices are under pressure as investors anticipate higher U.S. inflation and interest rates will dampen consumer and industrial demand. On Monday, both benchmarks fell less than 1% as Federal Reserve officials signaled they were awaiting more signs of slowing inflation before considering rate cuts. Meanwhile, gold prices eased as the dollar firmed, making greenback-priced bullion less attractive despite geopolitical risks and rate cut bets boosting safe-haven demand.

Fed’s First Rate Cut: Market Eyes September

The debate over the Federal Reserve’s first rate cut has shifted to September, driven by inflation concerns and cautious Fed officials. Vice Chairs Jefferson and Barr highlighted persistent inflation challenges, stressing the need for clear data before easing. Cleveland Fed President Mester and San Francisco Fed President Daly echoed this caution, noting no urgency for cuts. Market sentiment now anticipates the first rate cut in September instead of June, reflecting the Fed’s cautious approach.