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

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296154

Reported Deaths: 6764
CountyCasesDeaths
DeSoto19700230
Hinds18851392
Harrison16736281
Rankin12757265
Jackson12623228
Lee9694161
Madison9480203
Jones7990147
Forrest7234138
Lauderdale6837226
Lowndes6032140
Lamar589680
Lafayette5740113
Washington5220130
Bolivar4616124
Oktibbeha441593
Panola431995
Pearl River4178131
Warren4134115
Pontotoc410571
Marshall403592
Monroe3990127
Union396174
Neshoba3817169
Lincoln3552104
Hancock348975
Leflore3380118
Sunflower318986
Tate303174
Pike301296
Scott294570
Alcorn292263
Yazoo290565
Itawamba290175
Coahoma281169
Tippah279265
Copiah278758
Simpson276280
Prentiss270258
Wayne254341
Leake252871
Marion252778
Covington249580
Grenada247878
Adams234678
George232145
Newton230852
Winston221877
Jasper213645
Tishomingo212665
Attala206669
Chickasaw201453
Holmes182370
Clay179251
Stone172429
Tallahatchie171239
Clarke169371
Calhoun158028
Smith153033
Yalobusha145036
Greene127833
Walthall124340
Noxubee122831
Montgomery122639
Perry122135
Lawrence120321
Carroll118625
Amite111734
Webster110832
Jefferson Davis102231
Tunica99323
Claiborne98829
Benton93824
Humphreys92927
Kemper90323
Quitman77414
Franklin76119
Choctaw69817
Jefferson62727
Wilkinson62426
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 497154

Reported Deaths: 10029
CountyCasesDeaths
Jefferson714001387
Mobile36252736
Madison32573462
Tuscaloosa24289414
Montgomery22708519
Shelby22112215
Baldwin19856285
Lee15021155
Calhoun13755288
Morgan13742252
Etowah13379320
Marshall11439210
Houston10110262
Elmore9451185
Limestone9413136
St. Clair9003225
Cullman8979182
Lauderdale8610212
DeKalb8486175
Talladega7582165
Walker6571259
Jackson6542103
Autauga631391
Blount6229127
Colbert5998120
Coffee5259103
Dale4657107
Russell406433
Franklin399778
Covington3989106
Chilton3891100
Escambia378772
Tallapoosa3613143
Clarke343953
Chambers3423111
Dallas3419142
Pike293372
Marion288895
Lawrence284683
Winston258668
Bibb245960
Geneva240270
Marengo238357
Pickens225055
Barbour212951
Hale211969
Fayette201357
Butler201166
Henry182941
Cherokee177739
Monroe166639
Randolph164640
Washington156635
Macon147243
Crenshaw146254
Clay145554
Cleburne139741
Lamar133733
Lowndes132551
Wilcox122525
Bullock117236
Conecuh107024
Perry105927
Sumter99432
Coosa89624
Greene88532
Choctaw55123
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