STREAMING NOW: Watch Now

Retail earnings; Tencent pain; Cisco surge

1. Retail therapy: It's a big day for US retail earnings.Walmart, Dillard's and JCPe...

Posted: Aug 16, 2018 1:10 PM
Updated: Aug 16, 2018 1:10 PM

1. Retail therapy: It's a big day for US retail earnings.

Walmart, Dillard's and JCPenney are set to release earnings before the open. Nordstrom will follow after the close.

Consumer spending accounts for more than two-thirds of the American economy, making these retail reports especially important to assess the country's economic health.

2. Pain in China: Stocks were under pressure in China on Thursday as investors reacted to disappointing earnings from Tencent.

Shares in the Chinese tech giant fell sharply at the open in Hong Kong, before recovering some lost ground to trade down 3%.

Tencent posted a rare earnings miss on Wednesday, a performance it attributed to a lack of sales from popular tactical tournament games and the timing of new game releases.

Hong Kong's Hang Seng fell 0.8% on Thursday, pushing it closer to bear market territory. The Shanghai Composite dropped 0.6%.

3. Trade developments: China announced that new talks with the United States are scheduled to take place amid a trade war between the two economic superpowers.

The Chinese Commerce Ministry said a delegation will travel to the United States later this month for the talks. The visit is at the invitation of the United States, the ministry said in a short statement.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

4. Global market overview: Despite negative sentiment in Asia, US stock futures were higher.

European markets were mostly positive in early trading, with the exception of the Italian FTSE MIB index, which was down by about 2%.

Italian stocks were dragged lower by a 25% drop in shares in Atlantia, the operator of a bridge that collapsed earlier this week in Genoa.

The Turkish lira continued to recover after several weeks of steep losses. The main Turkish stock index is down just 1%.

The Turkish government took steps on Wednesday to discourage short sellers, and announced $15 billion in new investment from Qatar.

5. One to watch -- Cisco: Shares in Cisco Systems are expected to surge at the open by about 6% as investors react positively to its earnings.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:

Thursday — JCPenney, Nordstrom, Walmart and Nvidia earnings
Friday — Deere earnings, consumer sentiment

New York Coronavirus Cases

County data is updated nightly.

Cases: 1670716

Reported Deaths: 48049
CountyCasesDeaths
Queens2149058858
Kings2143669200
Suffolk1645393105
Nassau1505382935
Bronx1465595920
Westchester1090382116
New York1054913954
Erie660591610
Richmond578951590
Monroe52990993
Rockland39149895
Orange37631730
Onondaga32606634
Dutchess22678410
Albany21030333
Oneida19829480
Niagara15404312
Broome15169336
Saratoga12095145
Schenectady10946178
Ulster10206229
Rensselaer9124132
Putnam846086
Chautauqua7379123
Chemung6454130
Oswego606089
Ontario585889
St. Lawrence562289
Steuben5545138
Cayuga540689
Jefferson485263
Sullivan482260
Herkimer4578107
Wayne451065
Cattaraugus445876
Genesee4450118
Madison386985
Clinton370426
Livingston357656
Tompkins348942
Columbia342596
Fulton338984
Montgomery3219107
Cortland319260
Allegany291381
Warren287255
Wyoming285349
Tioga282656
Greene268271
Orleans246381
Chenango246170
Otsego240243
Washington236652
Franklin212012
Lewis208030
Seneca163253
Delaware154333
Essex135626
Schoharie122913
Yates101726
Schuyler87012
Hamilton2852
Unassigned182118
Out of NY0193
Rome
Clear
23° wxIcon
Hi: 23° Lo: 10°
Feels Like: 7°
Binghamton
Partly Cloudy
20° wxIcon
Hi: 24° Lo: 11°
Feels Like: 6°
Rome
Partly Cloudy
23° wxIcon
Hi: 25° Lo: 12°
Feels Like: 7°
Rome
Partly Cloudy
23° wxIcon
Hi: 18° Lo: 3°
Feels Like: 7°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Foodie Fridays Rosa's 50% 0ff - Now thru March 18
Submit your Mutt Madness Picture through March 10th
March into Beautiful Skin Giveaway
Under 100 2021 Golf Cards left!
Saluting Those Who Are Proud 2 Serve