US stock futures fall as Brent returns to $100 per barrel
US stock futures declined as the price of Brent oil returned to $100 per barrel and bond yields rose. In his daily roundup, Jim Cramer noted that these factors are increasing pressure on the stock market, CNBC reports.
Apple presentation
Apple was scheduled to hold a presentation of new products on Wednesday, set to begin at 1:00 p.m. US Eastern Time. Cramer expected the announcement of a foldable iPhone, as well as new iPhone Pro and iPhone Pro Max models. He noted that pricing for the new smartphones would matter because of rising memory costs. Apple shares were trading about 7% below their closing level at the end of July ahead of the presentation.
Meta Platforms President and Vice Chair Dina Powell McCormick said on the Ruthless podcast that the company pays for energy for its data centers itself and is working to reduce electricity costs. According to her, Meta also provides direct bonuses to teachers and emergency service workers. She explained that schools and public services are affected the most during the construction of such facilities.
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Bonds and corporate earnings
Amazon offered pound sterling bonds in the United Kingdom for the first time, worth £4 billion, or $5.4 billion. At the same time, Alphabet-owned Google is investing €13 billion, or $15.1 billion, in artificial intelligence infrastructure in Finland.
Casey’s General Stores shares fell nearly 10%, despite beating expectations for revenue and profit. The company recorded a decline in fuel sales volumes at comparable stores due to high gasoline prices, while the growth rate of comparable-store sales slowed to 3.2% from 5.5% in the previous quarter.
ServiceTitan lost 18% in premarket trading after its quarterly report: revenue exceeded expectations, but its revenue forecast for the current quarter was weaker. Meanwhile, shares of sandwich restaurant chain Jersey Mike’s gained about 1% after its first report since its July IPO: the number of transactions increased, and its comparable-sales forecast exceeded analysts’ consensus.
