U.S. stock futures flat after Dow, S&P 500 break three-day slide

Traders on the floor of the NYSE, August 24, 2022. Source: NYSE

U.S. stock futures were flat on Wednesday night after all three major averages ended higher during the daily trading session. Dow Jones Industrial Average futures rose by 8 points, or 0.02%. S&P 500 and Nasdaq 100 futures climbed 0.14% and 0.13%, respectively. Shares of Nvidia slid more than 2% on the heels of a quarterly report that missed Wall Street's expectations. Salesforce fell more than 4% after the company provided a disappointing forecast for fiscal 2023. Snowflake jumped 16% after posting a beat on revenue. The Dow Jones Industrial Average gained 59.64 points, or 0.18%, and the S&P 500 rose 0.29% Wednesday. For both averages, the gains snapped three-day long losing streaks. The tech-heavy Nasdaq Composite also ticked up 0.41%. The market action occurs as investors await the start of the Jackson Hole economic symposium, which begins Thursday with Federal Reserve Chair Jerome Powell scheduled to speak the following morning. Traders will be listening for more information about how the central bank will combat high inflation and if policymakers may cut rates when the current hiking cycle is over. "It's steady as it goes, it's way too early for the Fed to consider a pivot," said Jim Bianco, president of Bianco Research, on CNBC's "Fast Money." Investors are also waiting for key economic reports scheduled to come out later in the week, including jobless claims Thursday and the personal consumption expenditures Friday. The PCE report is one of the Fed's favorite inflation measures, and it could influence its actions going forward.

Peloton reports quarterly earnings Thursday before the bell, along with Gap, Dollar Tree and Dollar General. Ulta Beauty, Workday and Affirm Holdings will release their own results after markets close Thursday.

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Tesla's July sales of Chinese-made vehicles slide due to factory line upgrades

SHANGHAI: Tesla (TSLA.O) sold 28,217 Chinese-made vehicles in July, nearly two-thirds less than a month earlier as a scheduled upgrade to its factory lines in Shanghai disrupted production.

The U.S. carmaker exported 19,756 Model 3s and Model Ys from China last month, the China Passenger Car Association (CPCA)said. In June, it sold 78,906 vehicles and exported 968.

Tesla China usually exports more cars at the beginning of a quarter while focusing more on domestic sales at the end.

Tesla suspended most of its production at the Shanghai plant in July due to an upgrade that aims to bring the factory’s weekly output to around 22,000 units compared with levels of around 17,000 in June, according to internal memos seen by Reuters.

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The output ramp-up at Tesla’s most productive manufacturing hub comes after production losses during a two-month COVID lockdown in Shanghai hurt the company’s profit margin in the second quarter.

China’s overall passenger car sales in July jumped 20.1% from a year earlier to 1.84 million, the CPCA said.

Sales of electric cars accounted for 26.4% of the total in July and increased 117.3%, it added, with sales of plug-in hybrids outpacing pure electric cars.

The association now expects electric car sales for the whole year could reach 6 million units, higher than an earlier estimate of 5.5 million.

BYD (002594.SZ) led the EV players with 163,042 cars delivered in July, with plug-in hybrids accounting for more than half of its sales.

Nio , Xpeng (9868.HK) and Li Auto (2015.HK) delivered 10,052, 11,524 and 10,422 vehicles, respectively.

Sales of conventional hybrid cars in July also increased 81% from a year ago, with Japan’s Toyota Motor Corp (7203.T) and Honda Motor Co Ltd (7267.T) leading the segment.

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