Stock market news live updates: Stocks mixed as stimulus talks, earnings roll on – Yahoo Finance

The Conference Board’s Consumer Confidence Index fell to 92.6 in July from an upwardly revised 98.3 in June, according to a statement Tuesday. Consensus economists were looking for a print of 95.0 for July.

While a subindex tracking consumers’ assessments of current conditions improved, a metric tracking consumers’ short-term outlooks for income, business and labor market conditions sank.

“Consumer Confidence declined in July following a large gain in June,” said Lynn Franco, senior director of economic indicators at The Conference Board. “Large declines were experienced in Michigan, Florida, Texas and California, no doubt a result of the resurgence of COVID-19.”

“Looking ahead, consumers have grown less optimistic about the short-term outlook for the economy and labor market and remain subdued about their financial prospects,” Franco added. “Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending.”

—

10:07 a.m. ET: Quicken Loans’ parent company looks to raise $3.3 billion in IPO

Rocket Companies, the parent company of Rocket Mortgage and Quicken Loans, is set to offer 150 million shares for $20 to $22 apiece in a US initial public offering, according to a securities filing Tuesday. Its listing on the New York Stock Exchange will be under the ticker symbol RKT.

The company would become one of the latest fast-growing companies to make an IPO amid a resurgence of recent listings. Rocket Companies’ revenue grew nearly 150% over last year to $1.8 billion during the three months ended March 31. The company also swung to a profit of $97.7 million, versus a loss of $299 million in the same quarter last year.

Pricing of the IPO is set to take place August 5, Bloomberg reported.

—

10:00 a.m. ET: Fed says it will extend some lending facilities through the end of the year

The Federal Reserve said Tuesday it plans to extend several of its lending facilities through year-end 2020, or beyond the previous expiration date of September 30.

The extensions apply to the Primary Dealer Credit Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, the Term Asset-Backed Securities Loan Facility, the Paycheck Protection Program Liquidity Facility, and the Main Street Lending Program, the Fed said.

The Municipal Liquidity Facility was already set to expire on December 31, with the Commercial Paper Funding Facility set to expire on March 17, 2021, the Fed added.

—

9:32 a.m. ET: Stocks open lower after batch of disappointing earnings

Here were the main moves in markets, as of 9:32 a.m. ET:

• S&P 500 (^GSPC): -6.1 points (-0.19%) to 3,233.31

• Dow (^DJI): -74.51 points (-0.28%) to 26,510.26

• Nasdaq (^IXIC): -51.86 points (-0.49%) to 10,485.88

• Crude (CL=F): -$0.44 (-1.06%) to $41.16 a barrel

• Gold (GC=F): +$2.70 (+0.41%) to $1,933.70 per ounce

• 10-year Treasury (^TNX): -1.5 bps to yield 0.594%

—

7:41 a.m. ET: 3M results miss expectations, but says it is seeking ‘broad-based sales improvements’ to start Q3

3M (MMM) delivered second-quarter adjusted earnings of $1.78 per share on net sales of $7.2 billion, missing consensus estimates for $1.79 per share on net sales of $7.3 billion, according to Bloomberg-compiled data.

Sales dropped in each of 3M’s major business categories, including safety and industrial, transportation and electronics, health-care and consumer products. Safety and industrial – the business unit housing N-95 masks – posted an overall sales drop of 9.2% over last year, though 3M said personal safety sales increased during the quarter. The company also produced nearly 800 million respirators in the first half of 2020 globally, with about 50% distributed in the US, and remains on track to deliver about 2 billion globally for the full year.

In the current quarter, 3M said, “The company is seeing broad-based sales improvements across businesses and geographies to start the third quarter. With one week left in July, total company sales are currently up low-single digits year-on-year.”

“3M will maintain its monthly reporting of sales information during the third-quarter to provide transparency on its ongoing business performance,” it added.

—

7:35 a.m. ET: Pfizer Q2 results top expectations, company raises FY sales guidance

Pfizer (PFE), fresh off the heels of announcing the next stage in its clinical trial for its Covid-19 vaccine candidate, announced second-quarter results that topped consensus estimates and raised its revenue guidance for the full year.

Second-quarter adjusted earnings of revenue of $11.8 billion were each better than the 69 cents expected on sales of $11.73 billion. Still, that actual revenue result represented an 11% drop year over year.

“As a result of the lower number of in-person meetings with prescribers and restrictions on patient movements due to government-mandated work-from-home or shelter-in-place policies, the rate of new prescriptions for certain products and of vaccination rates for most vaccines slowed in certain markets, including the U.S., which negatively impacted second-quarter 2020 financial results,” Pfizer said in a statement Tuesday.

However, Pfizer added that these declines were partially offset by some medicines and vaccines that saw increased demand over last year, including “certain sterile injectable products utilized in the intubation and ongoing treatment of mechanically-ventilated COVID-19 patients.”

Pfizer now sees full-year revenue between $48.6 billion to $50.6 billion, up from the $48.5 billion to $50.5 billion range provided previously.

—

7:30 a.m. ET: McDonald’s reports Q2 profit miss as store closures hit sales

McDonald’s (MCD) reported second-quarter profit that missed consensus estimates and posted a bigger than expected decline in comparable same-store sales, as store closures during the period dented results at the company.

Adjusted earnings per share of 66 cents were 8 cents below expectations. Overall revenue of $3.76 billion represented a decline of 30% over last year.

Comparable sales dropped 23.9%, versus a 22.3% decline expected, and closely watched domestic sales were down a worse than expected 8.7%. Global comp sales, however, were the main drag on results, with international comparable same-restaurant sales down a staggering 41.4% during the quarter.

McDonald’s said global comparable sales results improved throughout the second quarter as markets reopened restaurants and government restrictions eased. In the US, comparable sales also improved sequentially, but both comps and guest counts remained negative “particularly at the breakfast daypart,” with many Americans now working from home and skipping morning commutes.

—

7:26 a.m. ET Tuesday: Stock futures point to a lower open

Here were the main moves in markets, as of 7:26 a.m. ET:

• S&P 500 futures (ES=F): 3,222.00, down 10.25 points or 0.32%

• Dow futures (YM=F): 26,370.00, down 114 points, or 0.43%

• Nasdaq futures (NQ=F): 10,637.00, down 38.25 points, or 0.36%

• Crude (CL=F): -$0.10 (-0.24%) to $41.50 a barrel

• Gold (GC=F): -$8.90 (-0.46%) to $1,922.10 per ounce

• 10-year Treasury (^TNX): +0.1 bps to yield 0.61%

—

6:10 p.m. ET Monday: Stock futures open higher

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:10 p.m. ET:

• S&P 500 futures (ES=F): 3,236.25, up 4 points or 0.12%

• Dow futures (YM=F): 26,524.00, up 40 points, or 0.15%

• Nasdaq futures (NQ=F): 10,691.5, up 16.25 points, or 0.15%

—

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay