U.S. stock futures were trending lower on Monday morning as investors digested last week’s jobs report, which showed the U.S. economy added 467,000 new jobs. The report helped soothe concerns about the economic recovery from the COVID-19 pandemic slowdown.
Investors are pricing in interest rate hikes as early as next month. Last week, the stock market came under pressure amid concerns that an accelerated rate hike could hurt growth stocks by raising borrowing costs.
Dow futures (DJIA) were down 0.24%, S&P futures (SPX) were down 0.20%, and Nasdaq futures (NDX) were down 0.12% at the time of writing.
In addition, uncertainty around the Russia – Ukraine standoff continues to worry investors. Fears of Russia invading Ukraine could trigger a rush to safe-haven assets and away from risky bets.
Upcoming Earnings
Zimmer Biomet Holdings (ZBH), ON Semiconductor (ON), and Hasbro (HAS) are set to report their quarterly results before the bell. Aecom Technology Corp. (ACM), Matrix Service Company (MTRX), and Nuance Communications (NUAN) will report after the market close.
Market News
Carrier Global (CARR) has reached an agreement to acquire Toshiba’s (TOSYY) stake in Toshiba Carrier Corporation. The transaction is expected to close in the third quarter. Carrier will take over TCC’s global manufacturing and R&D facilities after the acquisition. It also expects TCC to double its sales in the rapidly growing variable refrigerant flow (VRF) market.
Kohl’s Corp. (KSS) is to initiate a limited-time shareholder rights plan, aka, a “poison pill” to block any unsolicited takeover of the company. The move follows a review by Kohl’s independent financial advisors and the recommendations of its finance committee that the expression of interest for a potential takeover of the company undermines its value. The board has since taken the necessary steps to try and bolster the company’s value.
Laboratory Corporation of America Holdings (LH) has unveiled a new digital health platform. Labcorp OnDemand will allow customers to enjoy services such as Labcorp OnDemand tests, the collection of samples, and the scheduling of tests. The new platform will also make it easy for individuals to access diagnostic tests online.
Spectrum Brands (SPB) delivered mixed fiscal Q1 2022 results as the company felt the full brunt of supply-chain constraints. Net sales landed at $757.2 million, exceeding consensus estimates of $741.86 million. However, the company posted a wider-than-expected loss of $0.06 a share compared to expected earnings of $0.25.
Bristol Myers Squibb (BMY) delivered mixed results for the quarter ended December 31, 2021. Revenue was up 8% year-over-year to $12 billion but fell short of consensus estimates of $12.12 billion. Quarterly earnings, on the other hand, increased 25% year-over-year to $1.83 a share, beating consensus estimates of $1.82 a share.
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