Stock futures are pointing to a lower opening, with S&P 500 futures down 10 points, Nasdaq 100 futures down 32 points, and Dow Jones Industrial Average futures down 70 points, all trading below fair value. The semiconductor sector is experiencing losses, with Nvidia down almost 2% premarket and Micron down nearly 6% despite positive earnings and revenue. Walgreens Boot Alliance shares are falling 15% due to disappointing results and guidance. Treasury yields are slightly up, with the 10-year bond yield at 4.33% and the 2-year bond yield at 4.76%.
In corporate news, stocks are reacting after recent announcements. Levi Strauss is down 15.4% despite beating earnings, while Walgreens Boot Alliance is down 14.6% after missing earnings. AeroAmbiente, International Paper, Apogee Companies, McCormick, and Concentrix are also experiencing stock movements after their earnings reports.
In other news, Amazon Web Services faces a possible ban in Germany over a patent dispute with R2 Semiconductor, while Walgreens Boot Alliance plans to close underperforming stores and reduce its stake in VillageMD. Micron Technology shares fell 6% in premarket trading despite in-line guidance, and Apple’s services business is strengthening its gross margins. Chewy is buying back $500 million in shares, Rite Aid is seeking bankruptcy court approval for its restructuring plan, and blood pressure is refocusing on oil and gas operations.
Overall, the market is reacting to various earnings reports and corporate news, with many stocks seeing significant movements in premarket trading. Investors are also keeping an eye on developments in the technology sector, as well as the impact of rising Treasury yields on stock prices.
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