Happy Tuesday Everyone. Today is July 21st and Stock futures pointed to solid gains on Tuesday, building on a strong performance from the previous session, as IBM shares popped on stronger-than-forecast earnings. Top House Republican said to not expect another coronavirus relief bill until at least August, and Ford unveils an electric Mustang Mach-E race car with 1,400 horsepower. Amazon has officially delayed prime day and toy sales enter their fourth consecutive month of double digit gains.
Stock futures pointed to solid gains on Tuesday, building on a strong performance from the previous session, as IBM shares popped on stronger-than-forecast earnings. Dow Jones Industrial Average futures rose 169 points, implying an opening gain of 235 points. S&P 500 futures climbed 0.7% and Nasdaq 100 futures were up 0.8%.
House Minority Leader Kevin McCarthy said he does not expect a coronavirus relief bill to pass before the end of the month. A $600 per week federal unemployment benefit buoying millions of Americans expires at the end of July. Lawmakers are working to iron out a range of differences as the pandemic continues to spread unabated in the United States.
Ford has developed a racing version of its electric Mustang Mach-E crossover with a peak horsepower of 1,400 at 160 miles per hour. The automaker plans to use the prototype vehicle as a proof of concept for the performance of all-electric vehicles. Ford is investing more than $11.5 billion in electric vehicles worldwide including the Mustang Mach-E, through 2022.
Toy sales in the first six months are up 16% from last year. May and June saw sales of outdoor toys soar. The only category that hasn’t benefited has been action figures.
Amazon confirmed it will hold Prime Day “later than usual” this year, but it stopped short of setting a date for the event. It was widely expected that Amazon would postpone Prime Day as a result of the coronavirus pandemic. Earlier this month, Amazon told third-party sellers to use the week of Oct. 5 as a “placeholder date” for the event.