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Here are five things you must know for Wednesday, Aug. 2:
1. -- U.S. stock futures pointed to gains for Wall Street at the open of trading on Wednesday, Aug. 2, with the Dow Jones Industrial Average poised to top 22,000 as shares of Apple Inc. (AAPL) - Get Report surged following its strong earnings report.
On Tuesday, Aug. 1, the Dow began the new month with a bang, sealing a new record close for its fifth session in a row.
The Dow added 0.33% to close at 21,962, a record close, after striking an all-time intraday high of 21,990 earlier in the session. The other major U.S. markets followed the Dow higher, though missed out on record closes. The S&P 500 increased 0.24% and the Nasdaq added 0.23%.
The economic calendar in the U.S. on Wednesday includes the ADP Employment Report for July at 8:15 a.m. ET, and Oil Inventories for the week ended July 28, at 10:30 a.m.
Economists surveyed by FactSet expect the ADP report to reveal that U.S. employers added 190,000 jobs to private payrolls in July.
2. -- Apple Inc. (AAPL) - Get Report shares were jumping 6.7% in premarket trading on Wednesday after the iPhone maker soundly beat earnings forecasts and issued an outlook that seemed to allay worries over potential iPhone 8 delays.
Apple said it expects revenue in its fiscal fourth quarter, which ends in September, to be about $49 billion to $52 billion, a figure that tops analysts' forecasts and suggests that rumors of production and technical delays linked to the 10th anniversary iPhone release later this year were unfounded.
For its fiscal third quarter, the world's biggest tech company posted earnings of $1.67 a share on revenue of $45.41 billion. Apple said all-time iPhone sales topped the 1.2 billion mark during the three months ended in June after 41.03 million units were shipped during the quarter, a 1.6% increase from the same period last year.
Apple said it expects gross margin in the fourth quarter of between 37.5% and 38%.
"Apple is projecting another monster quarter over the next three months, and if management can deliver again, we expect the stock to continue its climb past its current highs," said Jim Cramer and the AAP team.
- Apple's Big iPad Turnaround and Upbeat Outlook Could Push the Stock Even Higher
- Tim Cook on Trump's Claim that Apple Is Building 3 U.S. Factories: 'There's More We Can Do'
3. -- Earnings are expected on Wednesday from Tesla Inc. (TSLA) - Get Report , Fitbit Inc. (FIT) - Get Report , Marathon Oil Corp. (MRO) - Get Report , Occidental Petroleum Corp. (OXY) - Get Report , Transocean Ltd. (RIG) - Get Report , Williams Cos. (WMB) - Get Report , 3D Systems Corp. (DDD) - Get Report , Groupon Inc. (GRPN) - Get Report , NXP Semiconductors N.V. (NXPI) - Get Report , Square Inc. (SQ) - Get Report , Take-Two Interactive Software Inc. (TTWO) - Get Report , Zygna Inc. (ZNGA) - Get Report , MetLife Inc. (MET) - Get Report , Molson Coors Brewing Co. (TAP) - Get Report and Mondelez International Inc. (MDLZ) - Get Report .
More of What's Trending on TheStreet:
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- Here Are the 5 Biggest Things We Learned From Apple's Earnings Call
- Tesla Bulls Should Take Comfort Knowing This is the Last Earnings Report Without Model 3 Deliveries
- Intel CEO Brian Krzanich: We're Still Paranoid About the Competition
4. -- AMC Entertainment Holding Inc. (AMC) - Get Report was falling 24% in premarket trading on Wednesday after the movie-theater chain said it would report a loss in the second quarter and announced cost cuts.
AMC, which reports earnings next week, said its loss in the quarter would be between $1.34 to $1.36 a share, much wider than analysts' forecasts that called for an adjusted loss of 3 cents. A year earlier, AMC posted a profit of 24 cents a share.
The company said the U.S. film industry experienced a "weaker than anticipated second quarter" and that it expects a "very challenging third quarter."
AMC said it introduced cost-saving measures such as reducing operating hours and staffing.
Nearly 40,000 of the 50,000 packing, sorting and shipping jobs at Amazon will be full time, the company said.
The retail giant will open 10 fulfillment centers for tours and information sessions and wants to hire qualified candidates who apply on-site that day. The plan is for new hires to walk in for an interview and walk out with a job offer, the company said.
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