Here are five things you must know for Monday, July 16:
1. -- Markets Cautious Ahead of Trump-Putin Summit
U.S. stock futures were mixed on Monday, July 16, and global stocks traded cautiously as the meeting in Helsinki between Donald Trump and Russian President Vladimir Putin began.
Contracts tied to the Dow Jones Industrial Average
Trump tweeted early Monday that U.S.-Russian relations had never been worse, thanks to what he continues to call a biased investigation into allegations that Moscow successfully meddled in the 2016 election, the latest of which produced the indictment of 12 Russians accused of hacking into emails held on the server of the Democratic National Committee.
Traders also weighed weaker-than-expected data from China that suggested growth in the world's second-largest economy could slow into the second half of the year.
2. -- It's Amazon Prime Day
Need some new PC games? A few avocados from Whole Foods? How about an Echo Show? Prime Day has grown into a major sales coup for Amazon, driving more than $2.41 billion worth of purchases on Prime Day 2017, according to an estimate by Digital Commerce 360. Amazon said that its Echo Dot device was the top-selling product on Prime Day in 2017, and that sales grew by 60% over Prime Day 2016.
But Prime Day is a whole lot more than a sales bonanza. It's a strategic push to make Prime a feature of every home, as well as a "training day" for newer channels such as Twitch, Whole Foods, or Amazon's growing family of Echo voice assistants, according to TheStreet's Annie Gaus.
"Prime Day serves multiple purposes, and one of them is from a logistical standpoint," said Tom Forte of D.A. Davidson & Co. "It's a dress rehearsal for the holidays as well. And I think it's increasingly becoming a question of: 'How do we incorporate every retail app we have into the Prime Day story?'"
3. -- Goldman to Formally Name Solomon as CEO
The announcement would formally establish Solomon as the successor to Lloyd Blankfein, who will stay on for an interim period. Blankfein has served as CEO of Goldman for 12 years.
Solomon, 56 years old, has been considered the heir apparent to Blankfein since he was named the firm's sole president in March. But a formal announcement of his promotion to CEO hadn't expected until the fall, the Times noted.
4. -- Bank of America, Netflix Highlight the Earnings Calendar
The economic calendar in the U.S. on Monday includes Retail Sales for June at 8:30 a.m. ET, the Empire State Manufacturing Survey for July at 8:30 a.m., and Business Inventories for May at 10 a.m.
Bank of America Corp. (BAC) earned 63 cents a share in the second quarter, higher than analysts' estimates of 57 cents. The stock rose 0.5%.
BlackRock Inc. (BLK) posted second-quarter adjusted earnings of $6.66 a share, 11 cents ahead of analysts' forecasts. Shares fell slightly.
Netflix Inc. (NFLX) is expected to report earnings after the closing bell on Monday.
5. -- Deutsche Bank Sees Solid Earnings GrowthDeutsche Bank AG ( DB) , Germany's largest lender, revealed a bullish outlook for its near-term earnings prospects in a surprise release Monday ahead of its scheduled report on July 25.
The bank said it expects net income for the three months ended in June of about €700 million ($818 million), putting the first half total at around €1.15 billion, figures that the bank said "demonstrate the resilience of the franchise" and are "considerably above the average consensus estimate" it had previously compiled from analysts that cover the stock.
Second-quarter revenue at the bank was estimated at €6.6 billion, and should include around €3.5 billion from its corporate and investment banking division, Deutsche Bank said.
Shares jumped more than 7% in Frankfurt.
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