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PepsiCo Inc (PEP)

Closing Price Change:
$5.02
Closing Price:
$125.48
Market Cap:
$175,901m

US pre-open: Wall Street set for moderately lower start

02 Oct 18

LONDON (ShareCast) - (Sharecast News) - Wall Street is set for a moderately lower start amid geopolitical tensions between the US and China and against the backdrop of volatility in Italian capital markets.
"US stock markets are expected to open around half a percent lower on Tuesday, reversing much of Monday's gains as investors quickly move on from the positive trade developments in North American," said Craig Erlam, senior market analyst at Oanda.

"Investors were clearly buoyed by the USMCA announcement at the start of the week, with the deal removing one of a number of economic risks for the global economy and potentially acting as a roadmap for similar negotiations with others. That positivity hasn't lasted long though, with futures appearing to take a lead from Europe which has a number of problems of its own, aside from a trade spat with Trump."

As of 1241 BST, futures on the Dow Jones Industrials were trading 67.0 points lower to 26,611.0, alongside a drop of 5.25 points for those on the S&P 500 and an expected decline of 26.75 points for the Nasdaq-100 to 7,654.75.

In parallel, the yield on the benchmark 10-year US Treasury note was dipping by two basis points to 3.06%, helped by safe-haven flows linked to the ongoing budget squabble between Brussels and Rome.

To take note of, overnight the US Navy accused China's military of "unsafe and unprofessional" behaviour at the weekend around one of the reefs occupied by the Asian giant in the South China Sea.

On the corporate side of things, internet giant Amazon.com said it would raise its minimum wage for US and UK workers in London to $15.0 and 10.5 an hour ($13.5), respectively.

For British workers outside out of London it would go up to 9.50, the company said in a statement.

Pepsi meanwhile topped analysts' estimates for its third quarter, reporting earnings per share, excluding one-off charges, and sales of $1.59 and $16.49bn, respectively.

Separately, search engine Elastic NV raised the price range for its planned listing to between $33 and $35 per share, versus a prior range for between $26 to $29.

No major economic releases are scheduled for Tuesday.

However, Federal Reserve vice-chairman, Randal Quarles, and his boss, Jerome Powell, were both set to deliver remarks later in the day.



Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are end of day values only.

 

Market Data

Currency US Dollars
52 Week High $146.99
52 Week Low $103.93
Shares Issued 1,401.82m
Market Cap $175,901m

Dividends

No dividends found