1. Stock futures fall after historic drop in GDP and ahead of Big Tech earnings deluge
U.S. stock futures were under pressure as traders absorbed a historic decline in GDP and braced for the release of corporate earnings from high-flying tech names such as Apple, Facebook and Amazon. Dow Jones Industrial Average futures were down 240 points, or 0.9%. S&P 500 futures slid 0.85% and Nasdaq futures were down nearly 1%. Those losses come after the major averages posted solid gains in the previous session, aided by advances in tech stocks and the Federal Reserve signaling it will stay accommodative for longer.
2. GDP fell historic 32.9% in Q2 but not as bad as feared
Shipping containers at the Port of Seattle.
Patti Domm | CNBC
3. UPS shares surge as home deliveries drive strong quarterly results
Shares of delivery giant UPS surged 10% in the premarket after the company reported better-than-expected results for the previous quarter. UPS posted an adjusted profit of $2.13 per share on revenue of $20.46 billion. Analysts polled by Refinitiv expected earnings per share of $1.07 on revenue of $17.48 billion. The company also reported a surge in consumer shipments of 65.2% during the quarter as the coronavirus pandemic drives demand for residential delivery.
A driver for an independent contractor wears a protective mask while operating a delivery truck to delivery N95 respirator masks outside a United Parcel Service Inc. (UPS) Ground sorting facility in Louisville, Kentucky, U.S., on Monday, April 13, 2020.
Luke Sharrett | Bloomberg | Getty Images
4. Procter & Gamble earnings top estimates as consumers buy more cleaning products
Procter & Gamble Tide Pods brand laundry detergent
Daniel Acker | Bloomberg | Getty Images
5. AstraZeneca CEO says coronavirus could require annual vaccinations
Pascal Soriot, CEO of British pharmaceutical company AstraZeneca, told CNBC that a future coronavirus vaccine may need to be administered every 12 months. “The truth is that we don’t know, this virus is very unpredictable,” he said. “What we know is that most companies are targeting two injections for the initial vaccination and then our own assumption based on what we know from the technology we use with SARS 1 is that the immunity could last 12 months maybe 18 months.” Earlier this year, the U.S. government gave AstraZeneca more than $1 billion in funding for the development of a coronavirus vaccine.