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Morning Brief: Amazon nears $1 trillion market cap milestone

Thursday, August 30, 2018

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What to watch today

On Thursday, investors will get more data on the state of the U.S. consumer with personal income and spending data for July set for release. Economists expect both these figures to rise 0.4% over the prior month according to estimates from Bloomberg. The Fed’s preferred inflation reading, “core” PCE, is also set for release in the morning and should show a 2.3% increase over the same month last year.

And on the earnings side things will continue to be retail-heavy, with notable companies reporting Thursday expected to include Kroger (KR), Dollar General (DG), Dollar Tree (DLTR), and Ulta Beauty (ULTA) from the S&P 500. Other retailers reporting results are scheduled to include Abercrombie & Fitch (ANF), Sears (SHLD), and Perry Ellis (PERY).

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Top news

REUTERS/Pascal Rossignol

As Amazon heads to $1 trillion, one analyst expects a correction: Amazon (AMZN) just got a little closer to $1 trillion on Wednesday. The e-commerce company rallied after Morgan Stanley became the biggest bull on the Street with its $2,500 price target. While Wall Street looks toward that milestone, one technical analyst is betting on a sharp pullback that would put its stock on the brink of a bear market. [CNBC]

SurveyMonkey files for IPO: Online-polling company SurveyMonkey has filed publicly for a U.S. initial public offering, saying it has more than half a million paying customers. The company, under its official name Svmk Inc., filed Wednesday with an initial offering size of $100 million, typically a placeholder amount that will likely change. [Bloomberg]

Corporate America is on a roll with best profit gain since 2014Pretax profits at U.S. companies climbed 7.7% from a year earlier, the most since 2014 and the seventh consecutive gain, according to Commerce Department data. [Bloomberg]

NAFTA talks to continue as Trump says they’re on track: Talks to update NAFTA are edging toward a Friday deadline with signs of optimism, as the U.S. and Canada push to resolve enough differences to trigger a countdown to sign a new deal. U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau signaled Wednesday an accord could be reached.

Apple buys startup focused on lenses for AR glassesApple Inc. (AAPL) has acquired a startup focused on making lenses for augmented reality glasses, the company confirmed, a signal Apple has ambitions to make a wearable device that would superimpose digital information on the real world. [Reuters]

For more of the latest news, go to Yahoo Finance

Sony Music in collaboration with The Estate of Michael Jackson install a 13-foot jeweled crown to celebrate the King of Pop’s Diamond Birthday at the Observation Point at London’s Southbank on August 29, 2018. (Photo by HGL/Getty Images)

Yahoo Finance Originals

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.