MARKET WRAPS

Watch For:

U.S. Durable Goods Orders for June; S&P CoreLogic Case-Shiller Home Price Index for May; Conference Board Consumer Confidence; Alphabet Inc. 2Q earnings; Apple Inc. 3Q earnings; Microsoft Corp. 4Q earnings; Raytheon Technologies 2Q earnings; United Parcel Service Inc. 2Q earnings; Visa Inc. 3Q earnings; Mondelez International Inc. 2Q earnings; Starbucks Corp. 3Q earnings; General Electric Co. 2Q earnings.

Opening Call:

Stock futures ticked lower Tuesday as investors awaited earnings reports from the biggest technology giants and data on the manufacturing sector.

U.S. stocks have been grinding higher as investors cheered strong corporate results and upbeat guidance from some of the largest American businesses. At the same time, concerns are lingering over the Delta-variant of Covid-19, supply-chain problems, a spike in inflation and cooling economic growth.

"We've been characterizing this market as a jetliner that has lifted off and is coming out of the Covid-19 air pocket, but is still trying to find an appropriate cruising altitude," said Kara Murphy, chief investment officer at Kestra Holdings. "We are seeing economic data going from great levels to good levels: that is still indicative of economic growth."

Earnings reports from behemoths including Microsoft, Apple and Google-parent Alphabet after markets close Tuesday could offer insights into how those companies are faring as lockdowns end and supply constraints for key products persist. Visa and Starbucks are also among the companies that will publish results, making it a blockbuster day in the earnings season.

Other blue chip firms set to post results before markets open include United Parcel Service, General Electric, 3M and Raytheon Technologies.

"We have seen earnings expectations continue to be ratcheted up quite significantly, but lots of companies are still beating expectations," said Ms. Murphy.

Investors will be able to parse data indicating the strength of the economic rebound later on Tuesday.

U.S. durable goods orders for June, due at 8:30 a.m. ET, are forecast to rise for a second consecutive month as demand remains strong. Still, manufacturers have struggled to keep up amid supply bottlenecks and difficulties finding workers. Data on consumer confidence is also due to be released at 10 a.m. ET.

Hong Kong's Hang Seng Index slumped as a selloff of tech stocks deepened, driven by concerns about China's regulatory crackdown in recent days.

The meltdown in China is weighing on investors' appetite for stocks in other markets, but the contagion effect is likely to be limited, according to Altaf Kassam, head of investment strategy for State Street Global Advisors in Europe.

"The drag on sentiment will be there because China has been the engine of global growth for years now and seeing its stock market suffer like this is going to put a question mark on global growth," Mr. Kassam said. "Anything that weighs on global growth is going to have an effect on markets, but it is going to be a second-order story for global markets."

Social-media giant Tencent Holdings fell 9% while Hong Kong-listed shares of Alibaba Group, China's biggest e-commerce company, shed more than 6% by the close of trading.

Forex:

The dollar isn't set for any "meaningful moves" against other major currencies ahead of the conclusion of the Federal Reserve's policy meeting on Wednesday, but it may edge higher given Fed officials could offer more details about discussions on a possible scaling back of bond purchases, ING said.

"While no Federal Reserve policy changes are expected in July's meeting, we could hear more about the tapering discussions that started in June," it said.

ING says there is a growing "hawkishness"--or bias toward tightening monetary policy--among some Fed policy makers given the strong U.S. economy and the fact that inflation is running at more than double the central bank's 2% target.

The pound should rise through next year as an improving U.K. economic outlook brings the Bank of England closer towards withdrawing stimulus, MUFG Bank said.

While U.K. coronavirus cases are expected to increase after the final easing of England's restrictions last week, rising levels of immunity from vaccines and those who have already had Covid-19 will help slow the spread, MUFG currency analyst Lee Hardman said.

"The reduced risk of further Covid-related disruption would help to support the BOE's forecast for a robust recovery this year for the U.K. economy."

That means the BOE is inching towards tightening policy, although it will be a gradual process, Hardman said.

Bonds:

The yield on the benchmark 10-year U.S. Treasury note ticked down to 1.249% from 1.276% on Monday. Bond yields and prices move in opposite directions.

Any dip in economic activity will justify the stance of major central banks to keep their hugely accommodative policies in place longer, but many of these factors are already priced into U.S. Treasury markets, said Mark Holman, chief executive officer of TwentyFour Asset Management.

"Whilst this political kink in the road may create some further temporary inflationary pressure, it also serves to take some of the heat out of the growth, which should help keep Treasuries more stable, the disruption of which we think is key for risk markets in Q4," he said.

From a fixed-income credit risk perspective, this isn't expected to materially change the fundamental outlook, Holman said.

Commodities:

Oil prices waver around flat. Investors will be watching out for American Petroleum Institute data due later Tuesday and Department of Energy figures due out Wednesday.

The wild swings seen in oil prices over recent weeks may have calmed for the moment but natural gas prices in Asia remain firm, with hotter than usual weather in North-East Asia raising air conditioner usage, said ING's Warren Patterson.

In Europe, too, gas prices remain near record highs, though the return of the Nord Stream pipeline from maintenance should ease those pressures, he added.

Metals prices slipped as China's regulatory crackdown hits risk assets and boosts safe-havens like the dollar.

Three-month copper on the LME was down 1.7% at $9,692 a metric ton while aluminum fell 0.2% to $2,498.50 a ton and nickel dropped 2.2% to $19,280 a ton.

The ICE Dollar Index rose weighing on dollar-denominated commodities such as base metals and gold.

"The never ending mantra from Beijing of speculative activity is bad and unacceptable is hitting home," says Malcolm Freeman, CEO of metals brokerage Kingdom Futures.

TODAY'S TOP HEADLINES

Apple Expected to Post Record Profit, With Strong iPhone, Device Demand

Apple Inc. on Tuesday is expected to post a record spring-quarter profit, as customers continue to embrace new iPhones and other devices and investors look for signs the company's pandemic-induced success will continue.

Analysts predict the Cupertino, Calif., tech giant will post almost $17 billion in profit for the three-month period that ended in June, the best fiscal third quarter in its 45-year history. Revenue is expected to rise 23% from a year earlier to $73 billion.

Read More ->

Credit Suisse Taps Goldman Executive as Post-Archegos Chief Risk Officer

Credit Suisse Group AG hired a top executive from Goldman Sachs Group Inc. as its chief risk officer, part of an effort to get a better grip on risks after losing $5.5 billion from family investment firm Archegos Capital Management.

David Wildermuth, formerly deputy chief risk officer at Goldman, will join the executive board and take over from Joachim Oechslin, who held the role temporarily. Credit Suisse's former chief risk officer, Lara Warner, was pushed out in April after the Archegos loss and the separate collapse of a financing partner, Greensill Capital.

Read More ->

Reckitt Benckiser Swung to 1H Loss on Higher Costs

Reckitt Benckiser Group PLC reported on Tuesday a swing to pretax loss for the first half of the year on lower revenue and higher costs.

The consumer-goods company--which houses Dettol, Harpic and Durex among its brands--posted a pretax loss of 1.94 billion pounds ($2.68 billion) for the six months, including a hit of GBP3.20 billion from losses on assets held for sale and disposal of goodwill and brands. This compares with a profit of GBP1.44 billion in the year-earlier period.

Read More ->

Investor Cat Rock Urges Just Eat Takeaway to Explore Combinations, Sell Assets

U.S. investor Cat Rock Capital Management LP said Tuesday that Just Eat Takeaway.com NV should explore combinations with other global players and sell noncore assets, putting pressure on the Grubhub owner to address its share performance.

The investor--which owns 4.7% of the Amsterdam-based food-delivery company's shares and is one of its top ten shareholders--said Just Eat Takeaway should invest the money raised from asset sales in its growth and to buy back the shares used toward the Grubhub acquisition. Cat Rock also called on the company to improve transparency on the expected magnitude, composition and returns of its investments to boost its standing in capital markets.

Read More ->

LVMH Books Higher 1H Revenue, Profit as Fashion Sales Surge

LVMH Moet Hennessy Louis Vuitton SE's earnings rose sharply in the first half as sales jumped by more than half on the year, driven by the core soft-luxury division.

The French luxury-goods giant said Monday that it made an operating profit of 7.63 billion euros ($8.98 billion) in the six months to end-June, nearly fives times as much as the previous-year period, and some 44% higher than in the same period of 2019. Sales increased to EUR28.67 billion from EUR18.39 billion previously.

Read More ->

Tesla's Quarterly Profit Soars to Record $1.1 Billion

Tesla Inc.'s generated a record quarterly profit as the car maker largely sidestepped the effects of a global chip shortage that has constricted production for many global auto makers.

The Silicon Valley electric-car maker, as it posted second-quarter earnings on Monday, said its ability to navigate ongoing supply-chain challenges would help dictate its pace of growth in the second half of the year as it races to satisfy growing demand for battery-powered vehicles.

Read More ->

Intel Sets Plan to Again Become World's Premier Chip Company

The race is on at Intel Corp. as the semiconductor giant pledges to return to the top of its game, committing to produce the world's best chips within four years.

To get there, Chief Executive Pat Gelsinger laid out a plan Monday for the company to introduce at least a new central processing unit-the brains of the modern computer-every year between 2021 and 2025. Each is expected to be based on transistor technology more advanced than the last.

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Stocks Keep Climbing, Avoiding Routine Pullbacks

The stock market has been relatively quiet lately.

The benchmark S&P 500 hasn't suffered a 5% pullback since October and has advanced 35% since the end of that month.

Read More ->

Chinese Tech Stock Selloff Deepens

HONG KONG-Chinese technology shares dropped Tuesday, extending steep declines in the previous session that were fueled by investor concerns about China's widening series of crackdowns on tech and other industries.

By early afternoon in Hong Kong, online gaming and social-media giant Tencent Holdings Ltd. had fallen 6.7%. The selloff pushed Tencent's market value down to about $563 billion, according to FactSet-meaning it has lost about $379 billion of market capitalization since peaking in mid-February.

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Beijing Gives Tech Investors a Brutal New Tutorial

Anyone who bought into Chinese internet stocks hoping for a bounce following the dramatic fall from grace of ride-hailing giant Didi has been taught another painful lesson this week. Fighting the Fed, or Washington, is usually a losing game-but betting against Beijing's fast-moving, often opaque regulatory apparatus in Xi Jinping's new era of centralized control is suicidal.

Chinese tech stocks already punished by a widening antitrust and data-security crackdown have lost billions of dollars in market value over the past few days as a new selloff hit almost every single company in the sector. The immediate trigger: new rules that would basically wipe out much of the booming after-school tutoring sector. While tightening regulations have long been on the horizon, the scope and severity of the crackdown still caught investors by surprise. Goldman Sachs has cut its market-size forecast for after-school tutoring in 2025 by 85%. Shares of New Oriental Education have lost 70% since Friday, when the news was first leaked.

Read More ->

Big Pharma Quietly Pushes Back on Global Tax Deal, Citing Covid-19 Role

Big drug companies and their lobbyists have a message for Congress: Don't raise taxes on the industry that brought you fast-tracked Covid-19 vaccines.

Pharma executives, lobbyists and consultants are mobilizing to fight what has become a threat to drug companies' bottom lines: a sweeping agreement by many of the world's biggest economies to better harmonize corporate taxation around the globe. Earlier this month, 130 countries agreed to broad outlines of a deal that would, among other steps, establish a minimum corporate tax of 15% within their countries, reducing opportunities for international tax avoidance.

Read More ->

Bitcoin Jumps to a Six-Week High

The price of bitcoin jumped to a six-week high Monday, with some investors attributing the rally to short positions being liquidated and speculation that Amazon.com Inc. may be venturing into digital currencies.

Bitcoin soared as high as $40,501.70, according to Dow Jones Market Data, reaching its highest level since mid-June. It rose 9% from its 5 p.m. EDT level Sunday. Rival currency Ether jumped 4.8%.

Read More ->

Infrastructure-Bill Negotiators Try to Overcome Late Hurdles

WASHINGTON-A push to complete a roughly $1 trillion infrastructure agreement hit a series of hurdles Monday, as aides squabbled over funding for water infrastructure and how to apply a requirement that federal contractors pay their employees a locally prevailing wage, among other issues.

Lawmakers had previously set Monday as a target for closing out their talks and beginning floor consideration of the emerging agreement, though that timeline seemed to slip as the two sides sniped at each other.

Read More ->

China Industrial Profit Data for June Signal Relatively Strong, if Uneven, Recovery

China's industrial profit rose 20.0% from a year earlier in June, slowing from May's 36.4% expansion as favorable low-base effects faded.

The profitability of China's industrial companies looks relatively strong as more than 70% of those surveyed reported higher profits than what they earned before the coronavirus pandemic, said the National Bureau of Statistics.

Read More ->

Chinese Officials Blame U.S. for Stalemate in High-Level Talks

TAIPEI-Senior U.S. and Chinese officials sparred over Covid-19, human rights and cybersecurity during a tense exchange Monday in the highest-level meetings between the two countries on Chinese soil since Joe Biden became president.

Chinese Vice Foreign Minister Xie Feng, meeting with U.S. Deputy Secretary of State Wendy Sherman in the port city of Tianjin on Monday, said American perceptions of China as an "imagined enemy" were responsible for a stalemate in relations between the two powers.

Read More ->

Foreign Purchases of U.S. Homes Fall to New Low

Foreign purchases of U.S. homes declined for a fourth straight year as the Covid-19 pandemic sharply limited international travel.

Foreigners bought $54.4 billion in U.S. residential real estate in the year ended in March, down 27% from the prior year, according to a report released Monday by the National Association of Realtors. That is the lowest level on record since NAR began collecting the data in 2011.

Read More ->

China's Tech Regulator Orders Companies to Fix Anticompetitive, Security Issues

China's main technology-sector regulator ordered the country's internet giants to fix certain anticompetitive practices and data security threats, building on a regulatory campaign to reform how China's largest tech companies operate.

China's Ministry of Industry and Information Technology, which oversees China's telecommunication and industry policies, said Monday that its new six-month rectification program was aimed at correcting a range of industry issues, including disrupting market order, infringing on users' rights, mishandling user data and violating other regulations.

Read More ->

U.S. Moves to Assure India on Afghan Withdrawal, Regional Security

Secretary of State Antony Blinken is visiting India this week as the Biden administration seeks to reassure a key Asian partner over the U.S. and allied military withdrawal from Afghanistan and works to tighten security ties amid concern about Chinese influence in the region.

Mr. Blinken will meet Wednesday with Indian Prime Minister Narendra Modi and Minister of External Affairs Subrahmanyam Jaishankar, with a U.S. agenda that officials said includes Covid-19 response, security, defense and cyber issues as well as counterterrorism cooperation. An Indian official said trade, investment, healthcare and innovation also would be subjects of interest to New Delhi.

Read More ->

Tokyo Sets New Daily Record for Covid-19 Cases, With Olympics Under Way

TOKYO-Tokyo on Tuesday set a new daily record for Covid-19 cases, reporting 2,848 new infections on the fifth day of the Summer Olympics, which are taking place in the Japanese capital.

The number of new cases surpassed the previous daily record of 2,520 set in January. The latest tally included cases recorded early this week after a four-day holiday weekend ended Sunday.

Read More ->

Russia Holds Military Drills Off Japan's Mainland During Tokyo Olympics

TOKYO-Russia's military doesn't stand down for the Olympics.

On Tuesday, Moscow was set to begin military exercises on an island near Japan that it seized in 1945 and Tokyo still claims. A day earlier, Russia's prime minister visited islands in the same disputed group.

Read More ->

North Korea Reopens Communications Hotline With South Korea, Breaking a Year of Silence

SEOUL-North Korea reopened direct communication lines with South Korea, raising the prospect that the Kim Jong Un regime could be ready for engagement after a protracted period of diplomatic silence.

The cross-border phone line was activated at 10 a.m. Tuesday local time, the two Koreas said in separate announcements. Pyongyang had severed all communication with the Seoul government since June 2020, after Kim Yo Jong, the dictator's sister, condemned South Korean activists for sending antiregime leaflets over the border.

Read More ->

FDA Asks Covid-19 Vaccine Makers to Expand Number of Children in Tests

The Food and Drug Administration has raised the minimum number of young children that should be in Covid-19 vaccine trials to better detect any side effects, people familiar with the matter said.

A big reason for the change, one of the people said, was to look for side effects like the rare heart condition known as myocarditis that surfaced in small numbers of people who took one of the messenger RNA vaccines after they were authorized.

Read More ->

Cuban Protesters Get Prison Sentences, House Arrest in Summary Trials

Scores of Cubans who participated in recent mass protests have received sentences of up to one year in prison or house arrest in summary trials without due process, civil rights activists and relatives of detainees say.

Activists estimate that Cuba's security agents detained more than 600 demonstrators and activists shortly after the wave of spontaneous, nationwide protests in mid-July. Those were a response to a sharp deterioration in living conditions and lack of freedom under six decades of Communist rule.

Read More ->

Write to sarka.halas@wsj.com

TODAY IN CANADA

Earnings:

Capstone Mining Corp. (CS.T) 2Q

Element Fleet Mgmt Corp (EFN.T) 2Q

First Natl Fincl Corp (FN.T) 2Q

First Quantum Minerals Ltd. (FM.T) 2Q

FirstSvc Corp (FSV.T) 2Q

Intact Fincl Corp. (IFC.T) 2Q

MindBeacon Hldgs (MBCN.T) 2Q

Ovintiv Inc (OVV.T) 2Q

Secure Energy Svcs (SES.T) 2Q

Teck Resources Ltd (TECK.A.T) 2Q

Teck Resources Ltd (TECK.B.T) 2Q

Trican Well Svc Ltd. (TCW.T) 2Q

Economic Indicators (ET):

Nothing major scheduled

Stocks to Watch:

*Teck 2Q Adj EPS C$0.63 Vs. Adj EPS C$0.17

*Teck 2Q EPS C$0.48 Vs. Loss C$0.28

*Teck 2Q Rev C$2.56B Vs. C$1.72B >TECK.A.T

Other News:

No items published

Market Talk:

Air Canada's 3Q Should Lifted by Quicker-Than-Expected Recovery

Air Canada delivered a better-than expected cash-burn rate in 2Q which BMO says was underpinned by quickly improving bookings and better handling on cost controls, "which should continue as travel restrictions ease further." The investment bank also days guidance suggests positive Ebitda in 3Q "which is earlier than we anticipated, and we suspect there is significant pent-up demand to support a quicker recovery than predicted in our prior forecast." Shares are up 1.2%.

Expected Major Events for Tuesday

05:30/JPN: Jun Tokyo area department store sales

05:30/JPN: Jun Nationwide department store sales

08:00/ITA: Jun Foreign Trade non-EU

08:30/UK: Jun Capital issuance

08:59/JPN: May Final Labour Survey - Earnings, Employment & Hours Worked

10:00/FRA: 2Q Claimant count and job advertisements collected by Pole emploi

10:00/UK: Jul CBI Distributive Trades Survey

11:45/US: Weekly Chain Store Sales Index

12:30/US: Jun Advance Report on Durable Goods

12:55/US: 07/24 Johnson Redbook Retail Sales Index

13:00/US: May U.S. Monthly House Price Index

13:00/US: May S&P CoreLogic Case-Shiller Indices

14:00/US: Jul Richmond Fed Business Activity Survey

14:00/US: 2Q U.S. Housing Vacancies

14:00/US: Jul Consumer Confidence Index

17:00/US: Jun Money Stock Measures

20:30/US: 07/23 API Weekly Statistical Bulletin

23:01/UK: Jul REC JobsOutlook survey

23:01/UK: Jul Shop Price Index

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Tuesday

3M Company (MMM) is expected to report $2.25 for 2Q.

Arch Resources Inc (ARCH) is expected to report for 2Q.

Armstrong World Industries Inc (AWI) is expected to report $1.04 for 2Q.

Arrow Financial (AROW) is expected to report $0.82 for 2Q.

Asbury Automotive (ABG) is expected to report $5.10 for 2Q.

CIT Group (CIT) is expected to report $0.98 for 2Q.

Camden National (CAC) is expected to report $1.14 for 2Q.

Capital City Bank Group (CCBG) is expected to report $0.55 for 2Q.

Centene Corp (CNC) is expected to report $1.01 for 2Q.

CommVault (CVLT) is expected to report $0.14 for 1Q.

Corning Inc (GLW) is expected to report $0.51 for 2Q.

DTE Energy Co (DTE) is expected to report $1.27 for 2Q.

Ecolab Inc (ECL) is expected to report $1.18 for 2Q.

Entegris Inc (ENTG) is expected to report $0.68 for 2Q.

FTI Consulting (FCN) is expected to report $1.60 for 4Q.

First Foundation Inc (FFWM) is expected to report $0.52 for 2Q.

Firstservice Corp (FSV,FSV.T) is expected to report for 2Q.

Flagstar Bancorp (FBC) is expected to report $1.90 for 2Q.

Franklin Electric (FELE) is expected to report $0.76 for 2Q.

Graphic Packaging Holding Co (GPK) is expected to report $0.27 for 2Q.

IQVIA Holdings Inc (IQV) is expected to report $0.92 for 2Q.

Invesco Ltd (IVZ,IVZ-LN) is expected to report $0.68 for 2Q.

JetBlue Airways (JBLU) is expected to report $-0.35 for 2Q.

Lamb Weston Holdings Inc (LW) is expected to report $0.43 for 4Q.

Lincoln Electric Holdings (LECO) is expected to report $1.48 for 2Q.

MSCI Inc (MSCI) is expected to report $2.18 for 2Q.

PACCAR Inc (PCAR) is expected to report $1.37 for 2Q.

Pacific Premier Bancorp Inc (PPBI) is expected to report $0.66 for 2Q.

Polaris Inc (PII) is expected to report $2.08 for 2Q.

PulteGroup Inc (PHM) is expected to report $1.74 for 2Q.

Raytheon Technologies Corp (RTX) is expected to report for 2Q.

Rockwell Automation (ROK) is expected to report $1.96 for 3Q.

Sherwin-Williams Co (SHW) is expected to report $2.51 for 2Q.

Shutterstock (SSTK) is expected to report $0.50 for 2Q.

Simmons First National Corp - Class A (SFNC) is expected to report $0.52 for 2Q.

Teck Resources Ltd - Class B (TECK,TECK.A.T,TECK.B.T) is expected to report $0.64 for 2Q.

TransUnion (TRU) is expected to report $0.61 for 2Q.

Triton International Limited (TRTN) is expected to report $1.96 for 2Q.

Turning Point Brands Inc (TPB) is expected to report $0.55 for 2Q.

Xerox Holdings Corp (XRX) is expected to report for 2Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

American Electric Power Raised to Buy From Neutral by B of A Securities

Arcosa Raised to Buy From Neutral by Sidoti & Co.

Asbury Automotive Cut to Equal-Weight From Overweight by Morgan Stanley

Celanese Raised to Buy From Hold by Vertical Research

DR Horton Raised to Outperform From Neutral by Wedbush

Gap Inc Raised to Buy From Hold by Deutsche Bank

GATX Raised to Positive From Neutral by Susquehanna

Gentex Raised to Buy From Neutral by Seaport Global

Glatfelter Raised to Outperform From Market Perform by BMO Capital

Glaukos Cut to Equal-Weight From Overweight by Stephens & Co.

Greenbrier Cos Raised to Positive From Neutral by Susquehanna

Group 1 Auto Cut to Equal-Weight From Overweight by Morgan Stanley

Hewlett Packard Ent Raised to Outperform From In-Line by Evercore ISI Group

Hilltop Holdings Cut to Market Perform From Outperform by Raymond James

Howard Bancorp Cut to Equal-Weight From Overweight by Stephens & Co.

Iridium Communications Raised to Equal-Weight From Underweight by Barclays

Kratos Raised to Buy From Neutral by B. Riley Securities

Lowe's Cut to Neutral From Outperform by Wedbush

Medallia Cut to Hold From Buy by Berenberg

Newmont Corporation Cut to Hold From Buy by TD Securities

News Corp Raised to Buy From Neutral by UBS

Pacira BioSciences Raised to Overweight From Neutral by JP Morgan

Penske Auto Cut to Equal-Weight From Overweight by Morgan Stanley

PPG Industries Raised to Positive From Neutral by Susquehanna

Qualys Cut to Hold From Buy by Loop Capital

Reliance Steel Raised to Buy From Neutral by Citigroup

ResMed Cut to Neutral From Overweight by JP Morgan

Six Flags Raised to Outperform From Neutral by Wedbush

SW Energy Raised to Positive From Neutral by Susquehanna

Umpqua Holdings Raised to Neutral From Underweight by JP Morgan

Veoneer Cut to Neutral From Buy by Mizuho

Zscaler Cut to Hold From Buy by Loop Capital

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

July 27, 2021 06:03 ET (10:03 GMT)

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