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Equity futures fall after the first trading day in August

Chinese stocks fall as tensions rise over Pelosi’s visit

Stock futures open flat

Stock futures opened flat in overnight trading on Monday.

Futures linked to the Dow Jones Industrial Average were 0.06% lower, or 21 points. S&P 500 futures and Nasdaq 100 futures fell 0.06% and 0.01%, respectively.

– Samantha Subin

The upside from here is limited in the coming months, says Truist’s Lerner

Investors who are overallocated to stocks should consider using current market conditions to trim back their positions, as the upside for stocks is limited going forward, says Keith Lerner, chief investment officer at Truist.

According to Lerner, the upside for the market over the next few months is likely to be limited to 3% to 5%, but the downside could exceed that amount.

“The market has been very resilient, no doubt, and maybe it will remain that way for a little while, but we don̵[ads1]7;t see the risk-reward as compelling here,” he said.

This is by no means an indication of the top of the market and stocks could push higher, but it is an opportunity to reallocate exposure after last month’s strong market rally, Lerner added.

Samantha Subin

Pinterest shares are up 21% as Elliott Management reveals position as largest investor

Pinterest shares rose more than 21% after the company posted stronger-than-expected user numbers and Elliott Management revealed it is the largest shareholder in the photo-sharing company.

Activist investor Elliott said in a statement that it has “conviction in the value creation opportunity” in Pinterest, calling the social media company a “highly strategic business with significant potential for growth.”

“As the market-leading platform at the intersection of social, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest’s next phase of growth,” Elliott wrote.

Despite the stock move, Pinterest missed Q2 estimates on the top and bottom lines, while monthly active users for the period were 2 million above estimates.

– Samantha Subin

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