Stock futures are slipping on Monday as the S&P 500 wraps up a successful month of gains. The focus this week on Wall Street will be on the earnings reports from tech giants Apple and Amazon.com, as well as the release of the monthly U.S. jobs report.
Walmart Acquires Remaining Stake in Flipkart
Retail giant Walmart has reportedly paid $1.4 billion to buy Tiger Global’s remaining stake in Flipkart, the Indian e-commerce giant. This acquisition comes after Walmart previously purchased a 77% stake in Flipkart for $16 billion in 2018. The transaction values Flipkart at $35 billion, down from its previous value of $38 billion. Walmart shares rose 0.3% during premarket trading.
Johnson & Johnson Faces Setback in Talc Lawsuits
Healthcare giant Johnson & Johnson saw its stock fall by 1.7% after a bankruptcy judge dismissed its second Chapter 11 case. This case was filed as part of the company’s ongoing efforts to settle thousands of lawsuits related to alleged harm caused by its talc products.
Upcoming Earnings Reports
Several companies are expected to release their earnings reports this week. On Monday, reports are anticipated from Arista Networks, ON Semiconductor, Western Digital, ZoomInfo Technologies, and SoFi Technologies. Tuesday will see earnings reports from Advanced Micro Devices, Caterpillar, Pfizer, and Starbucks. CVS Health, PayPal, and Qualcomm are scheduled to report on Wednesday. Finally, Apple, Amazon.com, and Alibaba are set to release their earnings reports on Thursday.