Wall Street opens the new month with a lot on the docket following a positive July, which saw the S&P 500 (^GSPC) gain 2%. Investors will be looking ahead to the July jobs report along with watching some big global financial events-- including today's reopening of the Athens stock exchange, which was closed for five weeks because of the Greek financial crisis, and a disappointing report on China's factory output.
Yahoo Finance Columnist Rick Newman points out after falling rapidly when trading opened, the Greek stock market stabilized. And he sees that as a postive.
"Maybe what happens in Greece stays in Greece," he says. "We do have more concerns about China, more signs of softness there. That's a much bigger concern than Greece."
And Newman feels the Federal Reserve will have to decide how big those overseas worries are when deciding when to finally begin raising interest rates.
"If you're looking at the U.S. economy alone, things are looking pretty good," he notes. "If you look a the broader, global market-- especially China-- you could easily justify we're going to hold off. I think it's a question of where the blinders end."
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Here are some of the stocks the Yahoo Finance team will be watching for you today.
Sears Holdings (SHLD) The parent of Sears and K-Mart says it expects to make its first quarterly profit since 2012, thanks to the spinoff of its properties to a new real estate investment trust. In a preliminary report ahead of its earnings release, Sears also says sales at U.S. stores open at least a year sunk 10.6% so far in the period. The company says they were dragged down by weakness in consumer electronics demand.
Tyson Foods (TSN) The largest poultry supplier in the U.S. came up short on both earnings and revenue in its fiscal third quarter. But don't blame the chickens. Tyson points to higher prices and softness in demand for its beef products. And the company warns full year earnings will come in short because of beef market conditions.
Goldman Sachs (GS) The financial giant is raising the high end of its potential legal costs related to the financial crisis by more than $2 billion. In an SEC filing, Goldman is increasing the ceiling for settlements to $5.9 billion. Back in May, it estimated those costs to top out at $3.8 billion.
PartnerRe (PRE) The reinsurance provider is being purchased by Italy's Exor for almost $7 billion. The more than $140 a share price tag values PartneRe at a half billion more than Exor's original offer back in April. As part of the agreement, PartnerRe will pay Axis Capital $315 million to break off their previously-negotiated amalgamation deal.
Nokia (NOK) The Finland-based company is selling its HERE mapping system to German automakers BMW, Audi and Daimler for $3.1 billion. Analysts say its an effort by the luxury carmakers to add the technology needed for them to eventually build self-driving vehicles. The move helps Nokia focus on its network equipment business.
HSBC (HSBC) Europe's biggest bank is selling its struggling Brazilian operations to Banco Bradesco for $5.2 billion. HSBC announced last month it would reduce costs by cutting 50,000 jobs worldwide, in part by shedding its businesses in Brazil and Turkey.
President's greenhouse gas plan
The White House is unveiling a new climate change initiative today. President Obama will announce the first-ever federal limits on power-plant carbon emissions. The coal industry and several states hardest hit by the plan have threatened to fight it.
Uber just completed a new round of funding, with Microsoft (MSFT) reportedly investing about $100 million in the ride sharing app. Uber is now valued at $51 billion, equaling Facebook's (FB) record valuation for a privately-backed startup.
AT&T (T) is planning to capitalize on its recent merger with DirecTV (DTV). The wireless carrier announced it will offer customers bundled TV and wireless services. The plan, starting at $200 per month, will be the first package to combine a cell phone plan with other services.
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