Waver, Pelosi, Taiwan, OPEC+, Robinhood, and Starbucks are just five things to know about them

Waver, Pelosi, Taiwan, OPEC+, Robinhood, and Starbucks are just five things to know about them ...

Five things you must know about Wednesday, August 3:

Pelosi vows to stand by Taiwan, raising stock futures.

Stock index futures in the United States were slightly higher early on Wednesday as investors examined House Speaker Nanci Pelosis' visit to Taiwan, which China has received a staunchly negative reaction, stoking fears of renewed tensions between the two superpowers and awaiting crucial economic data.

Futures linked to the Dow increased by 105 points, or 0.32%, while S&P 500 futures fell for 0.02 percent, while Nasdaq 100 futures remained unchanged. As investors evaluated Pelosis Asia and looked ahead to Friday's employment report, the yield on the benchmark 10-year Treasury note rose to 2.7574%.

Tsai Ing-wen, Taiwan's president, thanked Pelosi for her support of democratic values, and said she will work with the United States on security in the Taiwan Straits on Wednesday.

Tsai said at a ceremony to honor Speaker Pelosi with a medal and the Order of Propitious Clouds with a special Grand Cordon that she is truly one of Taiwan's most devoted friends.

Pelosis's visit to Taiwan makes her the highest-ranking US official to visit Taiwan in 25 years, drawing the ire of China, which has accused the move of violating its one-China policy and causing China's internal affairs.

China has warned Pelosi not to go to the disputed island that Beijing considers to be part of its territory for weeks.

On Wednesday, European markets were mixed. The pan-European Stoxx 600 slipped 0.2% in early trade, with automobiles falling 1.4 percent, while tech firms rose 1.5 percent.

Services PMIs data will be released at 9:45 a.m. ET, and factory orders will be revealed at 10 a.m. ET. Both data points will be important for investors as they follow the slowdown of the US economy.

Oil Futures Fall as OPEC+ Meets.

Oil prices fell about 1% in early trading on Wednesday, reversing gains from the previous day ahead of an OPEC+ meeting on worries of a slowdown in global growth affecting gasoline demand and a stronger currency.

Brent crude futures fell 0.9 percent to $99.60 a barrel. West Texas Intermediate crude in the United States was $93.74 a barrel, down 0.7 percent, after climbing 53 cents on Tuesday.

The Oil Exporting Countries Organization (OPEC) and its allies, including Russia, convened on Wednesday to discuss September's output.

At Wednesday's meeting, questions a lack of spare capacity among members to add more barrels as well as the necessity for further collaboration with Russia as part of the larger OPEC+ group are discussed.

In recent months, OPEC has increased output in line with its goals by about 430,000-650,000 barrels per day per month, but has refused to move to faster output increases.

The discussion on Wednesday will focus on production guidelines starting in September and possibly going forwards. Only Saudi Arabia and the UAE are said to have enough spare capacity to increase production.

To cope with the coronavirus epidemic, OPEC+ would have exhausted all of its record production cuts made in 2020.

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More full-time jobs are being slashed by Robinhood.

Robinhood Markets (HOOD) - Get Robinhood Markets Inc. Reportis slashing nearly a quarter of its full-time employees as the online brokerage once synonymous with meme stock trading and other high-risk retail bets continues to struggle.

Robinhood's second round of layoffs this year included a reduction of its employees by roughly 9%, according to the Wall Street Journal. Together, the two rounds have reduced more than 1,000 employees from the company.

Robinhoods' chief executive said the layoffs came as part of a larger company reorganization. In a statement, Tenev said the previous round of layoffs in April did not go far enough in aiding the business reduce costs.

Tenev stated that many of our operations functions were staffed last year with the assumption that the strong retail engagement we had with the stock and cryptocurrency markets in the Covid period would last until 2022. As CEO, I accepted and accepted responsibility for our ambitious staffing trajectory.

Robinhood's second-quarter earnings were released a day earlier than planned, with the monthly active users down 34 percent from the same month the previous year. Revenue dropped by $44 million to $318 million.

Robinhood's stock was up 1.3 percent in premarket trading at $9.35.

Starbucks Stock Rises On Still-Strong Sales

Starbucks (SBUX) - In premarket trading Wednesday, the coffee chain giant reported that customer demand in the United States remains strong, despite increasing labor expenditure and inflationary pressures weighing on costs.

According to the Seattle-based company, worldwide same-store sales increased by 3% compared to the same period last year. Same-store sales in the United States increased by 9%, while those in the China market fell by 44% as a result of the country's renewed Covid-19 shutdowns and other restrictions during the period.

Increasing employee salaries and training as well as higher costs for ingredients weighed heavily on store-level profit for the period, even as rising prices partially offset the costs. Starbucks said prices are around 5% higher than they were last year.

In premarket trading on Wednesday, Starbucks stock rose 1.96% to $85.35 a share.

Starbucks, which has been attempting to attract and retain U.S. employees, has announced on Monday that it has increased its barista pay, with employees expected to earn at least $15 an hour or receive a 3% increase.

Airbnb Slumps on Weaker Third-Quarter Outlook

Airbnb (ABNB) - Get Airbnb Inc. Reportshares were down more than 6% in premarket trading on Wednesday as a lower-than-expected forecast overshadowed otherwise strong quarterly reports.

Airbnb in San Francisco generated $2.1 billion in revenue in the three months ended June, up 58 percent from the same time last year as people continued to book suburban rentals despite hosts rising prices.

Airbnb reported a profit of $379 million in the same quarter as in the year-earlier quarter.

However, the company said it expects nights and experiences booked in the third quarter to grow at the same rate as the second quarter, under analysts' estimates, even though it expects record revenues in the period due to rising prices.

The company said it expects revenue to range from $2.78 billion to $2.88 billion in the three months between now and September, higher than Wall Street's average estimate of $2.77 billion.

Because of summer vacations, Airbnb's peak season is typically July through September.

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