Morning Brief

What to watch today: Stocks are little changed after Democrats release budget proposal

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BY THE NUMBERS

Stocks futures were quiet on Tuesday morning, with those for the Dow Jones Industrial Average slipping about 20 points. The Dow and S&P 500 retreated on Monday after hitting record highs last week.

* Treasury yields are little changed ahead of inflation data (CNBC)

Tesla sold 32,968 of its China-made cars last month, but less than 9,000 of those were local sales. The company made more than 28,000 local sales in June. (Reuters)

Movie theater chain AMC reported a smaller-than-expected loss for the second quarter and $444.7 million revenue, which also beat estimates. The stock jumped in premarket trading. (CNBC)

* AMC says it will accept bitcoin as payment for movie tickets by year-end. (CNBC)

* AMC reaches deal with Warner Bros. for 45 days theatrical exclusivity in 2022 (CNBC)

IN THE NEWS TODAY

Democrats unveiled their $3.5 trillion budget proposal on Monday, calling for significant spending increases for social programs and climate policy. The plan comes as the Senate is trying to push through a $1 trillion infrastructure bill on Tuesday. (CNBC)

* Democrats leave debt ceiling out of budget, Congress faces showdown (CNBC)

* Crypto compromise amendment blocked in Senate infrastructure vote (CNBC)

Amazon cloud executive Charlie Bell is leaving the company, which he joined in 1998. Bell's departure is the latest in a series of high-level turnover at Amazon Web Services. The company also switched CEOs earlier this year, with Andy Jassy taking the reins as founder Jeff Bezos stepped back. (CNBC)

* Amazon gives consumers easier way to file complaints for faulty goods from third-party sellers (CNBC)

Softbank's SB Northstar trading unit sold shares in major U.S. tech companies, including Facebook, Alphabet and Netflix, according to financial reports released on Tuesday. (CNBC)

Tropical storm warnings and watches were issued for many Caribbean islands, including Puerto Rico and the U.S. Virgin Islands. (AP)

STOCKS TO WATCH

Casper Sleep (CSPR) – The sleep products company reported record quarterly revenue that came in above Street forecasts, though it still reported a quarterly loss. Casper Sleep said it saw strong growth in both retail and direct-to-consumer sales channels, but noted that it is also dealing with higher input costs and supply chain difficulties. Shares initially rallied in the premarket, but subsequently tumbled 6.1%.

Kansas City Southern (KSU) – Canadian Pacific Railway (CP) raised its cash-and-stock offer for Kansas City Southern to about $300 per share. Canadian Pacific had struck a deal to buy its rival rail operator for $275 per share, but Kansas City Southern subsequently agreed to a higher offer from Canadian National Railway (CNI). Kansas City Southern surged 7.2% in the premarket, while Canadian Pacific lost 1.7% and Canadian National rose 1.9%.

Aramark (ARMK) – The foodservice company reported a quarterly profit of 3 cents per share, beating the penny a share consensus estimate. Revenue came in slightly below forecasts. Aramark said it benefited from rebounding sales volume as well as effective cost management. Aramark shares added 1.3% in the premarket.

Planet Fitness (PLNT) – Planet Fitness missed estimates by 2 cents a share, with quarterly earnings of 21 cents per share. Revenue topped estimates as gyms reopened and membership numbers increased for the fitness center operator. Shares fell 3.2% in the premarket.