Market Overview

US Stock Futures Flat; Apple Shares Drop In Pre-Market Trading

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Pre-open movers

US stock futures were mostly flat in early pre-market trade, ahead of wholesale trade data. Data on wholesale trade for July will be released at 10:00 a.m. ET. Shares of Apple (NASDAQ: AAPL) fell 2.61% in pre-market trading as the company unveiled two new iPhones yesterday. Futures for the Dow Jones Industrial Average gained 4 points to 15,177.00, while the Standard & Poor's 500 index futures fell 0.40 points to 1,682.00. Futures for the Nasdaq 100 index dropped 6.75 points to 3,176.00.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index surging 0.67%, London's FTSE 100 index dropping 0.07% and STOXX Europe 600 Index climbing 0.31%. German DAX 30 index rose 0.51% and French CAC 40 Index gained 0.07%. UK unemployment rate dropped to 7.7% between May and July, versus 7.8% in the period from February to April.

Asian markets ended mostly higher today. China's Shanghai Composite rose 0.15%, while Japan's Nikkei Stock Average gained 0.01%. Australia's ASX/S&P500 gained 0.61% and Hong Kong's Hang Seng Index dropped 0.17% and India's Sensex rose 0.36 points.

Broker Recommendation

Analysts at Bank of America downgraded Apple (NASDAQ: AAPL) from “buy” to “neutral.” The target price for Apple is set to $520.

Apple's shares closed at $494.64 yesterday.

Breaking news

  • Merck (NYSE: MRK), known as MSD outside the United States and Canada, and AstraZeneca (NYSE: AZN) today announced a worldwide licensing agreement for Merck's oral small molecule inhibitor of WEE1 kinase (MK-1775). To read the full news, click here.
  • Pluristem Therapeutics (NASDAQ: PSTI) announced today that the company has completed a major step in its intellectual property strategy: the United States Patent and Trademark Office has granted the Company U.S. Patent 8,529,888. To read the full news, click here.
  • Bristow Group (NYSE: BRS) announced today that it has secured several new multi-year oil and gas contracts for the provision of a total of 12 large and three medium helicopters that are expected to generate up to $850 million in revenue. To read the full news, click here.
  • The Western Union Company (NYSE: WU) today significantly expanded into China's banking channel, paving the way for international direct-to-bank remittances into China from 23 countries while also expanding its international Account-Based Money Transfer service. To read the full news, click here.

Posted-In: Bank of America US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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