Market Overview

US Stock Futures Edge Lower Ahead Of ADP Report

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Pre-open movers

US stock futures traded slightly lower in early pre-market trade, ahead of economic data. The ADP national employment report for May will be released at 8:15 a.m. ET, while data on international trade for April and nonfarm business productivity for the first quarter will be released at 8:30 a.m. ET. The Markit PMI services index will be released at 9:45 a.m. ET, while the ISM non-manufacturing index for May will be released at 10:00 a.m. ET. The Federal Reserve will release its latest Beige Book report at 2:00 p.m. ET. Futures for the Dow Jones Industrial Average tumbled 7 points to 16,706.00, while the Standard & Poor's 500 index futures fell 2.10 points to 1,920.00. Futures for the Nasdaq 100 index declined 4.50 points to 3,726.25.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.66%, STOXX Europe 600 Index declining 0.19%. German DAX 30 index fell 0.22%, French CAC 40 Index dropped 0.10% and London's FTSE 100 Index declined 0.31%. The euro-zone final services PMI came in at 53.2 in May versus the flash estimate of 53.5, while the composite PMI declined to 53.5 in May versus 54 in April. Spain's services PMI dropped to 55.7 in May versus 56.5 in April.

In Asian markets, Japan's Nikkei Stock Average jumped 0.22%, Hong Kong's Hang Seng Index fell 0.60%, China's Shanghai Composite Index dropped 0.66% and India's BSE Sensex tumbled 0.21%.

Broker Recommendation

Analysts at Citigroup upgraded Under Armour (NYSE: UA) from “hold” to “buy.” The target price for Under Armour has been raised from $50 to $65.

Under Armour's shares closed at $51.10 yesterday.

Breaking news

  • The Greenbrier Companies (NYSE: GBX) and Watco Companies, LLC today announced a new company that will create a world-class network of railcar repair shops. To read the full news, click here.
  • Akers Biosciences (NASDAQ: AKER) announces that the Company has entered into a sales and distribution agreement for the US, that can be renewed after one year by mutual consent, with Typenex Medical LLC of Chicago, Illinois for the Company's PIFA Heparin/PF4 and PIFA PLUSS PF4 rapid tests. To read the full news, click here.
  • Leidos Holdings (NASDAQ: LDOS) reported a 52% drop in its fiscal first-quarter earnings. Leidos posted its quarterly earnings of $37 million, or $0.47 per share, versus $77 million, or $0.92 per share, in the year-earlier period. To read the full news, click here.
  • The Boards of Directors of National Penn Bancshares (NASDAQ: NPBC) and TF Financial Corporation (NASDAQ: THRD) announced today that the companies have entered into a definitive merger agreement whereby National Penn will acquire TF Financial. To read the full news, click here.

Posted-In: Citigroup US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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