Market Overview

US Stock Futures Down; Alcoa Earnings In Focus

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Pre-open movers

US stock futures traded lower in early pre-market trade, ahead of consumer credit data. Data on consumer credit for May will be released at 3:00 p.m. ET. Alcoa (NYSE: AA) is expected to post its Q2 earnings after the closing bell. Futures for the Dow Jones Industrial Average dropped 15 points to 16,931.00, while the Standard & Poor's 500 index futures fell 2 points to 1,969.00. Futures for the Nasdaq 100 index declined 1.50 points to 3,902.75.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.72%, STOXX Europe 600 Index declining 0.56%. German DAX 30 index fell 0.48%, French CAC 40 Index declined 0.45% and London's FTSE 100 Index dropped 0.47%. French trade deficit widened to 4.9 billion euro ($6.62 billion) in May from EUR4.1 billion in April. German exports declined 1.1% in May, while imports dropped 3.4%.

In Asian markets, Japan's Nikkei Stock Average fell 0.42%, Hong Kong's Hang Seng Index rose 0.01%, China's Shanghai Composite Index surged 0.20% and India's BSE Sensex tumbled 1.98%. Japan reported a current account surplus of Y522.8 billion in May.

Broker Recommendation

Analysts at Piper Jaffray upgraded Guess? (NYSE: GES) from “neutral” to “overweight.” The target price for Guess? has been raised from $25 to $32.

Guess' shares closed at $27.39 yesterday.

Breaking news

  • Universal Stainless & Alloy Products (NASDAQ: USAP) announced today that Christopher M. Zimmer has been named Executive Vice President and Chief Commercial Officer of the Company. To read the full news, click here.
  • KLA-Tencor (NASDAQ: KLAC) today announced that its Board of Directors has authorized significant increases to the company's program to return cash to stockholders. To read the full news, click here.
  • Synergy Pharmaceuticals (NASDAQ: SGYP) today announced that it has successfully completed an End-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) on its lead drug plecanatide for the treatment of irritable bowel syndrome with constipation (IBS-C). To read the full news, click here.
  • Tesla Motors (NASDAQ: TSLA) is being sued in China for trademark infringement by Chinese businessman Zhan Baosheng, reports Reuters. To read the full news, click here.

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

 

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