Market Overview

US Stock Futures Rise Ahead Of Earnings, Consumer Confidence Data

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US Stock Futures Rise Ahead Of Earnings, Consumer Confidence Data
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Pre-open movers

US stock futures gained in early pre-market trade, ahead of economic data. The FOMC will begin its two-day policy meeting today. The S&P/Case-Shiller home price index for May will be released at 9:00 a.m. ET, while the Conference Board's consumer confidence index for July will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average surged 37 points to 16,953.00, while the Standard & Poor's 500 index futures rose 3.30 points to 1,976.20. Futures for the Nasdaq 100 index gained 7.75 points to 3,967.75.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index rising 0.32%, STOXX Europe 600 Index surging 0.06%. German DAX 30 index rose 0.14%, French CAC 40 Index gained 0.07% and London's FTSE 100 Index gained 0.23%.

In Asian markets, Japan's Nikkei Stock Average rose 0.57%, Hong Kong's Hang Seng Index surged 0.87% and China's Shanghai Composite Index gained 0.24%. Japan's unemployment rate increased to 3.7% in June, while retail sales slipped 0.6% y/y in June.

Broker Recommendation

Analysts at BMO Capital downgraded Dollar Tree (NASDAQ: DLTR) from Outperform to Market Perform. The target price for Dollar Tree has been lowered from $69 to $59.
Dollar Tree's shares gained 1.20% to close at $54.87 yesterday.

Breaking news

  • Aetna (NYSE: AET) reported a rise in its second-quarter profit and raised its earnings outlook for the full year. To read the full news, click here.
  • Merck & Co (NYSE: MRK) reported better-than-expected second-quarter profit. The company posted a quarterly profit of $2 billion, or $0.68 per share, compared to $906 million, or $0.30 per share, in the year-ago period. Excluding non-recurring items, it earned $0.85 per share. To read the full news, click here.
  • Spirit Airlines (NASDAQ: SAVE) reported a 54% gain its second-quarter profit. The Miramar, Florida-based company posted quarterly net income of $64.8 million, or $0.88 per share, up from $42.1 million, or $0.58 per share, in the year-ago period. Its adjusted earnings surged 45.2% to $66.5 million, or $0.91 per share. To read the full news, click here.
  • Windstream (NASDAQ: WIN) today announced plans to spin off certain telecommunications network assets into an independent, publicly traded real estate investment trust (REIT). To read the full news, click here.

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

 

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