A Peek Into The Markets: U.S. Stock Futures Down Ahead Of Producer Price, Treasury Budget Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Producer Price Index for August will be released at 8:30 a.m. ET. The U.S. Treasury budget report for August will be released at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 17 points to 22,073.00, while the Standard & Poor’s 500 index futures fell 3.25 points to 2,491.00. Futures for the Nasdaq 100 index declined 12.25 points to 5,992.25.

Oil prices traded higher as Brent crude futures rose 0.55 percent to trade at $54.57 per barrel, while US WTI crude futures gained 0.85 percent to trade at $48.64 a barrel. The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.10 percent, STOXX Europe 600 Index falling 0.26 percent and German DAX 30 index gaining 0.02 percent. The UK's FTSE index was trading lower by 0.15 percent, while French CAC 40 Index gained 0.01 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.45 percent, Hong Kong’s Hang Seng Index dropped 0.28 percent, China’s Shanghai Composite Index rose 0.14 percent and India’s BSE Sensex rose 0.09 percent.

Broker Recommendation

Analysts at Goldman Sachs upgraded Micron Technology, Inc. MU from Neutral to Buy and raised the price target from $33.00 to $40.00.

Micron shares rose 1.34 percent to $34.75 in pre-market trading.

Breaking news

• Apple Inc. AAPL CEO Tim Cook took the wraps off the company’s newest flagship phone, the iPhone X, marking the 10th anniversary of the iconic, game-changing device, which now features "super retina display" facial recognition to unlock the phone. Apple also unveiled a host of features for the new iPhone 8 and iPhone 8 Plus. The company also announced updates to both its watch and TV products at Tuesday’s conference.



• Clovis Oncology Inc CLVS disclosed that its rucaparib ARIEL3 study met primary and secondary endpoints.



• Inventure Foods Inc SNAK reported the sale of its frozen division for $50 million



• Centene Corp CNC reported the acquisition of substantially all assets of Fidelis Care for $3.75 billion.