A Peek Into The Markets: US Stock Futures Tumble Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on durable goods orders for May, U.S. international trade in goods for May and wholesale inventories for May will be released at 8:30 a.m. ET. The pending home sales index for May is schedule for release at 10:00 a.m. ET. Federal Reserve Vice Chairman Randal Quarles is set to speak in Sun Valley, Idaho at 11:00 a.m. ET, while Boston Federal Reserve Bank President Eric Rosengren will speak in Boston at 12:15 p.m. ET.

Futures for the Dow Jones Industrial Average tumbled 126 points to 24,177.00, while the Standard & Poor’s 500 index futures traded fell 11 points to 2,717.50. Futures for the Nasdaq 100 index declined 53.25 points to 7,049.75.

Oil prices traded higher as Brent crude futures rose 0.69 percent to trade at $76.84 per barrel, while US WTI crude futures rose 0.82 percent to trade at $71.11 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index falling 0.34 percent, STOXX Europe 600 Index gaining 0.03 percent and German DAX 30 index gaining 0.22 percent. The UK's FTSE index was trading higher by 0.13 percent, while French CAC 40 Index rose 0.18 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.31 percent, Hong Kong’s Hang Seng Index dropped 1.82 percent, China’s Shanghai Composite Index fell 1.29 percent and India’s BSE Sensex fell 0.77 percent.

Broker Recommendation

Analysts at BTIG Research upgraded YUM! Brands, Inc. YUM from Neutral to Buy.

YUM! Brands shares rose 0.30 percent to $80.25 in pre-market trading.

Breaking news

• Conagra Brands CAG announced plans to buy Pinnacle Foods PF for $68 per share.



 
• Aquinox Pharmaceuticals, Inc. AQXP shares dropped over 23 percent in pre-market trading following news that AQX-1125 trial failed to meet primary endpoint.



 
• World Wrestling Entertainment, Inc. WWE disclosed that it has secured a multi-year media rights deal with USA Network and Fox Sports, confirming speculation in recent months. WWE also said it sees FY2019 adj. OIBDA of at least $200 million.



 
• Star Bulk Carriers Corp. SBLK reported a secondary public offering of 5 million common shares.