A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Earnings

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade, ahead of earnings from several companies. Richmond Federal Reserve Bank President Tom Barkin is set to speak in Roanoke, Virginia at 8:45 a.m. ET.

Futures for the Dow Jones Industrial Average rose 9 points to 25,609.00, while the Standard & Poor’s 500 index futures traded rose 1 point to 2,860.75. Futures for the Nasdaq 100 index climbed 0.25 points to 7,478.75.

Oil prices traded lower as Brent crude futures fell 0.48 percent to trade at $74.29 per barrel, while US WTI crude futures fell 0.61 percent to trade at $68.75 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 mostly higher today, with the Spanish Ibex Index falling 0.10 percent, STOXX Europe 600 Index climbing 0.01 percent and German DAX 30 index rising 0.22 percent. The UK's FTSE index was trading higher by 0.88 percent, while French CAC 40 Index rose 0.09 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.08 percent, Hong Kong’s Hang Seng Index rose 0.39 percent, China’s Shanghai Composite Index dropped 1.27 percent and India’s BSE Sensex climbed 0.59 percent.

Broker Recommendation

Analysts at Raymond James downgraded Mallinckrodt PLC MNK from Outperform to Market Perform.

Mallinckrodt shares fell 2.45 percent to $28.72 in pre-market trading.

Breaking News

• CVS Health Corp CVS reported upbeat earnings for its second quarter and raised its FY18 earnings guidance.
• Michael Kors Holdings Ltd KORS reported better-than-expected earnings for its first quarter and raised its full year adjusted earnings outlook.
• Papa John’s Int’l, Inc. PZZA reported weaker-than-expected results for its second quarter. The company also lowered FY18 sales and EPS guidance.
• Fossil Group Inc FOSL reported stronger-than-expected results for its second quarter on Tuesday.