A Peek Into The Markets: US Stock Futures Up Ahead Of American Express Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from American Express Company AXP and ManpowerGroup Inc. MAN. The University of Michigan's consumer sentiment index for July is schedule for release at 10:00 a.m. ET. St. Louis Federal Reserve Bank President James Bullard is set to speak in New York at 11:05 a.m. ET, while Boston Federal Reserve Bank President Eric Rosengren will speak in New York City, New York at 4:30 p.m. ET.

Futures for the Dow Jones Industrial Average gained 39 points to 27,240, while the Standard & Poor’s 500 index futures rose 1.15 points to 2,998.75. Futures for the Nasdaq 100 index gained 10.25 points to 7,943.75.

Oil prices traded higher as Brent crude futures rose 1.6% to trade at $62.92 per barrel, while US WTI crude futures rose 1.3% to trade at $56.03 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.7%, STOXX Europe 600 Index dropping 0.1% and German DAX 30 index gaining 0.1%. The UK's FTSE index was trading lower by 0.2%, while French CAC 40 Index fell 0.1%.

In Asian markets, Japan’s Nikkei Stock Average rose 2%, Hong Kong’s Hang Seng Index rose 1.07%, China’s Shanghai Composite Index rose 0.79% and India’s BSE Sensex fell 1.44%.

Broker Recommendation

Analysts at Jefferies downgraded Alcoa Corporation AA from Buy to Hold and lowered the price target from $29 to $23.

Alcoa shares rose 1.1 percent to close at $23.41 on Thursday.

Breaking News

• Schlumberger Limited SLB reported in-line earnings for its second quarter, while sales exceeded views.
• Microsoft Corporation MSFT reported stronger-than-expected results for its fourth quarter on Thursday.
• Cleveland-Cliffs Inc. CLF reported better-than-expected results for its second quarter.
• Skechers USA Inc SKX reported better-than-expected earnings for its second quarter and issued strong third-quarter guidance.