A Peek Into The Markets: U.S. Stock Futures Slide Ahead Of Fed Minutes

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on international trade for May will be released at 8:30 a.m. ET, while the Markit Services PMI for June will be released at 9:45 a.m. ET. The ISM non-manufacturing index for June is scheduled for release at 10:00 a.m. ET. New York Federal Reserve Bank President William Dudley is set to speak at 8:00 a.m. ET, while Federal Reserve Gov. Daniel Tarullo is set to speak at 9:00 a.m. ET. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 104 points to 17,653.00, while the Standard & Poor’s 500 index futures fell 13.25 points to 2,068.75. Futures for the Nasdaq 100 index declined 33.50 points to 4,369.00.

Oil prices traded lower as Brent crude futures declined 1.38 percent to trade at $47.24 per barrel, while US WTI crude futures also fell 1.16 percent to trade at $45.96 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 2.20 percent, STOXX Europe 600 Index falling 1.71 percent and German DAX 30 index dropping 2.30 percent. The UK's FTSE index was trading lower by 1.02 percent, while French CAC 40 Index slipped 2.35 percent. German manufacturing orders were unchanged in May versus the prior month.

In Asian markets, Japan’s Nikkei Stock Average fell 1.85 percent, Hong Kong’s Hang Seng Index declined 1.23 percent and China’s Shanghai Composite Index rose 0.36 percent. The Nikkei Hong Kong PMI declined to 45.4 in June, versus 47.2 in May.

Broker Recommendation

Analysts at Credit Suisse downgraded United Continental Holdings Inc UAL from Outperform to Neutral, while lowering the price target from $64.00 to $42.00.

United Continental shares fell 2.61 percent to close at $40.29 on Tuesday.

Breaking news

• Walgreens Boots Alliance Inc WBA reported better-than-expected earnings for its third quarter, but the company missed analysts’ sales estimates. The company also raised lower end of its FY16 earnings outlook.



• First Internet Bankcorp INBK improved its mobile app to add smartwatch capabilities. As a result, customers with an Apple Watch or Android Wear device would be able to securely, as well as conveniently access account information with the help of their smartwatch. To read the full news, click here.



• Greenbrier Companies Inc GBX reported stronger-than-expected results for its third quarter and raised its quarterly dividend by 5 percent to $0.21 per share.



• Luminex Corporation LMNX received FDA approval, as well as CE-IVD marking for a fresh in vitro diagnostic system, the ARIES M1 System. According to the company, it was meant for lower throughput clinical labs. To read the full news, click here.