A Peek Into The Markets: U.S. Stock Futures Mostly Flat; Ford Earnings Miss Views
U.S. stock futures traded mostly flat in early pre-market trade, following downbeat earnings from Ford Motor Company (NYSE: F). Amazon.com, Inc. (NASDAQ: AMZN) and Alphabet Inc (NASDAQ: GOOGL) will release quarterly earnings after the closing bell. A report on U.S. international trade in goods for June and initial jobless claims data for the latest week will be released at 8:30 a.m. ET. The Kansas City Fed composite manufacturing index for July will be released at 11:00 a.m. ET.
Futures for the Dow Jones Industrial Average declined 3 points to 18,388.00, while the Standard & Poor’s 500 index futures rose 0.25 points to 2,160.25. Futures for the Nasdaq 100 index slipped 0.50 points to 4,707.25.
Oil prices traded mixed as Brent crude futures fell 0.46 percent to trade at $43.23 per barrel, while US WTI crude futures also rose 0.05 percent to trade at $41.90 a barrel. The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 1.82 percent, STOXX Europe 600 Index declining 0.47 percent and German DAX 30 index dropping 0.09 percent. The UK's FTSE index was trading lower by 0.21 percent, while French CAC 40 Index slipped 0.23 percent. Unemployment in Germany fell by 7,000 in July.
In Asian markets, Japan’s Nikkei Stock Average fell 1.13 percent, Hong Kong’s Hang Seng Index dropped 0.20 percent, China’s Shanghai Composite Index rose 0.08 percent and India’s BSE Sensex rose 0.66 percent.
Analysts at Bank of America downgraded United States Steel Corporation (NYSE: X) from Neutral to Underperform.
United States Steel shares fell 1.92 percent to $25.00 in pre-market trading.
- Ford Motor Company (NYSE: F) reported weaker-than-expected earnings for the second quarter. However, its revenue fell shy of the analysts’ expectations. To read the full news, click here.
- Boston Scientific Corporation (NYSE: BSX) released its financial results for the second quarter. While adjusted earnings were in line with the Street estimates, revenue exceeded both its own guidance and the analysts' predictions driven by its deep portfolio. To read the full news, click here.
- Facebook Inc (NASDAQ: FB) reported stronger-than-expected results for its second quarter on Wednesday. Daily active users (DAUs) rose 17 percent year-over-year to 1.13 billion, while monthly active users (MAUs) surpassed 1.7 billion, up from 1.65 billion last quarter. To read the full news, click here.
- Groupon Inc (NASDAQ: GRPN) reported a narrower-than-expected quarterly loss and lifted its revenue forecast for 2016.
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