A Peek Into The Markets: U.S. Stock Futures Slide Ahead Of Consumer Price Report

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Consumer Price Index for August is schedule for release at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for September will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 72 points to 18,044.00, while the Standard & Poor’s 500 index futures declined 9.50 points to 2,128.50. Futures for the Nasdaq 100 index fell 15 points to 4,798.50.

Oil prices traded lower as Brent crude futures declined 1.70 percent to trade at $45.80 per barrel, while US WTI crude futures also fell 1.53 percent to trade at $43.84 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.91 percent, STOXX Europe 600 Index declining 0.67 percent and German DAX 30 index dropping 1.19 percent. The UK's FTSE index was trading lower by 0.39 percent, while French CAC 40 Index fell 1.06 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.70 percent, Hong Kong’s Hang Seng Index rose 0.63 percent, China’s Shanghai Composite Index declined 0.68 percent and India’s BSE Sensex rose 0.66 percent.

Broker Recommendation

Analysts at Goldman Sachs downgraded Citigroup Inc C from Buy to Neutral and lowered the price target from $52.00 to $50.00.

Citigroup shares fell 1.34 percent to $46.45 in pre-market trading.

Breaking news

• Oracle Corporation ORCL reported weaker-than-expected results for its first quarter and issued a downbeat profit forecast for the current quarter. To read the full news, click here.



• Dr.Reddy's Laboratories Ltd (ADR) RDY reported the expansion of strategic collaboration with Amgen in India.



• Apollo Investment Corp. AINV disclosed that it has expanded its stock repurchase program from $100 million to $150 million.



• Shares of Novavax, Inc. NVAX tumbled around 80 percent in pre-market trading, after reporting disappointing results from two Phase 3 vaccine trials that had previously done well in the Phase 2 trial. According to the company, data from the Resolve Phase 3 trial for its vaccine for a potentially deadly respiratory virus didn't meet the efficacy objectives it had set. To read the full news, click here.