A Peek Into The Markets: U.S. Stock Futures Down Ahead Of Macy's Earnings

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Macy's Inc M is expected to report quarterly earnings at $0.35 per share on revenue of $5.47 billion before the opening bell. Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while the Producer Price Index for April is schedule for release at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average tumbled 16 points to 20,877.00, while the Standard & Poor’s 500 index futures declined 3.25 points to 2,392.00. Futures for the Nasdaq 100 index slipped 10.50 points to 5,665.00.

Oil prices traded higher as Brent crude futures rose 1.31 percent to trade at $50.88 per barrel, while US WTI crude futures gained 1.33 percent to trade at $47.96 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 mostly higher today, with the Spanish Ibex Index falling 1.20 percent, STOXX Europe 600 Index declining 0.20 percent and German DAX 30 index gaining 0.05 percent. The UK's FTSE index was trading higher by 0.06 percent, while French CAC 40 Index rose 0.03 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.31 percent, Hong Kong’s Hang Seng Index rose 0.44 percent, China’s Shanghai Composite Index surged 0.29 percent and India’s BSE Sensex rose 0.01 percent.

Broker Recommendation

Analysts at Rosenblatt upgraded Twenty-First Century Fox Inc FOXA from Neutral to Buy.

Twenty-First Century Fox shares fell 1.17 percent to close at $27.90 on Wednesday.

Breaking news

• Kohl's Corporation KSS reported better-than-expected earnings for its first quarter, but sales missed views.



• Verizon Communications Inc. VZ announced plans to acquire Straight Path Communications Inc STRP for $184 per share in an all-stock deal.



• Teva Pharmaceutical Industries Ltd (ADR) TEVA reported stronger-than-expected earnings for its first quarter.



• Whole Foods Market, Inc. WFM reported in-line earnings for its second quarter and appointed Keith Manbeck as CFO. The company also reported a new stock buyback plan and lifted its quarterly dividend by 29 percent.