A Peek Into The Markets: U.S. Stock Futures Drop Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on initial jobless claims for the latest week, import prices for May, the Philadelphia Fed general conditions index for June and the Empire State manufacturing index for June will be released at 8:30 a.m. ET. Data on industrial production for May will be released at 9:15 a.m. ET, while the housing market index for June is schedule for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dipped 84 points to 21,243.00, while the Standard & Poor’s 500 index futures fell 14.75 points to 2,420.50. Futures for the Nasdaq 100 index declined 57 points to 5,674.50.

Oil prices traded lower as Brent crude futures fell 0.17 percent to trade at $46.92 per barrel, while US WTI crude futures declined 0.38 percent to trade at $44.56 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 1.36 percent, STOXX Europe 600 Index declining 0.68 percent and German DAX 30 index dropping 0.94 percent. The UK's FTSE index was trading lower by 1.15 percent, while French CAC 40 Index fell 1.13 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.26 percent, Hong Kong’s Hang Seng Index declined 1.20 percent, China’s Shanghai Composite Index rose 0.06 percent and India’s BSE Sensex fell 0.16 percent.

Broker Recommendation

Analysts at Canaccord Genuity downgraded Alphabet Inc GOOGL from Buy to Hold.

Alphabet shares fell 1.74 percent to $951.11 in pre-market trading.

Breaking news

• Bob Evans Farms Inc BOBE posted better-than-expected earnings for its fourth quarter on Thursday.



• Jabil Inc JBL reported stronger-than-expected earnings for its third quarter on Wednesday.



• Shares of General Mills, Inc. GIS spiked sharply higher Wednesday, as traders circulated unconfirmed market chatter of a potential bid from Nestle SA (ADR) NSRGY. General Mills was the subject of takeover rumors earlier this year, with Mondelez International Inc MDLZ mentioned as a potential buyer.



• Michaels Companies Inc MIK reported a $500 million buyback plan.