Market Overview

US Stock Futures Tumble Ahead Of Morgan Stanley Earnings

US Stock Futures Tumble Ahead Of Morgan Stanley Earnings
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Pre-open movers

US stock futures traded lower in early pre-market trade, ahead of earnings from Morgan Stanley (NYSE: MS). Data on weekly jobless claims and housing starts for June will be released at 8:30 a.m. ET. The general conditions index of the Philadelphia Fed's Survey will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 71 points to 16,986.00, while the Standard & Poor's 500 index futures fell 12.60 points to 1,962.20. Futures for the Nasdaq 100 index dropped 26 points to 3,896.50.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.21%, STOXX Europe 600 Index dropping 0.90%. German DAX 30 index declined 0.98%, French CAC 40 Index tumbled 1.06% and London's FTSE 100 Index dropped 0.73%.

In Asian markets, Japan's Nikkei Stock Average fell 0.06%, Hong Kong's Hang Seng Index declined 0.01%, China's Shanghai Composite Index dropped 0.57% and India's BSE Sensex gained 0.04%.

Broker Recommendation

Analysts at Janney Capital upgraded Time Warner (NYSE: TWX) from Neutral to Buy. The target price for Time Warner has been raised from $71.90 to $100.

Time Warner's shares closed at $83.13 yesterday.

Breaking news

  • Philip Morris International (NYSE: PM) reported better-than-expected second-quarter results. To read the full news, click here.
  • SAP SE (NYSE: SAP) reported a 23% drop in its second-quarter profit and lifted its full-year revenue forecast for cloud applications. To read the full news, click here.
  • Salix Pharmaceuticals (NASDAQ: SLXP) and Pharming Group NV (OTC: PHGUF) today announced that the Food and Drug Administration has approved RUCONEST (C1 Esterase Inhibitor [Recombinant]) 50 IU/kg for the treatment of acute angioedema attacks in adult and adolescent patients with hereditary angioedema (HAE). To read the full news, click here.
  • Shares of UnitedHealth Group (NYSE: UNH) surged around 3.7% in pre-market trading after the company reported upbeat second-quarter earnings and raised its revenue forecast. To read the full news, click here.

Posted-In: Janney Capital US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets


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UPDATE: Philip Morris Posts Upbeat Q2 Results