Market Overview

US Stock Futures Jump; China Lowers Interest Rates

US Stock Futures Jump; China Lowers Interest Rates

Pre-open movers

US stock futures traded higher in early pre-market trade. China's Shanghai Composite Index again tumbled 7.63 percent today. China's central bank cut its benchmark lending and deposit rates by 0.25 percentage point. The FHFA house price index for June and the S&P/Case-Shiller home price index for June will be released at 9:00 a.m. ET. Data on new home sales for July, the Conference Board's Consumer confidence index for August and the Richmond Fed manufacturing index for August will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average jumped 518 points to 16,227.0, while the Standard & Poor's 500 index futures rose 62.20 points to 1,933.45. Futures for the Nasdaq 100 index surged 159.05 points to 4,162.30.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 3.55 percent, STOXX Europe 600 Index surging 4.42 percent and German DAX 30 index surging 4.41 percent. French CAC 40 Index jumped 4.60 percent and London's FTSE 100 Index climbed 2.30 percent.

In Asian markets, Japan's Nikkei Stock Average fell 3.96 percent, Hong Kong's Hang Seng Index rose 0.72 percent, China's Shanghai Composite Index dipped 7.63 percent and India's BSE Sensex climbed 1.13 percent.

Broker Recommendation
Analysts at Bernstein upgraded Bank of America Corp (NYSE: BAC) from undefined to Outperform and maintained the price target of $19.00.

Bank of America shares gained 4.91 percent to $16.04 in pre-market trading.

Breaking news

  • Toll Brothers Inc (NYSE: TOL) reported lower earnings for its fiscal third quarter on Tuesday. To read the full news, click here.
  • Encana Corporation (USA) (NYSE: ECA) announced today that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has reached an agreement to sell its Haynesville natural gas assets, located in northern Louisiana, to GEP Haynesville, LLC (GeoSouthern), a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP.Total cash consideration to Encana under the transaction is US$850 million. To read the full news, click here.
  • Authentidate Holding Corp. (NASDAQ: ADAT) and Peachstate Health Management, LLC d/b/a AEON Clinical Laboratories, an expanding clinical laboratory based in Gainesville, GA, today announced that the companies have entered into a non-binding letter of intent for the acquisition of all of the outstanding membership interests of AEON in exchange for shares of a newly created class of Series E Preferred Stock of Authentidate. To read the full news, click here.
  • Shares of Best Buy Co Inc (NYSE: BBY) jumped more than 11 percent in pre-market trading after the company reported stronger-than-expected results for its fiscal second quarter. To read the full news, click here.

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


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