Market Overview

A Peek Into The Markets: U.S. Stock Futures Drop Ahead Of Fed Speakers

A Peek Into The Markets: U.S. Stock Futures Drop Ahead Of Fed Speakers
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Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Federal Reserve Governor Lael Brainard is to speak in New York City at 7:30 a.m. ET. Data on factory orders for July will be released at 10:00 a.m. ET. Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Minneapolis at 1:10 p.m. ET, while Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas at 7:00 p.m. ET.

Futures for the Dow Jones Industrial Average tumbled 64 points to 21,916.00, while the Standard & Poor’s 500 index futures fell 6.50 points to 2,467.75. Futures for the Nasdaq 100 index declined 8.75 points to 5,978.75.

Oil prices traded higher as Brent crude futures rose 0.65 percent to trade at $52.68 per barrel, while US WTI crude futures gained 1.35 percent to trade at $47.93 a barrel.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index falling 0.20 percent, STOXX Europe 600 Index surging 0.11 percent and German DAX 30 index gaining 0.51 percent. The UK's FTSE index was trading lower by 0.06 percent, while French CAC 40 Index rose 0.02 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.63 percent, Hong Kong’s Hang Seng Index gained 0.08 percent, China’s Shanghai Composite Index rose 0.14 percent and India’s BSE Sensex climbed 0.34 percent.

Broker Recommendation

Analysts at Citigroup upgraded Skyworks Solutions Inc (NASDAQ: SWKS) from Sell to Buy.

Skyworks Solutions shares rose 1 percent to $106.63 in pre-market trading.

Breaking news

  • United Technologies Corporation (NYSE: UTX) announced plans to buy Rockwell Collins, Inc. (NYSE: COL) for $30 billion, or $140 per share in cash and stock.
  • Teleflex Incorporated (NYSE: TFX) announced plans to acquire NeoTract for $725 million in cash and up to an additional $375 million based on milestones.
  • Summit Therapeutics PLC (ADR) (NASDAQ: SMMT) disclosed 'positive' top-line data from an exploratory Phase 2 clinical trial for ridinilazole.
  • Cenovus Energy Inc (USA) (NYSE: CVE) agreed to sell Pelican Lake assets for C$975 million in gross proceeds.

Posted-In: A Peek Into The Markets CitigroupNews Eurozone Futures Global Pre-Market Outlook Markets


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