Market Overview

A Peek Into The Markets: US Stock Futures Flat Ahead Of Economic Data

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A Peek Into The Markets: US Stock Futures Flat Ahead Of Economic Data
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Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade. The Challenger job-cut report for May is schedule for release at 7:30 a.m. ET. Data on initial jobless claims for the latest week and consumer spending for April will be released at 8:30 a.m. ET. The Chicago PMI for May is schedule for release at 9:45 a.m. ET, while the pending home sales index for April will be released at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:30 p.m. ET, while Fed Governor Lael Brainard will speak at 1:00 p.m. ET. Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 8:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 12 points to 24,657.00, while the Standard & Poor’s 500 index futures fell 0.50 points to 2,724.00. Futures for the Nasdaq 100 index gained 3 points to 6,990.25.

Oil prices traded lower as Brent crude futures fell 0.31 percent to trade at $77.26 per barrel, while US WTI crude futures dropped 0.79 percent to trade at $67.67 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories will be released at 11:00 a.m. ET.

 

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.40 percent, STOXX Europe 600 Index gaining 0.10 percent and German DAX 30 index falling 0.48 percent. The UK's FTSE index was trading higher by 0.33 percent, while French CAC 40 Index rose 0.12 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.83 percent, Hong Kong’s Hang Seng Index climbed 1.37 percent, China’s Shanghai Composite Index jumped 1.78 percent and India’s BSE Sensex climbed 1.19 percent.

Broker Recommendation

Analysts at Canaccord Genuity upgraded Biogen Inc. (NASDAQ: BIIB) from Hold to Buy.

Biogen shares rose 2.55 percent to close at $294.40 on Tuesday.

Breaking news

  • Dollar General Corporation (NYSE: DG) reported weaker-than-expected results for its first quarter.
  • Express, Inc. (NYSE: EXPR) reported better-than-expected results for its first quarter.
  • Burlington Stores, Inc. (NYSE: BURL) reported upbeat results for its first quarter and raised its FY18 outlook.
  • Dollar Tree, Inc. (NASDAQ: DLTR) reported weaker-than-expected earnings for its first quarter and lowered its FY2018 earnings guidance.

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

 

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