A Peek Into The Markets: US Stock Futures Down, Caterpillar Earnings In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, ahead of earnings report from Caterpillar Inc. CAT. The Chicago Fed National Activity Index for December is schedule for release at 8:30 a.m. ET, while the Dallas Fed manufacturing index for January will be released at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average dipped 97 points to 24,599.00, while the Standard & Poor’s 500 index futures fell 11.25 points to 2,652.25. Futures for the Nasdaq 100 index declined 36 points to 6,755.75.

Oil prices traded lower as Brent crude futures fell 1.6 percent to trade at $60.67 per barrel, while US WTI crude futures fell 1.7 percent to trade at $52.79 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.76 percent, STOXX Europe 600 Index dropping 0.44 percent and German DAX 30 index dropped 0.27 percent. The UK's FTSE index was trading lower by 0.39 percent, while French CAC 40 Index fell 0.45 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.6 percent, Hong Kong’s Hang Seng Index gained 0.03 percent, China’s Shanghai Composite Index fell 0.18 percent and India’s BSE Sensex fell 1.02 percent.

Broker Recommendation

Analysts at Morgan Stanley upgraded United States Steel Corporation X from Underweight to Equal-Weight.

United States Steel shares rose 1.5 percent to $21.97 in pre-market trading.

Breaking News

• Entegris Inc ENTG announced plans to buy Versum Materials Inc VSM in an all-stock transaction worth around $4 billion. Entegris also raised its FY2018 guidance.
• Fortis Inc. FTS agreed to sell its interest in the Waneta Expansion Hydroelectric project in British Columbia for $1 billion.
• Alexion Pharmaceuticals, Inc. ALXN reported 'positive' top-line results from Phase 3 study of ULTOMIRIS in complement inhibitor-naïve patients with atypical hemolytic uremic syndrome.
• 111 Inc – ADR YI and Eli Lilly And Co LLY announced plans to collaborate on pharmaceutical distribution with a focus on big data and e-prescriptions.