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A Peek Into The Markets: US Stock Futures Down; Inflation Data In Focus

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A Peek Into The Markets: US Stock Futures Down; Inflation Data In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Consumer Price Index for May will be released at 8:30 a.m. ET, while the U.S. Treasury budget report for May is schedule for release at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 53 points to 26,013, while the Standard & Poor’s 500 index futures fell 5.7 points to 2,881.25. Futures for the Nasdaq 100 index declined 29.8 points to 7,489.75.

Oil prices traded lower as Brent crude futures fell 2.4 percent to trade at $60.81 per barrel, while US WTI crude futures fell 2.6 percent to trade at $51.92 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

 

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.4 percent, STOXX Europe 600 Index declining 0.4 percent and German DAX 30 index dropping 0.4 percent. The UK's FTSE index was trading lower by 0.7 percent, while French CAC 40 Index fell 0.5 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.35 percent, Hong Kong’s Hang Seng Index declined 1.73 percent, China’s Shanghai Composite Index fell 0.56 percent and India’s BSE Sensex fell 0.48 percent.

Broker Recommendation

Analysts at William Blair downgraded Cisco Systems, Inc. (NASDAQ: CSCO) from Outperform to Market Perform.

Cisco shares fell 1.5 percent to $56.25 in pre-market trading.

Breaking News

  • Dave & Buster’s Entertainment Inc (NASDAQ: PLAY) reported downbeat sales for its first quarter and cut FY2019 sales guidance.
  • Magnachip Semiconductor Corp (NYSE: MX) raised its second-quarter sales guidance above analyst estimates. The company also raised its second-quarter gross profit margin guidance from 16-18 percent to at least 21 percent.
  • Smartsheet Inc (NYSE: SMAR) priced its 12.9 million share public offering of Class A common stock at $43.50 per share.
  • Mattel Inc (NASDAQ: MAT) shares climbed around 10 percent in pre-market trading after rejecting another merger bid from rival MGA Entertainment.

Posted-In: A Peek Into The Markets Consumer Price IndexNews Eurozone Futures Global Pre-Market Outlook Markets

 

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