A Peek Into The Markets: US Stock Futures Fall; PepsiCo Beats Q2 Estimates

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Labor Department's JOLTS report for May will be released at 10:00 a.m. ET. Federal Reserve Chairman Jerome Powell is set to speak in Boston, MA at 8:45 a.m. ET, while St. Louis Federal Reserve Bank President James Bullard will speak in Saint Louis, Missouri at 10:00 a.m. ET. Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Washington University, St. Louis, Missouri at 1:00 p.m. ET, while Federal Reserve Board of Governors Vice Chairman for Supervision Randal Quarles will speak in Boston, MA at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 100 points to 26,693.00, while the Standard & Poor’s 500 index futures fell 10.9 points to 2,967.75. Futures for the Nasdaq 100 index declined 39.25 points to 7,761.75.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $64.61 per barrel, while US WTI crude futures rose 0.7% to trade at $58.05 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.3%, STOXX Europe 600 Index falling 0.6% and German DAX 30 index dropping 1%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index slipped 0.3%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.14%, Hong Kong’s Hang Seng Index slipped 0.76%, China’s Shanghai Composite Index fell 0.18% and India’s BSE Sensex rose 0.01%.

Broker Recommendation

Analysts at RBC Capital downgraded 3M Co MMM from Outperform to Sector Perform and lowered the price target from $207 to $176.

3M shares fell 1.3 percent to $167.04 in pre-market trading.

Breaking News

• PepsiCo, Inc. PEP reported better-than-expected results for its second quarter.
• AquaVenture Holdings Ltd WAAS reported a 4.1 million share common stock offering.
• Lindsay Corporation LNN reported downbeat results for its third quarter.
• New Mountain Finance Corp. NMFC reported a common stock offering for 6 million shares.