Market Overview

A Peek Into The Markets: US Stock Futures Fall Ahead Of Morgan Stanley Earnings

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A Peek Into The Markets: US Stock Futures Fall Ahead Of Morgan Stanley Earnings

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, ahead of earnings from Morgan Stanley (NYSE: MS), Honeywell International Inc. (NYSE: HON) and Philip Morris International Inc. (NYSE: PM). Microsoft Corporation (NASDAQ: MSFT) will release earnings after the closing bell. Data on initial jobless claims for the latest week and the Philadelphia Fed manufacturing index for July will be released at 8:30 a.m. ET. The index of leading economic indicators for June is schedule for release at 10:00 a.m. ET. New York Federal Reserve Bank President John Williams is set to speak in New York at 2:15 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 51 points to 27,180, while the Standard & Poor’s 500 index futures fell 4.5 points to 2,980.50. Futures for the Nasdaq 100 index declined 21.5 points to 7,864.00.

Oil prices traded higher as Brent crude futures rose 1% to trade at $64.97 per barrel, while US WTI crude futures rose 0.7% to trade at $58.03 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.

 

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.9%, STOXX Europe 600 Index dropping 0.3% and German DAX 30 index dropping 0.8%. The UK's FTSE index was trading lower by 0.4%, while French CAC 40 Index fell 0.4%.

In Asian markets, Japan’s Nikkei Stock Average fell 1.97%, Hong Kong’s Hang Seng Index fell 0.46%, China’s Shanghai Composite Index fell 1.04% and India’s BSE Sensex fell 0.77%.

Broker Recommendation

Analysts at Citigroup downgraded Lear Corporation (NYSE: LEA) from Buy to Neutral and lowered the price target from $188 to $144.

Lear shares fell 2 percent to close at $127.17 on Wednesday.

Breaking News

  • UnitedHealth Group Inc (NYSE: UNH) reported upbeat earnings for its second quarter.
  • eBay Inc (NASDAQ: EBAY) reported stronger-than-expected results for its second quarter on Wednesday.
  • SunTrust Banks, Inc. (NYSE: STI) reported better-than-expected results for its second quarter.
  • Netflix, Inc. (NASDAQ: NFLX) reported upbeat earnings for its second quarter, while sales missed views. The company said 2.7 million paid memberships added during the quarter, down from 5.5 million year-over-year.

Posted-In: A Peek Into The Markets US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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