Market Overview

A Peek Into The Markets: US Stock Futures Down; Crude Oil Rises 1%


Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Prior Lake, Minnesota at 10:20 a.m. ET, while Federal Reserve Chairman Jerome Powell will speak in Salt Lake City, Utah at 1:00 p.m. ET. Data on consumer credit for August will be released at 3:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 40 points to 26,485 while the Standard & Poor’s 500 index futures traded fell 4.75 points to 2,946.25. Futures for the Nasdaq 100 index declined 10.25 points to 7,757.00.

Oil prices traded higher as Brent crude futures rose 1% to trade at $58.94 per barrel, while US WTI crude futures rose 1.1% to trade at $53.41 a barrel.


A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.5%, STOXX Europe 600 Index climbing 0.5% and German DAX 30 index rising 0.5%. The UK's FTSE index was trading higher by 0.4%, while French CAC 40 Index rose 0.4%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.32%, Hong Kong’s Hang Seng Index fell 1.11%, China’s Shanghai Composite Index fell 0.92% and India’s BSE Sensex fell 0.38%.

Broker Recommendation

Analysts at Cowen & Co. downgraded The Wendy's Company (NASDAQ: WEN) from Outperform to Market Perform and lowered the price target from $22 to $20.

Wendy's shares fell 1.3% to $20.43 in pre-market trading.

Breaking News

  • Postal Realty Trust, Inc. (NYSE: PSTL) announced plans to acquire 113 US Postal Service properties for $31 million.
  • Pfenex Inc. (NYSE: PFNX) shares jumped around 24% in pre-market trading after receiving U.S. FDA approval for PF708 to treat osteoporosis.
  • Nokia Oyj (NYSE: NOK) reported that it has won a contract with OmniClouds for the Middle East and Africa for its SD-WAN 2.0 solution.
  • Intersect ENT Inc (NASDAQ: XENT) disclosed that its ASCENT trial did not meet its primary endpoint

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