A Peek Into The Markets: US Stock Futures Plunge Following Last Week's Selloff

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after closing sharply lower for the previous week. The NY Empire State manufacturing index for June will be released at 8:30 a.m. ET. Federal Reserve Bank of Dallas President Robert Kaplan is set to speak at 11:00 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 2,094,070 with around 115,730 deaths. Russia reported a total of at least 528,260 confirmed cases, while Brazil confirmed over 867,620 cases.

Futures for the Dow Jones Industrial Average dipped 544 points to 24,854 while the Standard & Poor’s 500 index futures traded fell 52.20 points to 2,971.50. Futures for the Nasdaq 100 index fell 150.75 points to 9,481.50.

Oil prices traded lower as Brent crude futures fell 2.5% to trade at $37.77 per barrel, while US WTI crude futures fell 3.7% to trade at $34.91 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 2.7% and STOXX Europe 600 Index declining 2.4%. The UK's FTSE index was trading lower by 2.2%, while French CAC 40 Index dropped 2.7% and German DAX 30 declined 2.7%.

In Asian markets, Japan’s Nikkei fell 3.47%, Hong Kong’s Hang Seng Index fell 2.26%, China’s Shanghai Composite Index dropped 1.02% and India’s BSE Sensex fell 2%.

Broker Recommendation

Analysts at KeyBanc upgraded Intel Corporation INTC from Sector Weight to Overweight and announced an $82 price target.

Intel shares fell 0.9% to $58.81 in pre-market trading.

Breaking News

• China reported 49 new coronavirus cases in Mainland as of end of June 14, versus 57 cases a day ago. Beijing also announced halt to plans of reopening entertainment venues following the recent virus cases.
• AstraZeneca plc AZN announced an agreement with Europe's Inclusive Vaccines Alliance (IVA) to supply 400 million doses of its coronavirus vaccines by the end of the year.
• Accenture Plc ACN announced plans to acquire Sentelis.
• AT&T Inc. T is in talks with various companies to sell its Warner Bros. Interactive Entertainment subsidiary, according to CNBC.