Market Overview

A Peek Into The Markets: U.S. Stock Futures Tumble After Brexit Vote

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A Peek Into The Markets: U.S. Stock Futures Tumble After Brexit Vote

 

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after the U.K. voted to leave the European Union. After Brexit vote, British Prime Minister David Cameron reported that he will resign. Data on durable goods orders for May will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for June is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average tumbled 535 points to 17,459.00, while the Standard & Poor’s 500 index futures fell 79.25 points to 2,038.00. Futures for the Nasdaq 100 index dropped 167.25 points to 4,315.50.

Oil prices traded lower as Brent crude futures dropped 4.32 percent to trade at $48.71 per barrel, while US WTI crude futures also fell 4.31 percent to trade at $47.97 a barrel.


A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 11.36 percent, STOXX Europe 600 Index dipping 7.29 percent and German DAX 30 index dropping 7.10 percent. The UK's FTSE index was trading lower by 4.45 percent, while French CAC 40 Index fell 8.49 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 7.92 percent, Hong Kong’s Hang Seng Index dropped 2.92 percent, China’s Shanghai Composite Index declined 1.30 percent and India’s BSE Sensex declined 2.24 percent.

Broker Recommendation

Analysts at Credit Suisse downgraded Accenture Plc (NYSE: ACN) from Outperform to Neutral.

Accenture shares fell 0.12 percent to close at $118.91 on Thursday.


Breaking news

  • The United Kingdom will cease to be part of the European Union as the "leave" campaign emerged victorious in the Brexit vote. 51.9 percent of voters, or 17.41 million people, in the United Kingdom said they no longer wish their country to remain a member of the EU. On the other hand, 48.1 percent, or 16.14 million people, felt their country will be stronger as part of the European Union. Prime Minister David Cameron campaigned for the "stay" vote and announced he will step down from office immediately following the vote. To read the full news, click here.
  • Emerge Energy Services LP (NYSE: EMES) agreed to sell its fuels business to Sunoco LP (NYSE: SUN) for $178.5 million. The company plans to use the proceeds of the sale to pay off some of its debt.
  • SYNNEX Corporation (NYSE: SNX) reported upbeat results for its second quarter and issued a strong outlook for the third quarter.
  • Corey Lewandowski, the campaign manager for Donald Trump who was fired earlier this week, is joining Time Warner Inc (NYSE: TWX)’s CNN as a political commentator. He will be exclusive to CNN, and won't be allowed to appear on other networks. To read the full news, click here.

Posted-In: Earnings M&A News Guidance Eurozone Futures Global Pre-Market Outlook

 

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