A Peek Into The Markets: U.S. Stock Futures Mostly Lower Ahead Of GDP Report

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade. Data on GDP growth and the employment cost index for the second quarter for the second quarter will be released at 8:30 a.m. ET. The Chicago PMI for July is schedule for release at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for July will be released at 10:00 a.m. ET. San Francisco Federal Reserve Bank President John Williams is set to speak in Cambridge, Mass at 9:30 a.m. ET, while Dallas Fed President Rob Kaplan will speak at the Independent Bankers Association of New Mexico's Annual Meeting.

Futures for the Dow Jones Industrial Average declined 25 points to 18,351.00, while the Standard & Poor’s 500 index futures fell 2.50 points to 2,162.25. Futures for the Nasdaq 100 index gained 2.50 points to 4,721.75.

Oil prices traded lower as Brent crude futures fell 1.31 percent to trade at $42.14 per barrel, while US WTI crude futures also fell 0.78 percent to trade at $40.82 a barrel.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 1.39 percent, STOXX Europe 600 Index gaining 0.40 percent and German DAX 30 index rising 0.36 percent. The UK's FTSE index was trading lower by 0.10 percent, while French CAC 40 Index climbed 0.14 percent. French consumer spending declined 0.8 percent in June versus May, while consumer prices slipped 0.4 percent in July from June.

In Asian markets, Japan’s Nikkei Stock Average rose 0.56 percent, Hong Kong’s Hang Seng Index dropped 1.28 percent, China’s Shanghai Composite Index declined 0.50 percent and India’s BSE Sensex fell 0.56 percent.

Broker Recommendation

Analysts at Goldman Sachs downgraded Ford Motor Company F from Buy to Neutral and lowered the price target from $15.00 to $13.00.

Ford shares fell 0.63 percent to $12.63 in pre-market trading.

Breaking news

• Alphabet Inc GOOGL reported stronger-than-expected results for its second quarter on Thursday. Alphabet reported Q2 EPS of $8.42 and revenues of $17.52 billion. Analyst consensus had an EPS estimate of $8.07 and revenues of $16.883 billion. To read the full news, click here.



• Merck & Co, Inc. MRK released its second quarter results reporting a 6 percent increase in adjusted profit driven by 2 percent top line growth. The results topped the expectations to send the stock 1.5 percent higher in pre-market trading. To read the full news, click here.



• Amazon.com, Inc. AMZN reported upbeat earnings for its second quarter. Amazon.com reported Q2 EPS of $1.78 versus analysts’ estimates of $1.11. To read the full news, click here.



• NextEra Energy, Inc. NEE reached a definitive deal under which a newly formed subsidiary of NextEra Energy would buy acquire 100 percent of the equity of reorganized Energy Future Holdings Corp. and some of its direct, as well as, indirect subsidiaries. To read the full news, click here.