A Peek Into The Markets: U.S. Stock Futures Edge Lower Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade. Data on durable goods orders for November, Gross Domestic Product for the third quarter, initial jobless claims for the latest week and the Chicago Fed National Activity Index for November will be released at 8:30 a.m. ET. The FHFA House Price Index for October is schedule for release at 9:00 a.m. ET. Data on consumer spending for November and the index of leading economic indicators for November will be released at 10:00 a.m. ET. The Kansas City Fed manufacturing index for December will be released at 11:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 13 points to 19,878.00, while the Standard & Poor’s 500 index futures dropped 2.25 points to 2,258.25. Futures for the Nasdaq 100 index slipped 3.75 points to 4,945.50.

Oil prices traded lower as Brent crude futures dropped 0.53 percent to trade at $54.17 per barrel, while US WTI crude futures also fell 0.69 percent to trade at $52.13 a barrel. The Energy Information Administration’s weekly report on natural gas stocks 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 0.44 percent, STOXX Europe 600 Index declining 0.13 percent and German DAX 30 index dropping 0.07 percent. The UK's FTSE index was trading lower by 0.09 percent, while French CAC 40 Index declined 0.13 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.09 percent, Hong Kong’s Hang Seng Index fell 0.80 percent, China’s Shanghai Composite Index gained 0.07 percent and India’s BSE Sensex declined 1 percent.

Broker Recommendation

Analysts at Stifel Nicolaus downgraded Red Hat Inc RHT from Buy to Hold.

Red Hat shares fell 11.64 percent to $70.50 in pre-market trading.

Breaking news

• Conagra Brands Inc CAG reported better-than-expected earnings for its second quarter, but sales misses estimates.



• Micron Technology, Inc. MU reported better-than-expected profit for its first quarter and issued a strong forecast for the current quarter.



• Rite Aid Corporation RAD reported downbeat results for its third quarter on Thursday.



• Red Hat Inc RHT reported upbeat earnings for its third quarter, but sales missed expectations. The company also announced that its CFO Frank Calderoni is stepping down.