Market Overview

A Peek Into The Markets: U.S. Stock Futures Mostly Lower Ahead Of Fed Speakers

A Peek Into The Markets: U.S. Stock Futures Mostly Lower Ahead Of Fed Speakers

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade. Boston Federal Reserve Bank President Eric Rosengren is set to speak in Hartford, Conn at 9:00 a.m. ET, while Atlanta Federal Reserve Bank President Dennis Lockhart is set to speak at 12:40 p.m. ET. The Labor Market Conditions Index for December is schedule for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 25 points to 19,872.00, while the Standard & Poor’s 500 index futures fell 2 points to 2,269.50. Futures for the Nasdaq 100 index rose 1 point to 5,005.00.

Oil prices traded lower as Brent crude futures dropped 1.86 percent to trade at $56.04 per barrel, while US WTI crude futures also fell 1.89 percent to trade at $52.97 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index dropping 0.64 percent, STOXX Europe 600 Index falling 0.58 percent and German DAX 30 index dropping 0.50 percent. The UK's FTSE index was trading higher by 0.13 percent, while French CAC 40 Index fell 0.76 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.34 percent, Hong Kong’s Hang Seng Index rose 0.25 percent, China’s Shanghai Composite Index gained 0.54 percent and India’s BSE Sensex dropped 0.12 percent.

Broker Recommendation

Analysts at Barclays upgraded Cummins Inc. (NYSE: CMI) from Underweight to Equal-Weight and raised the price target from $108.00 to $135.00.

Cummins shares rose 0.70 percent to close at $138.72 on Friday.

Breaking news

  • UnitedHealth Group Inc. (NYSE: UNH) disclosed that its unit agreed to acquire Surgical Care Affiliates Inc (NASDAQ: SCAI) for around $2.3 billion.
  • Global Payments Inc (NYSE: GPN) reported better-than-expected earnings for its second quarter.
  • Merrimack Pharmaceuticals Inc (NASDAQ: MACK) confirmed a Reuters report Sunday that it has entered into a definitive asset purchase and sale agreement with Ipsen (OTC: IPSEY) sell its first commercial product ONIVYDE and its generic version of DOXIL in a transaction valued at up to $1.025 billion, plus up to $33 million in net milestone payments.
  • Commercial Metals Company (NYSE: CMC) reported downbeat earnings for its first quarter.

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


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