A Peek Into The Markets: U.S. Stock Futures Drop After French Election

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, following the victory for Emmanuel Macron in the French Presidential Election. St. Louis Federal Reserve Bank President James Bullard is set to speak in Fernandina Beach, Florida at 8:35 a.m. ET, while Cleveland Federal Reserve President Loretta Mester will speak in Chicago IL at 8:45 a.m. ET. The Labor Market Conditions Index for March is schedule for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 35 points to 20,919, while the Standard & Poor’s 500 index futures fell 4.50 points to 2,393.50. Futures for the Nasdaq 100 index declined 9 points to 5,639.

Oil prices traded lower as Brent crude futures fell 0.16 percent to trade at $49.02 per barrel, while US WTI crude futures declined 0.13 percent to trade at $46.16 a barrel. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.39 percent, STOXX Europe 600 Index dropping 0.19 percent and German DAX 30 index declining 0.20 percent. The UK's FTSE index was trading higher by 0.09 percent, while French CAC 40 Index slipped 0.85 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 2.31 percent, Hong Kong’s Hang Seng Index rose 0.41 percent, China’s Shanghai Composite Index declined 0.79 percent and India’s BSE Sensex rose 0.23 percent.

Broker Recommendation

Analysts at Goldman Sachs downgraded Micron Technology, Inc. MU from Buy to Neutral.

Micron shares fell 3.05 percent to $27.34 in pre-market trading.

Breaking news

• Coach Inc COH announced plans to acquire Kate Spade & Co KATE for $18.50 per share in cash.



• ITT Inc. ITT reported better-than-expected earnings for its first quarter.



• Belden Inc. BDC announced Friday it has rescinded its proposal to acquire Digi International Inc. DGII following Digi's disappointing Q2 2017 results and weak full-year 2017 outlook reported on May 4, 2017.



• Sinclair Broadcast Group Inc SBGI is said to be close to a deal to acquire Tribune Media Co TRCO for close to $4 billion or approximately $44 per share, according to sources as reported by Reuters. A deal could happen as soon as Monday, the sources said.