A Peek Into The Markets: US Stock Futures Up Ahead Of Earnings, Economic Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings reports from several companies. The Challenger job-cut report for July is schedule for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. The Markit PMI manufacturing report for July is schedule for release at 9:45 a.m. ET. The ISM manufacturing index for July and data on construction spending for June will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 48 points to 26,903 while the Standard & Poor’s 500 index futures rose 4.2 points to 2,986.50. Futures for the Nasdaq 100 index gained 19.5 points to 7,886.25.

Oil prices traded lower as Brent crude futures fell 1% to trade at $64.40 per barrel, while US WTI crude futures fell 1.3% to trade at $57.80 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.5%, STOXX Europe 600 Index surging 0.5% and German DAX 30 index gaining 0.5%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index rose 0.7%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.09%, Hong Kong’s Hang Seng Index fell 0.76%, China’s Shanghai Composite Index dropped 0.81% and India’s BSE Sensex fell 1.23%.

Broker Recommendation

Analysts at B. Riley downgraded Prudential Financial Inc PRU from Buy to Neutral and lowered the price target from $122 to $100.

Prudential shares fell 4.3 percent to $96.94 in pre-market trading.

Breaking News

• Verizon Communications Inc. VZ reported better-than-expected earnings for its second quarter, while sales missed views.
• Archer Daniels Midland Co ADM reported weaker-than-expected earnings for its second quarter.
• Cigna Corp CI reported upbeat earnings for its second quarter and raised FY19 EPS guidance
• Avon Products, Inc. AVP announced upbeat earnings for its second quarter, while sales missed estimates.