Pre-open movers
U.S. stock futures traded higher in early pre-market trade. The Consumer Price Index for August and Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. The U.S. Treasury budget report for August will be released at 2:00 p.m. ET.
Futures for the Dow Jones Industrial Average gained 56 points to 27,200 while the Standard & Poor’s 500 index futures rose 5 points to 3,007.00. Futures for the Nasdaq 100 index rose 21.75 points to 3,007.00.
Oil prices traded lower as Brent crude futures fell 0.5% to trade at $60.48 per barrel, while US WTI crude futures fell 0.2% to trade at $55.63 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 mixed today, with the Spanish Ibex Index falling 0.1%, STOXX Europe 600 Index dropping 0.7% and German DAX 30 index gaining 0.1%. The UK's FTSE index was trading higher by 0.1%, while French CAC 40 Index rose 0.1%.
In Asian markets, Japan’s Nikkei Stock Average rose 0.75%, Hong Kong’s Hang Seng Index fell 0.26%, China’s Shanghai Composite Index rose 0.75% and India’s BSE Sensex fell 0.38%.
Broker Recommendation
Analysts at Wells Fargo downgraded Deere & Company DE from Outperform to Market Perform and announced a $170 price target.
Deere shares fell 0.3% to $164.60 in pre-market trading.
Breaking News
- Oracle Corporation ORCL reported in-line earnings for its first quarter, while sales missed estimates. The company also announced CEO Mark Hurd will take a leave of absence for health related issues.
- Tailored Brands Inc TLRD reported upbeat earnings for its second quarter. However, the company issued weak third-quarter earnings guidance and says it expects comparable sales in all segments to decrease. The company also suspended its quarterly dividend.
- Spotify Technology SA SPOT reported the purchase of SoundBetter. However, no terms of the deal were disclosed.
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