Market Overview

A Peek Into The Markets: US Stock Futures Down; Jobless Claims Report In Focus

A Peek Into The Markets: US Stock Futures Down; Jobless Claims Report In Focus

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after posting a strong rise in the prior session. Investors are awaiting earnings reports from JM Smucker Inc. (NYSE: SJM), Michaels Companies Inc. (NASDAQ: MIK), Ciena Inc. (NYSE: CIEN), Broadcom Inc. (NASDAQ: AVGO) and Slack Technologies, Inc. (NYSE: WORK). The Challenger job-cut report for May is scheduled for release at 7:30 a.m. ET. Data on initial jobless claims for the recent week, international trade for April and nonfarm productivity for the first quarter will be released at 8:30 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world. Total coronavirus cases in the U.S. exceeded 1,851,520 with around 107,170 deaths. Russia reported a total of at least 440,530 confirmed cases, while Brazil confirmed over 584,010 cases.

Futures for the Dow Jones Industrial Average dropped 153 points to 26,075 while the Standard & Poor’s 500 index futures traded fell 18.20 points to 3,099.50. Futures for the Nasdaq 100 index declined 29.75 points to 9,655.

Oil prices traded lower as Brent crude futures fell 0.6% to trade at $39.54 per barrel, while US WTI crude futures fell 1.2% to trade at $36.85 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.7% and STOXX Europe 600 Index declining 0.5%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index fell 0.3% and German DAX 30 dropped 0.5%.

In Asian markets, Japan’s Nikkei rose 0.36%, Hong Kong’s Hang Seng Index rose 0.17%, China’s Shanghai Composite Index slipped 0.14% and India’s BSE Sensex fell 0.4%.

Broker Recommendation

Analysts at Raymond James downgraded Planet Fitness Inc (NYSE: PLNT) from Outperform to Market Perform.

Planet Fitness shares fell 2.1% to $75.58 in pre-market trading.

Breaking News

  • ZoomInfo on Wednesday raised $935 million in its initial public offering. The business database provider sold 44.5 million shares priced at $21 each, as earlier reported by the Financial Times.
  • Zuora Inc (NYSE: ZUO) reported stronger-than-expected earnings for its first quarter. Zuora said it now expects Q1 revenue of $72.5 million to $75 million in the quarter and non-GAAP net loss to be between 7 cents and 8 cents per share.
  • U.K. car sales tumbled 89% year-over-year in May, the Society of Motor Manufacturers & Traders reported.
  • Aileron Therapeutics Inc (NASDAQ: ALRN) reported a proposed public offering of common stock.

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Posted-In: Earnings News Penny Stocks Eurozone Futures Global Pre-Market Outlook Markets