Market Overview

A Peek Into The Markets: US Stock Futures Mixed; All Eyes On Fed Decision

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A Peek Into The Markets: US Stock Futures Mixed; All Eyes On Fed Decision

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade, ahead of the Federal Reserve’s policy decision. Investors are awaiting earnings reports from United Natural Foods Inc. (NYSE: UNFI), Chico's FAS Inc. (NYSE: CHS), and Guess Inc. (NYSE: GES). The Consumer Price Index for May is scheduled for release at 8:30 a.m. ET, while the Atlanta Fed's Business Inflation Expectations survey results for June will be released at 10:00 a.m. ET. The Federal Open Market Committee is expected to announce its policy decision at 2:00 p.m. ET. With the interest rates already close to zero, no change in the rate is projected. The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET. The U.S. Treasury budget report for May will be released at 2:00 p.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 1,979,890 with around 112,000 deaths. Russia reported a total of at least 493,020 confirmed cases, while Brazil confirmed over 739,500 cases.

Futures for the Dow Jones Industrial Average dropped 41 points to 27,223 while the Standard & Poor’s 500 index futures traded fell 0.40 points to 3,205.00. Futures for the Nasdaq 100 index rose 35.25 points to 9,986.25.

Oil prices traded lower as Brent crude futures fell 2.1% to trade at $40.33 per barrel, while US WTI crude futures fell 2.5% to trade at $37.98 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. 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 0.1% and STOXX Europe 600 Index declining 0.1%. The UK's FTSE index was trading lower by 0.2%, while French CAC 40 Index slipped 0.1% and German DAX 30 dropped 0.3%.

In Asian markets, Japan’s Nikkei rose 0.15%, Hong Kong’s Hang Seng Index fell 0.03%, China’s Shanghai Composite Index dropped 0.42% and India’s BSE Sensex rose 1.1%.

Broker Recommendation

Analysts at Jefferies upgraded eBay Inc (NASDAQ: EBAY) from Underperform to Hold and raised the price target from $30 to $52.

eBay shares rose 0.5% to $50.00 in pre-market trading.

Breaking News

  • Singapore announced the approval of Gilead Sciences, Inc’s (NASDAQ: GILD) remdesivir as a COVID-19 treatment, Reuters repored.
  • GameStop Corp. (NYSE: GME) reported a wider-than-expected loss for its first quarter, while sales also missed expectations.
  • Verint Systems Inc. (NASDAQ: VRNT) reported weaker-than-expected results for its first quarter on Tuesday.
  • Five Below Inc (NASDAQ: FIVE) reported downbeat results for its first quarter. However, the company said it has reopened around 90% of its stores till date.
 

Related Articles (EBAY + CHS)

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

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