Market Overview

A Peek Into The Markets: US Stock Futures Down Following Monday's Rally

A Peek Into The Markets: US Stock Futures Down Following Monday's Rally

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after posting strong gains in the earlier session. The S&P Corelogic Case-Shiller home price index for April will be released at 9:00 a.m. ET. The Chicago PMI for June is scheduled for release at 9:00 a.m. ET, while the Conference Board’s consumer confidence index for June will be released at 10:00 a.m. ET. Federal Reserve Bank of New York President John Williams will speak at 11:00 a.m. ET, while Federal Reserve Chairman Jerome Powell is set to speak at 12:30 p.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic and Minneapolis Fed President Neel Kashkari will speak at 2:00 p.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 2,590,580 with around 126,140 deaths. Russia reported a total of at least 640,240 confirmed cases, while Brazil confirmed over 1,368,190 cases.

Futures for the Dow Jones Industrial Average dropped 151 points to 25,346 while the Standard & Poor’s 500 index futures traded fell 12.70 points to 3,035.00. Futures for the Nasdaq 100 index fell 11.50 points to 9,962.25.

Oil prices traded lower as Brent crude futures fell 0.7% to trade at $41.55 per barrel, while US WTI crude futures fell 0.9% to trade at $39.33 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.8% and STOXX Europe 600 Index falling 0.5%. The UK's FTSE index was trading lower by 0.9%, while French CAC 40 Index slipped 0.5% and German DAX 30 dropped 0.3%.

In Asian markets, Japan’s Nikkei rose 1.33%, Hong Kong’s Hang Seng Index rose 0.52%, China’s Shanghai Composite Index gained 0.78% and India’s BSE Sensex fell 0.2%.

Broker Recommendation

Analysts at Cowen & Co. downgraded Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) from Outperform to Market Perform and lowered the price target from $149 to $47.

Intercept Pharmaceuticals shares fell 39.7% to close at $46.70 on Monday.

Breaking News

  • Micron Technology, Inc. (NASDAQ: MU) reported better-than-expected results for its third quarter and issued a strong forecast for the current quarter.
  • Uber Technologies Inc. (NYSE: UBER) made an acquisition offer to food delivery service Postmates, the New York Times reported late Monday.
  • Xilinx, Inc. (NASDAQ: XLNX) raised its revenue forecast for the first quarter. The company said it now expects revenue of $720 million to $734 million for the quarter.
  • Covia Holdings Corporation (NYSE: CVIA) disclosed that it has filed for Chapter 11 Bankruptcy.

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