Market Overview

A Peek Into The Markets: US Stock Futures Down Ahead Of ADP, Manufacturing Data

A Peek Into The Markets: US Stock Futures Down Ahead Of ADP, Manufacturing Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after posting a rise in the previous session. The Challenger job-cut report for June will be released at 7:30 a.m. ET, while the ADP national employment report for June is scheduled for release at 8:15 a.m. ET. The manufacturing PMI for June will be released at 9:45 a.m. ET, while the ISM manufacturing composite index for June and construction spending for May will be released at 10:00 a.m. ET. Chicago Federal Reserve chief Charles Evans is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of San Francisco President Mary Daly will speak at 1:00 p.m. ET. The Federal Open Market Committee will release minutes of its latest meeting 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 2,636,530 with around 127,420 deaths. Russia reported a total of at least 653,470 confirmed cases, while Brazil confirmed over 1,402,040 cases.

Futures for the Dow Jones Industrial Average dropped 114 points to 25,575 while the Standard & Poor’s 500 index futures traded fell 11.25 points to 3,079. Futures for the Nasdaq 100 index fell 29.25 points to 10,118.

Oil prices traded higher as Brent crude futures rose 3% to trade at $42.49 per barrel, while US WTI crude futures rose 3% to trade at $40.43 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 mostly higher today, with the Spanish Ibex Index rising 0.3% and STOXX Europe 600 Index gaining 0.3%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index slipped 0.3% and German DAX 30 gained 0.7%.

In Asian markets, Japan’s Nikkei fell 0.75%, Hong Kong’s Hang Seng Index rose 0.52%, China’s Shanghai Composite Index gained 1.38% and India’s BSE Sensex rose 1.5%.

Broker Recommendation

Analysts at JP Morgan upgraded FedEx Corporation (NYSE: FDX) from Neutral to Overweight and raises the price target from $145 to $188.

FedEx shares rose 9.9% to $154.00 in pre-market trading.

Breaking News

  • FedEx Corporation (NYSE: FDX) reported better-than-expected results for its fourth quarter on Tuesday.
  • Shares of Tesla Inc (NASDAQ: TSLA) reached a new record high on Tuesday, closing the day up 6.98% at $1,079.81 per share. This values the electric automaker at over $200 billion.
  • Steelcase Inc (NYSE: SCS) reported weaker-than-expected results for its first quarter.
  • Facebook Inc. (NASDAQ: FB) will discontinue its Hobbiapp from July 10, TechCrunch reported Tuesday.

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Posted-In: A Peek Into The MarketsEarnings News Eurozone Futures Global Pre-Market Outlook Markets

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