Market Overview

A Peek Into The Markets: US Stock Futures Down; Crude Oil Falls Over 1%

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A Peek Into The Markets: US Stock Futures Down; Crude Oil Falls Over 1%

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after closing mixed in the previous session. The Producer Price Index for June is scheduled for release at 8:30 a.m. ET, while the U.S. Treasury budget report for June 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, with total infections in the country exceeding 3,118,100 with around 133,290 deaths. Brazil confirmed over 1,755,770 cases, while India reported a total of at least 793,800 confirmed cases.

Futures for the Dow Jones Industrial Average dropped 141 points to 25,430 while the Standard & Poor’s 500 index futures traded fell 13.50 points to 3,127.50. Futures for the Nasdaq 100 index fell 22 points to 10,705.50.

Oil prices traded lower as Brent crude futures fell 1.1% to trade at $41.89 per barrel, while US WTI crude futures fell 1.4% to trade at $39.05 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.3% and STOXX Europe 600 Index rising 0.3%. The UK's FTSE index was trading higher by 0.5%, while French CAC 40 Index rose 0.4% and German DAX 30 gained 0.5%.

In Asian markets, Japan’s Nikkei fell 1.06%, Hong Kong’s Hang Seng Index fell 1.84%, China’s Shanghai Composite Index dropped 1.95% and India’s BSE Sensex fell 0.3%.

Broker Recommendation

Analysts at RBC Capital upgraded Harley-Davidson, Inc. (NYSE: HOG) from Underperform to Sector Perform and raised the price target from $19 to $28.

Harley-Davidson shares rose 0.6% to close at $25.75 on Thursday.

 

Breaking News

  • PriceSmart, Inc (NASDAQ: PSMT) reported upbeat earnings and revenue for its third quarter, while comparable net merchandise sales declined 3.6% during the quarter.
  • Sony Corporation (NYSE: SNE) announced a strategic investment of $250 million in Epic Games.
  • WD-40 Company (NASDAQ: WDFC) reported weaker-than-expected results for its third quarter on Thursday.
  • Harley-Davidson Inc (NYSE: HOG) announced plans to cut nearly 700 jobs in an effort to “rewire” the company.
 

Related Articles (PSMT + HOG)

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