Market Overview

A Peek Into The Markets: US Stock Futures Up; Bank Earnings In Focus

A Peek Into The Markets: US Stock Futures Up; Bank Earnings In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after closing mostly lower in the prior session. Investors are awaiting earnings results from JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc (NYSE: C) and Wells Fargo & Co (NYSE: WFC). The Consumer Price Index for June will be released at 8:30 a.m. ET. Federal Reserve Governor Lael Brainardis set to speak at 2:00 p.m. ET, while Federal Reserve Bank of St. Louis President James Bullard will speak at 2:30 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 3,364,540 with around 135,610 deaths. Brazil confirmed over 1,884,960 cases, while India reported a total of at least 906,750 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 128 points to 26,096 while the Standard & Poor’s 500 index futures traded rose 13.75 points to 3,162. Futures for the Nasdaq 100 index climbed 46.50 points to 10,646.50.

Oil prices traded lower as Brent crude futures fell 1.5% to trade at $42.09 per barrel, while US WTI crude futures fell 1.8% to trade at $39.39 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.4% and STOXX Europe 600 Index dropping 1.4%. The UK's FTSE index was trading lower by 0.5%, while French CAC 40 Index fell 1.7% and German DAX 30 dropped 1.4%.

In Asian markets, Japan’s Nikkei fell 0.87%, Hong Kong’s Hang Seng Index fell 1.14%, China’s Shanghai Composite Index slipped 0.83% and India’s BSE Sensex fell 1.6%.

Broker Recommendation

Analysts at Piper Sandler initiated coverage on Repare Therapeutics Inc. (NASDAQ: RPTX) with an Overweight rating and a price target of $40.

Repare Therapeutics shares fell 4.5% to close at $24.01 on Monday.

Breaking News

  • The Shopify rival, BigCommerce, on Monday said it has filed for an IPO (initial public offering) with the United States Securities and Exchange Commission.
  • Altimmune Inc (NASDAQ: ALT) reported a proposed public offering of common stock. However, no terms of the offering were disclosed.
  • nCino, Inc. (NASDAQ: NCNO) today priced its 8.06 million share IPO at $31 per share.
  • Alphabet Inc. (NASDAQ: GOOGL) is in talks to invest $4 billion in Reliance's digital arm, Bloomberg reported.

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