Market Overview

A Peek Into The Markets: US Stock Futures Edge Higher Following Thursday's Drop

A Peek Into The Markets: US Stock Futures Edge Higher Following Thursday's Drop

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after posting a decline in the previous session. Investors are awaiting earnings results from State Street Inc. (NYSE: STT), BlackRock Inc. (NYSE: BLK) and Kansas City Southern Inc. (NYSE: KSU) and Ally Financial Inc. (NYSE: ALLY). Data on housing starts and building permits for June will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment Index for July is scheduled for release at 10:00 a.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 3,576,430 with around 138,350 deaths. Brazil confirmed over 2,012,150 cases, while India reported a total of at least 1,003,830 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 31 points to 26,584 while the Standard & Poor’s 500 index futures traded rose 8.50 points to 3,203.00. Futures for the Nasdaq 100 index surged 98.75 points to 10,610.50.

Oil prices traded lower as Brent crude futures fell 0.7% to trade at $43.09 per barrel, while US WTI crude futures fell 0.6% to trade at $40.50 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 mostly lower today, with the Spanish Ibex Index falling 1% and STOXX Europe 600 Index declining 0.1%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index fell 0.5% and German DAX 30 gained 0.2%.

In Asian markets, Japan’s Nikkei fell 0.32%, Hong Kong’s Hang Seng Index rose 0.47%, China’s Shanghai Composite Index gained 0.13% and India’s BSE Sensex rose 0.76%.

Broker Recommendation

Analysts at Credit Suisse downgraded Netflix Inc (NASDAQ: NFLX) from Outperform to Neutral and lowered the price target from $550 to $525.

Netflix shares fell 7% to $491.00 in pre-market trading.

Breaking News

  • Netflix reported mixed results for its second quarter. The company reported downbeat quarterly earnings, while sales exceeded views. Netflix issued weak outlook for new subscriber additions and also named 20-year Netflix veteran Ted Sarandos to the role of co-CEO alongside co-founder Reed Hastings.
  • PPG Industries, Inc. (NYSE: PPG) reported stronger-than-expected results for its second quarter on Thursday.
  • Norwegian Cruise Holdings Ltd (NYSE: NCLH) reported the pricing of its $250 million public offering.
  • J B Hunt Transport Services Inc (NASDAQ: JBHT) reported upbeat results for its second quarter.

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