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. STT, BlackRock Inc. BLK and Kansas City Southern Inc. KSU and Ally Financial Inc. 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 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. PPG reported stronger-than-expected results for its second quarter on Thursday.
• Norwegian Cruise Holdings Ltd NCLH reported the pricing of its $250 million public offering.
• J B Hunt Transport Services Inc JBHT reported upbeat results for its second quarter.