Pre-open movers
U.S. stock futures traded lower in early pre-market trade, after closing mostly higher in the previous session. Investors are awaiting earnings results from Microsoft Corporation MSFT, Biogen Inc. BIIB, and Tesla Inc TSLA. The FHFA house price index for May will be released at 9:00 a.m. ET, while data on existing home sales for June will be released 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 3,902,130 with around 142,060 deaths. Brazil confirmed over 2,159,650 cases, while India reported a total of at least 1,193,070 confirmed cases.
Futures for the Dow Jones Industrial Average dropped 111 points to 26,615 while the Standard & Poor’s 500 index futures traded fell 13.3 points to 3,238.00. Futures for the Nasdaq 100 index declined 20.25 points to 10,830.75.
Oil prices traded lower as Brent crude futures fell 0.9% to trade at $43.94 per barrel, while US WTI crude futures fell 1.1% to trade at $41.45 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 lower today, with the Spanish Ibex Index falling 1.1% and STOXX Europe 600 Index declining 0.9%. The UK's FTSE index was trading lower by 0.8%, while French CAC 40 Index fell 1% and German DAX 30 declined 0.3%.
In Asian markets, Japan’s Nikkei fell 0.58%, Hong Kong’s Hang Seng Index fell 2.25%, China’s Shanghai Composite Index gained 0.37% and India’s BSE Sensex fell 0.2%.
Broker Recommendation
Analysts at Atlantic Equities upgraded JPMorgan Chase & Co. JPM from Neutral to Overweight and announced a $120 price target.
JPMorgan shares fell 0.2% to $99.22 in pre-market trading.
Breaking News
- Thermo Fisher Scientific Inc. TMO reported stronger-than-expected results for its second quarter.
- Snap Inc SNAP reported upbeat earnings and sales for its second quarter, while user growth numbers missed expectations. The company also issued weak outlook for daily active users in the current quarter.
- Intuitive Surgical, Inc. ISRG reported stronger-than-expected results for its second quarter.
- Evercore Inc EVR reported upbeat earnings for its second quarter.
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