Market Overview

A Peek Into The Markets: US Stock Futures Up Following Upbeat Results From Tech Giants

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A Peek Into The Markets: US Stock Futures Up Following Upbeat Results From Tech Giants

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, after the big tech companies reported better-than-expected results for the latest quarter. Investors are awaiting earnings results from Caterpillar Inc. (NYSE: CAT), Johnson Controls International PLC (NYSE: JCI), Chevron Corporation (NYSE: CVX) and Merck & Co., Inc. (NYSE: MRK). Data on personal income and consumer spending for June, and the employment cost index for the second quarter will be released at 8:30 a.m. ET. The Chicago PMI for July will be released at 9:45 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 4,495,010 with around 152,070 deaths. Brazil confirmed over 2,610,100 cases, while India reported a total of at least 1,638,320 confirmed cases.

Futures for the Dow Jones Industrial Average climbed 49 points to 26,267 while the Standard & Poor’s 500 index futures traded rose 8.95 points to 3,257.75. Futures for the Nasdaq 100 index climbed 107.25 points to 10,901.25.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $43.47 per barrel, while US WTI crude futures rose 0.6% to trade at $40.15 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 gaining 0.1% and STOXX Europe 600 Index climbing 0.8%. The UK's FTSE index was trading higher by 0.3%, while French CAC 40 Index rose 0.6% and German DAX 30 gained 0.9%.

In Asian markets, Japan’s Nikkei fell 2.82%, Hong Kong’s Hang Seng Index declined 0.47% China’s Shanghai Composite Index climbed 0.71% and India’s BSE Sensex fell 0.3%.

Broker Recommendation

Analysts at JP Morgan upgraded Dunkin' Brands Group, Inc. (NASDAQ: DNKN) from Neutral to Overweight and announced a $76 price target.

Dunkin Brands shares rose 1% to $69.34 in pre-market trading.

Breaking News

  • Apple Inc. (NASDAQ: AAPL) reported better-than-projected results for the third quarter of fiscal year and also announced a four-for-one stock split. Apple's flagship product, the iPhone, fetched revenues of $26.42 billion during the quarter.
  • Facebook, Inc. (NASDAQ: FB) reported stronger-than-expected results for its second quarter. The company reported a 12% year-over-year rise in its daily active users.
  • Amazon.com, Inc. (NASDAQ: AMZN) reported upbeat results for its second quarter and issued strong sales forecast for the current quarter.
  • Alphabet Inc (NASDAQ: GOOGL) reported better-than-expected results for its second quarter.
  • Caterpillar Inc. (NYSE: CAT) 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

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