Market Overview

A Peek Into The Markets: US Stock Futures Edge Lower Following Monday's Rally

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A Peek Into The Markets: US Stock Futures Edge Lower Following Monday's Rally

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade, after posting gains in the previous session. Investors are awaiting earnings results from Exelon Corporation (NYSE: EXC), Walt Disney Co (NYSE: DIS), Emerson Electric Co. (NYSE: EMR), Prudential Financial Inc (NYSE: PRU) and Ralph Lauren Corp (NYSE: RL). Data on factory orders 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 4,717,710 with around 155,470 deaths. Brazil confirmed over 2,750,310 cases, while India reported a total of at least 1,855,740 confirmed cases.

Futures for the Dow Jones Industrial Average fell 23 points to 26,535 while the Standard & Poor’s 500 index futures traded fell 6.15 points to 3,282.25. Futures for the Nasdaq 100 index declined 31.5 points to 11,012.75.

Oil prices traded lower as Brent crude futures fell 1.2% to trade at $43.62 per barrel, while US WTI crude futures fell 1.2% to trade at $40.51 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index rising 0.3% and STOXX Europe 600 Index falling 0.1%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index rose 0.5% and German DAX 30 declined 0.3%.

In Asian markets, Japan’s Nikkei rose 1.70%, Hong Kong’s Hang Seng Index climbed 2% China’s Shanghai Composite Index climbed 0.11% and India’s BSE Sensex rose 2.1%.

Broker Recommendation

Analysts at Deutsche Bank upgraded McKesson Corporation (NYSE: MCK) from Hold to Buy and raised the price target from $169 to $202.

McKesson shares rose 6.5% to close at $159.90 on Monday.

Breaking News

  • Mosaic Co (NYSE: MOS) reported stronger-than-expected results for its second quarter on Monday.
  • Regeneron Pharmaceuticals Inc (NASDAQ: REGN) said Monday that a non-peer-reviewed study indicated its antibody drug combination both prevented and treated COVID-19 in animals, as reported by Reuters.
  • Solaredge Technologies Inc (NASDAQ: SEDG) reported upbeat results for its second quarter. The company also said it expects Q3 sales of $325 million to $350 million.
  • Snap Inc’s (NYSE: SNAP) messaging app Snapchat is planning to release a feature this fall that will allow users to set their Snaps to background music, something which TikTok users can do at present, TechCrunch reported Monday.
 

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