Pre-open movers
U.S. stock futures traded slightly higher in early pre-market trade, after recording gains in the earlier session. Investors are awaiting earnings results from Cardinal Health, Inc. CAH, Bristol-Myers Squibb Company BMY, ViacomCBS Inc. VIAC, T-Mobile US, Inc. TMUS, Uber Technologies, Inc. UBER and Motorola Solutions, Inc. MSI. The Challenger job-cut report for July is scheduled for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Federal Reserve Bank of Dallas President Robert Kaplan is set to speak 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 4,823,890 with around 158,250 deaths. Brazil confirmed over 2,859,070 cases, while India reported a total of at least 1,964,530 confirmed cases.
Futures for the Dow Jones Industrial Average climbed 42 points to 27,097 while the Standard & Poor’s 500 index futures traded rose 2.25 points to 3,318.25. Futures for the Nasdaq 100 index rose 1.5 point to 11,093.25.
Oil prices traded lower as Brent crude futures fell 0.2% to trade at $45.09 per barrel, while US WTI crude futures fell 0.7% to trade at $41.88 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were mostly lower today, with the Spanish Ibex Index falling 0.6% and STOXX Europe 600 Index declining 0.4%. The UK's FTSE index was trading lower by 1.3%, while French CAC 40 Index fell 0.5% and German DAX 30 gained 0.1%.
In Asian markets, Japan’s Nikkei fell 0.43%, Hong Kong’s Hang Seng Index declined 0.69% China’s Shanghai Composite Index climbed 0.26% and India’s BSE Sensex rose 0.6%.
Broker Recommendation
Analysts at KeyBanc upgraded Synaptics Incorporated SYNA from Sector Weight to Overweight and announced a $100 price target.
Synaptics shares rose 0.4% to close at $82.70 on Wednesday.
Breaking News
- Western Digital Corp WDC reported upbeat earnings for its fiscal fourth quarter, while sales exceeded estimates. The company also issued downbeat EPS and sales guidance for the current quarter.
- Uber Technologies Inc. UBER announced plans to purchase Autocab, a United Kingdom technology firm.
- Roku Inc ROKU posted stronger-than-expected results for its second quarter. The company added 3.2 million incremental active accounts in Q2.
- Novavax, Inc NVAX said Wednesday it had entered into an agreement with the Serum Institute of India Private Limited for development, distribution, and commercialization of its COVID-19 vaccine in several countries..
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