Market Overview

A Peek Into The Markets: US Stock Futures Flat; Initial Jobless Claims Report In Focus

A Peek Into The Markets: US Stock Futures Flat; Initial Jobless Claims Report In Focus

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade, after closing lower in the previous session. Investors are awaiting earnings results from NetEase Inc (NASDAQ: NTES), Applied Materials, Inc. (NASDAQ: AMAT) and Baidu Inc ADR (NASDAQ: BIDU). Data on initial jobless claims for the latest week, and import and export prices for July will be released at 8:30 a.m.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 5,197,370 with around 166,020 deaths. Brazil confirmed over 3,164,780 cases, while India reported a total of at least 2,396,630 confirmed cases.

Futures for the Dow Jones Industrial Average rose 4 points to 27,870 while the Standard & Poor’s 500 index futures traded fell 1.75 points to 3,368.25. Futures for the Nasdaq 100 index declined 4.50 points to 11,121.50.

Oil prices traded lower as Brent crude futures fell 0.2% to trade at $45.34 per barrel, while US WTI crude futures fell 0.2% to trade at $42.59 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 lower today, with the Spanish Ibex Index falling 0.1% and STOXX Europe 600 Index declining 0.3%. The UK's FTSE index was trading lower by 0.9%, while French CAC 40 Index slipped 0.1% and German DAX 30 fell 0.1%.

In Asian markets, Japan’s Nikkei rose 1.78%, Hong Kong’s Hang Seng Index slipped 0.1% China’s Shanghai Composite Index rose 0.04% and India’s BSE Sensex fell 0.2%.

Broker Recommendation

Analysts at Goldman Sachs upgraded Keysight Technologies Inc (NYSE: KEYS) from Neutral to Buy and announced a $120 price target.

Keysight shares rose 1.4% to $101.00 in pre-market trading.

Breaking News

  • Cisco Systems, Inc. (NASDAQ: CSCO) reported upbeat results for its fourth quarter, but issued a weak forecast for the current quarter.
  • AstraZeneca plc’s (NYSE: AZN) COVID-19 vaccine will be produced by Mexico and Argentina for Latin American countries except for Brazil, according to government officials of the two countries, AlJazeera reported Wednesday..
  • LYFT Inc (NASDAQ: LYFT) reported stronger-than-expected revenue for its second quarter, while active riders plunged 60% during the quarter.
  • Aspen Technology (NASDAQ: AZPN) reported better-than-expected Q4 results and also issued guidance for FY20.

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