Market Overview

A Peek Into The Markets: US Stock Futures Drop Ahead Of Earnings, Jobless Claims Data

A Peek Into The Markets: US Stock Futures Drop Ahead Of Earnings, Jobless Claims Data

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, as investors are awaiting earnings from Alibaba Group Holding Ltd – ADR (NYSE: BABA), Estee Lauder Companies Inc (NYSE: EL), BJ's Wholesale Club Inc. (NYSE: BJ) and Ross Stores, Inc. (NASDAQ: ROST). Data on initial jobless claims for the latest week and the Philadelphia Fed manufacturing index for August will be released at 8:30 a.m. ET. The index of leading economic indicators for July will be released at 10:00 a.m. ET. Federal Reserve Bank of San Francisco President Mary Daly is set to speak at 1:00 p.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 5,529,930 with around 173,180 deaths. Brazil confirmed over 3,456,650 cases, while India reported a total of at least 2,836,920 confirmed cases.

Futures for the Dow Jones Industrial Average dropped 103 points to 27,529 while the Standard & Poor’s 500 index futures traded fell 14.45 point to 3,358.25. Futures for the Nasdaq 100 index fell 38.5 points to 11,293.50.

Oil prices traded lower as Brent crude futures fell 0.8% to trade at $45.01 per barrel, while US WTI crude futures fell 0.9% to trade at $42.55 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 1.4% and STOXX Europe 600 Index declining 1.2%. The UK's FTSE index was trading lower by 1.4%, while French CAC 40 Index declined 1.6% and German DAX 30 fell 1.3%.

In Asian markets, Japan’s Nikkei fell 1%, Hong Kong’s Hang Seng Index fell 1.54% China’s Shanghai Composite Index fell 1.30% and India’s BSE Sensex fell 0.9%.

Broker Recommendation

Analysts at Credit Suisse downgraded Sarepta Therapeutics, Inc. (NASDAQ: SRPT) from Outperform to Neutral and lowered the price target from $185 to $167.

Sarepta Therapeutics shares fell 1.1% to $146.98 in pre-market trading.

Breaking News

  • NVIDIA Corporation (NASDAQ: NVDA) reported better-than-expected results for its second quarter. The company also said it expects Q3 revenues of $4.40 billion, plus or minus 2%.
  • General Electric Company (NYSE: GE) announced Wednesday it had signed two agreements with the Iraqi Ministry of Electricity worth $1.2 billion to bolster and maintain the middle-eastern country’s electric infrastructure..
  • Intel Corporation (NASDAQ: INTC) said it was entering into accelerated share repurchase agreements to buy a total of $10 billion of the company’s common stock.
  • Synopsys (NASDAQ: SNPS) reported better-than-expected Q3 results.

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