Market Overview

A Peek Into The Markets: US Stock Futures Climb Ahead Of Earnings, Economic Reports

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A Peek Into The Markets: US Stock Futures Climb Ahead Of Earnings, Economic Reports

Pre-open movers

U.S. stock futures traded higher in early pre-market trade as the US and China agreed to continue with their Phase 1 trade agreement. Stocks gained sharply in the previous session after the FDA granted emergency use authorization for convalescent plasma.

Investors are awaiting earnings from Best Buy Co Inc (NYSE: BBY), Medtronic PLC (NYSE: MDT), salesforce.com, inc. (NYSE: CRM), J M Smucker Co (NYSE: SJM) and Hewlett Packard Enterprise Co (NYSE: HPE). The S&P Corelogic Case-Shiller home price index and the FHFA house price index for June will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index for August, the Richmond Fed manufacturing index for August and data on new home sales for July will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average rose 158 points to 28,397 while the Standard & Poor’s 500 index futures traded gained 13 points to 3,440.50. Futures for the Nasdaq 100 index climbed 26 points to 11,662.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 5,740,900 with around 177,270 deaths. Brazil confirmed over 3,622,860 cases, while India reported a total of at least 3,167,320 confirmed cases.

Oil prices traded mixed as Brent crude futures rose 0.4% to trade at $45.32 per barrel, while US WTI crude futures fell 0.1% to trade at $42.60 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.7% and STOXX Europe 600 Index gaining 0.4%. The UK's FTSE index was trading higher by 0.2%, while French CAC 40 Index gained 0.7% and German DAX 30 rose 0.6%.

In Asian markets, Japan’s Nikkei rose 1.35%, Hong Kong’s Hang Seng Index fell 0.26% China’s Shanghai Composite Index fell 0.36% and India’s BSE Sensex fell 0.1%.

Broker Recommendation

Analysts at B. Riley FBR upgraded Crocs, Inc. (NASDAQ: CROX) from Neutral to Buy and raised the price target from $35 to $46.

Crocs shares fell 0.1% to $39.32 in pre-market trading.

Breaking News

  • Palo Alto Networks Inc (NYSE: PANW) reported better-than-expected results for its fourth quarter and issued upbeat forecast for the first quarter. The company also announced plans to acquire The Crypsis Group For $265 million.
  • Aveva Group Plc announced plans to buy OSIsoft for $5 billion.
  • Portland General Electric Company (NYSE: POR) lowered its FY20 earnings guidance, now expecting EPS of $1.30-$1.60, versus previous forecast of $2.20-$2.50.
  • British chipmaker Arm Ltd will not spin off two of its Internet of Things units to its parent company Softbank Group, the Wall Street Journal reported Monday.
 

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