U.S. stock futures traded higher in early pre-market trade, following a sharp drop in the previous session. AstraZeneca plc AZN disclosed that it has temporarily halted the advanced trials of its COVID-19 vaccine to allow for a review of safety data by an independent committee. Investors are awaiting earnings from American Eagle Outfitters Inc AEO, RH RH, and GameStop Corp. GME. The Labor Department's JOLTS report for July is scheduled for release at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average rose 177 points to 27,702 while the Standard & Poor’s 500 index futures traded rose 30.25 points to 3,365.75. Futures for the Nasdaq 100 index climbed 218.75 points to 11,279.25.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,328,050 with around 189,680 deaths. India reported a total of at least 4,370,120 confirmed cases, while Brazil confirmed over 4,162,070 cases.
Oil prices traded higher as Brent crude futures rose 1% to trade at $40.17 per barrel, while US WTI crude futures rose 1.2% to trade at $37.20 a barrel. The API’s weekly report on crude oil stocks will be released later today.
A Peek Into Global Markets
European markets were higher today, with the Spanish Ibex Index rising 0.6% and STOXX Europe 600 Index climbing 0.7%. The French CAC 40 Index gained 0.7%, while German DAX 30 rose 0.9% and London’s FTSE 100 rose 1%. Investors in Europe are awaiting the ECB’s monetary policy decision tomorrow for clues regarding further stimulus.
In Asian markets, Japan’s Nikkei fell 1.04%, Hong Kong’s Hang Seng Index fell 0.80% China’s Shanghai Composite Index fell 1.86% and India’s BSE Sensex fell 0.6%. Chinese industrial deflation eased last month, with the producer price index declining 2.0% year-over-year in August versus a 2.4% drop in July.
Analysts at MKM Partners upgraded Continental Resources, Inc. CLR from Neutral to Buy and lowered the price target from $21 to $20.
Continental Resources shares fell 9.8% to close at $14.13 on Tuesday.
- Lululemon Athletica Inc LULU reported better-than-expected results for its second quarter. Sales at company-owned stores declined 51% year over year to $287.2 million, while direct-to-consumer sales surged 155% to $554.3 million.
- Vroom, Inc. VRM raised its guidance for the third quarter. However, the company’s latest forecast was still below analysts’ expectations. Vroom also disclosed a 10.35 million share common stock offering.
- Slack Technologies Inc WORK reported upbeat earnings and sales for the second quarter. However, the company’s billing growth slowed in the quarter.
- HD Supply Holdings, Inc. HDS reported upbeat earnings for its second quarter.
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