Market Overview

A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Economic Data, Fed Speakers

A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Economic Data, Fed Speakers

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade, after closing lower in the previous session. ByteDance plans to take TikTok public in the United States after forming a partnership with Oracle Inc (NYSE: ORCL), the Financial Times reported. President Trump is also expected to rule on TikTok deal soon. The current account report for the second quarter is scheduled for release at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for September and the index of leading economic indicators for August will be released at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of Atlanta President Raphael Bostic will speak at 12:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 8 points to 27,930 while the Standard & Poor’s 500 index futures traded rose 5.50 points to 3,367.00. Futures for the Nasdaq 100 index rose 64 points to 11,154.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,675,050 with around 197,640 deaths. India reported a total of at least 5,214,670 confirmed cases, while Brazil confirmed over 4,455,380 cases.

Oil prices traded higher as Brent crude futures rose 0.3% to trade at $43.42 per barrel, while US WTI crude futures rose 0.2% to trade at $41.03 a barrel. The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET. U.S. crude inventories dropped 4.4 million barrels for the week ended September 11, the Energy Information Administration reported.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 1.1% and STOXX Europe 600 Index declining 0.1%. The French CAC 40 Index slipped 0.4%, while German DAX 30 rose 0.2% and London’s FTSE 100 fell 0.4%. Retail sales in the UK climbed for the fourth consecutive month, rising 0.8% in August. German producer prices fell for the seventh straight month, declining 1.2% year-over-year in August.

In Asian markets, Japan’s Nikkei rose 0.18%, Hong Kong’s Hang Seng Index climbed 0.47% China’s Shanghai Composite Index rose 2.07% and India’s BSE Sensex fell 0.6%. Japan reported a drop in its inflation rate, with the consumer price inflation falling to 0.2% year-over-year for August versus 0.3% in July.

Broker Recommendation

Analysts at JP Morgan downgraded Beyond Meat Inc (NASDAQ: BYND) from Neutral to Underweight and announced a $122 price target.

Beyond Meat shares fell 4% to $151.00 in pre-market trading.

Breaking News

  • Unity Software Inc (NYSE: U), a video game software developer, priced its initial public offering above its prior estimates on Thursday. The company plans to issue 25 million shares at $52 per share. Unity shares will be listed under the symbol "U" on the NYSE and would begin the trading debut on Friday.
  • IsoRay, Inc. (NYSE: ISR) reported a loss for the fourth quarter, while sales missed expectations.
  • Apple Inc (NASDAQ: AAPL) said it will launch an online store in India later in the month featuring its full product line.
  • Essential Properties Realty Trust Inc (NYSE: EPRT) reported an 8 million share common stock offering.

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