Pre-open movers
Data on new home sales for June will be released at 10:00 a.m. ET. New home sales dropped unexpectedly in May, but are likely to move higher to an 800,000 annual rate in June from May's 769,000 rate. The Dallas Fed manufacturing index for July is scheduled for release at 10:30 a.m. ET.
Futures for the Dow Jones Industrial Average dipped 210 points to 34,741.00 while the Standard & Poor’s 500 index futures fell 18.25 points to 4,384.75. Futures for the Nasdaq 100 index fell 33 points to 15,065.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 34,443,820 with around 610,890 deaths. India reported a total of at least 31,411,260 confirmed cases, while Brazil confirmed over 19,688,660 cases.
Oil prices traded lower as Brent crude futures fell 0.6% to trade at $73.63 per barrel, while US WTI crude futures dropped 0.9% to trade at $71.45 a barrel. The total number of active U.S. oil rigs rose by 7 to 387 last week, Baker Hughes Inc reported Friday.
A Peek Into Global Markets
European markets were lower today. The Spanish Ibex Index fell 0.6% and STOXX Europe 600 Index declined 0.4%. The French CAC 40 Index fell 0.6%, London’s FTSE 100 fell 0.4% while German DAX 30 dropped 0.6%. Producer prices in Spain rose 15.4% year-over-year in June. The Ifo Business Climate indicator for Germany fell to 100.8 in July from 101.7 a month ago.
Asian markets traded mostly lower today. Japan’s Nikkei 225 rose 1.04%, Hong Kong’s Hang Seng Index dipped 4.13%, while China’s Shanghai Composite Index dropped 2.34%. Australia’s S&P/ASX 200 slipped 0.1% and India’s BSE Sensex fell 0.2%. Japanese services PMI fell to 46.4 in July from 48 in the previous month, while manufacturing PMI slipped to 52.2 in July from 52.4 in June.
Broker Recommendation
Goldman Sachs initiated coverage on Krispy Kreme, Inc. (NASDAQ:DNUT) with a Neutral rating and announced a price target of $17.
Krispy Kreme shares fell 0.7% to $16.60 in pre-market trading.
Check out other major ratings here
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