Pre-open movers
U.S. stock futures traded lower in early pre-market trade after closing slightly higher in the previous session. Investors are awaiting earnings results from Fabrinet (NASDAQ:DXPE), Roblox Corp (NASDAQ:RBLX) and Tencent Music Entertainment Group (NYSE:TME). The President of Afghanistan fled his country as reports indicate Taliban fighters are seizing security checkpoints inside the capital city of Kabul.
The Empire State manufacturing index for August is scheduled for release at 8:30 a.m. ET. The Empire State index jumped sharply to 43.0 in July from 17.4 in the previous month. However, analysts expect August's reading to drop to 30.0.
Futures for the Dow Jones Industrial Average dipped 59 points to 35,361.00 while the Standard & Poor’s 500 index futures fell 7.75 points to 4,454.75. Futures for the Nasdaq 100 index declined 17.75 points to 15,108.00.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 36,678,860 with around 621,630 deaths. India reported a total of at least 32,225,510 confirmed cases, while Brazil confirmed over 20,364,090 cases.
Oil prices traded lower as Brent crude futures fell 0.4% to trade at $70.31 per barrel, while US WTI crude futures dropped 0.6% to trade at $68.06 a barrel. The total number of active U.S. oil rigs rose by 10 to 397 rigs this 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 fell 0.5%. The French CAC 40 Index dropped 0.7%, London’s FTSE 100 fell 0.8% while German DAX 30 declined 0.5%. The consumer price inflation rate in France was confirmed at 1.2% year-over-year in July, while unemployment rate slipped to 8.0% in the second quarter from 8.1% in the prior period. Wholesale prices in Germany surged 11.3% year-over-year in July.
Broker Recommendation
Raymond James downgraded Chipotle Mexican Grill, Inc. (NYSE:CMG) from Strong Buy to Outperform and raised the price target from $1800 to $2025..
Chipotle shares fell 0.6% to $1,877.50 in pre-market trading.
Check out other major ratings here
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