Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones closed higher by over 100 points in the previous session. Investors are awaiting earnings results from Walmart Inc (NYSE:WMT), Home Depot Inc (NYSE:HD) and Agilent Technologies Inc (NYSE:A).

Data on retail sales for July will be released at 8:30 a.m. ET, while data on industrial production for July will be released at 9:00 a.m. ET. Data on business inventories for June and the housing market index for August will be released at 10:00 a.m. ET. Federal Reserve Chair Jerome Powell is set to speak at 1:30 p.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 3:45 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 144 points to 35,390.00 while the Standard & Poor’s 500 index futures fell 18.25 points to 4,455.75. Futures for the Nasdaq 100 index declined 53.25 points to 15,080.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 36,888,970 with around 622,320 deaths. India reported a total of at least 32,250,670 confirmed cases, while Brazil confirmed over 20,378,570 cases.

Oil prices traded lower as Brent crude futures fell 0.4% to trade at $69.25 per barrel, while US WTI crude futures dropped 0.5% to trade at $66.96 a barrel. The API’s report on crude stocks will be released later during the day.

A Peek Into Global Markets

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.36%, Hong Kong’s Hang Seng Index fell 1.66%, while China’s Shanghai Composite Index dipped 2%. Australia’s S&P/ASX 200 fell 0.9% and India’s BSE Sensex rose 0.1%.

Broker Recommendation

Morgan Stanley upgraded AppLovin Corporation (NASDAQ:APP) from Underweight to Equal-Weight and lowered the price target from $68 to $60.

AppLovin shares fell 1% to close at $55.88 on Monday.

Check out other major ratings here

Breaking News

Check out other breaking news here