A Peek Into The Markets: US Stock Futures Higher Ahead Of Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones and Nasdaq surged more than 200 points each in the previous session. Investors are awaiting earnings results from Best Buy Co Inc BBY, Intuit Inc. INTU, Medtronic PLC MDT and Advance Auto Parts, Inc. AAP.

Data on new home sales for July and the Richmond Fed Manufacturing Index for August will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 49 points to 35,330.00 while the Standard & Poor’s 500 index futures rose 9.25 points to 4,484.75. Futures for the Nasdaq 100 index climbed 67.25 points to 15,371.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 37,939,680 with around 629,410 deaths. India reported a total of at least 32,474,770 confirmed cases, while Brazil confirmed over 20,583,990 cases.

Oil prices traded higher as Brent crude futures gained 1% to trade at $69.43 per barrel, while US WTI crude futures rose 0.9% to trade at $66.20 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were mostly higher today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index gained 0.1%. The French CAC 40 Index slipped 0.1%, London’s FTSE 100 rose 0.1% while German DAX 30 gained 0.2%. The German economy grew 1.6% on quarter during the second quarter versus a revised 2% contraction in the first three months of the year.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.87%, Hong Kong’s Hang Seng Index climbed 2.46%, while China’s Shanghai Composite Index rose 1.07%. Australia’s S&P/ASX 200 rose 0.2% and India’s BSE Sensex rose 0.7%.

Broker Recommendation

Raymond James maintained ConocoPhillips COP with a Strong Buy and lowered the price target from $85 to $80.

ConocoPhillips shares rose 1% to $55.31 in pre-market trading.

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Breaking News

  • Palo Alto Networks Inc PANW reported better-than-expected results for its fourth quarter and issued strong Q1 revenue guidance . The company also announced, subsequent to quarter end, it authorized an additional $676.1 million for share repurchase.
  • Space Exploration Technologies Corp, or SpaceX, founder Elon Musk said on Monday the aerospace company has shipped 100,000 terminals of its high-speed, satellite-based internet service Starlink.
  • Riot Blockchain Inc RIOT reported $0.22 per share for the second quarter, compared to a loss of $0.31 per share, in the year-ago period. Its mining revenue jumped by 1,540% to a record $31.5 million during the quarter.
  • According to data published by the Health Ministry of Israel, the third dose of Pfizer Inc PFE - BioNTech SE's BNTX's COVID-19 vaccine has significantly improved protection from infection and serious illness in people aged 60 and older compared with those who received two shots. Full details of the study were not released.

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Posted In: EarningsNewsEurozoneFuturesGlobalPre-Market OutlookMarketsA Peek Into The Markets