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 United Natural Foods, Inc. UNFI, The J. M. Smucker Company SJM and Casey's General Stores, Inc. CASY.
International trade report for April will be released at 8:30 a.m. ET, while data on consumer credit for April will be released at 3:00 p.m. ET.
Futures for the Dow Jones Industrial Average dipped 126 points to 32,786.00 while the Standard & Poor’s 500 index futures fell 15.75 points to 4,104.75. Futures for the Nasdaq index fell 60 points to 12,545.00.
Oil prices traded lower as Brent crude futures fell 0.3% to trade at $118.39 per barrel, while US WTI crude futures fell 0.1% to trade at $118.39 a barrel.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 86,637,480 with around 1,033,830 deaths. India reported a total of at least 43,185,040 confirmed cases, while Brazil confirmed over 31,195,110 cases.
A Peek Into Global Markets
European markets were mostly lower today. The STOXX Europe 600 Index fell 0.5%, London’s FTSE 100 climbed 0.1% while Spain’s IBEX 35 Index fell 0.2%. The French CAC 40 Index fell 0.6%, while German DAX fell 0.8%. The S&P Global Eurozone construction PMI declined to 49.2 in May from 50.4 in April, while the S&P Global/CIPS UK services PMI rose to 53.4 in May from a preliminary reading of 51.8. Italy’s construction PMI dropped to 54.3 in May from 59 a month ago, while Germany’s construction PMI fell to 45.4 in May from 46.0 in April. France’s construction PMI climbed to 50.9 in May from 50.6 in the previous month.
Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.10%, China’s Shanghai Composite gained 0.17% and Hong Kong’s Hang Seng Index fell 0.56%. Australia’s S&P/ASX 200 fell 1.5% and India’s S&P BSE Sensex fell 1.1%. The index of coincident economic indicators in Japan came in unchanged at 96.8 in April, while index of leading economic indicators rose to 102.9 in April. The Reserve Bank of Australia increased the cash rate by 50 bps to 0.85% at its June meeting.
JP Morgan upgraded Novo Nordisk A/S NVO from Neutral to Overweight.
Novo Nordisk shares rose 1.6% to $113.98 in pre-market trading.
- The Biden administration has warned North Korea of stronger action if it continues to conduct nuclear tests.
- Pfizer, Inc. PFE is upping its commitment to manufacture its oral COVID-19 pill Paxlovid in the United States.
- Coupa Software Incorporated COUP reported upbeat results for its first quarter. The company said it sees full-year fiscal 2023 revenue in a range of $838 million to $843 million and earnings to be between 21 cents and 27 cents per share.
- Remitly Global, Inc. RELY named Hemanth Munipalli as CFO.
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