A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Jobless Claims Report

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Dow Jones dropped by more than 250 points in the previous session. Investors are awaiting earnings results from Signet Jewelers Limited SIG, NIO Inc. NIO and Vail Resorts, Inc. MTN.

Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Analysts expect jobless claims increasing to 210,000 for the July 4 week from 200,000 in the previous week.

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Futures for the Dow Jones Industrial Average rose 40 points to 32,929.00 while the Standard & Poor’s 500 index futures rose 5.25 points to 4,119.25. Futures for the Nasdaq index rose 11.50 points to 12,627.25.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $120.78 per barrel, while US WTI crude futures rose 0.4% to trade at $120.78 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 86,988,670 with around 1,035,030 deaths. India reported a total of at least 43,197,520 confirmed cases, while Brazil confirmed over 31,315,770 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.7%, London’s FTSE 100 fell 0.6% while Spain’s IBEX 35 Index fell 0.6%. The French CAC 40 Index fell 0.5%, while German DAX fell 0.8%. Payroll employment in the France’s private sector increased by 0.3% to 20.60 million in the first quarter.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.04%, China’s Shanghai Composite fell 0.76% and Hong Kong’s Hang Seng Index fell 0.75%. Australia’s S&P/ASX 200 fell 1.4% and India’s S&P BSE Sensex rose 0.1%. China's trade surplus widened to $79.76 billion in May from $43.28 billion in the year-ago month.

Broker Recommendation

Scotiabank initiated coverage on Twilio Inc. TWLO with a Sector Outperform rating and announced a price target of $215.

Twilio shares rose 0.9% to close at $108.39 on Wednesday.

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Breaking News

  • Five Below, Inc. FIVE reported upbeat earnings for its first quarter, while sales missed estimates. The company also issued a weak forecast for the second quarter.
  • Apple Inc AAPL has spun off a wholly-owned subsidiary to handle lending for its recently introduced 'buy now pay later' service. Apple Financing LLC has acquired state lending licenses and will function independently of Apple to facilitate the new pay later service, reported Apple Insider, citing a Bloomberg report.
  • Oxford Industries, Inc. OXM reported better-than-expected results for its first quarter and raised its FY22 guidance.
  • Amazon.com, Inc’s AMZN consumer chief Dave Clark is all set to become the CEO of Flexport, a technology platform for global logistics. Flexport said Clark will assume his new role on Sept. 1 and will serve as co-CEO for a period of six months along with the current chief and founder, Ryan Petersen.

Check out other breaking news here

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Posted In: EarningsNewsEurozoneFuturesSmall CapGlobalPre-Market OutlookMarketsA Peek Into The Markets