A Peek Into The Markets: US Stock Futures Mixed; Inflation Data In Focus

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Dow Jones dropped by more than 600 points in the previous session. Investors are awaiting data on consumer prices for the month of May.

The Consumer Price Index is scheduled for release at 8:30 a.m. ET. Consumer prices are projected to rise 0.7% on the month in May compared to 0.3% in April, while the annual rate is seen declining to 8.2% from 8.3%.

The University of Michigan's consumer sentiment index for June will be released at 10:00 a.m. ET, while the U.S. Treasury budget report for May is scheduled for release at 2:00 p.m. ET.

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Futures for the Dow Jones Industrial Average dropped 33 points to 32,230.00 while the Standard & Poor’s 500 index futures slipped 0.25 points to 4,016.00. Futures for the Nasdaq index rose 21.75 points to 12,296.75.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $122.46 per barrel, while US WTI crude futures fell 0.5% to trade at $120.95 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.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 87,114,740 with around 1,035,320 deaths. India reported a total of at least 43,207,260 confirmed cases, while Brazil confirmed over 31,360,850 cases.

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A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 1.2%, London’s FTSE 100 fell 0.9% while Spain’s IBEX 35 Index fell 1.5%. The French CAC 40 Index fell 1.3%, while German DAX fell 1.4%. Italy’s industrial production increased 1.6% from a month ago in April following a revised 0.2% increase a month ago. Annual inflation rate in Spain accelerated to 8.7% in May from 8.3% in April

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.49%, China’s Shanghai Composite climbed 1.42% and Hong Kong’s Hang Seng Index fell 0.26%. Australia’s S&P/ASX 200 fell 1.3% and India’s S&P BSE Sensex fell 1.8%. Producer prices in Japan climbed 9.1% in May from a year earlier, while China's annual inflation rate came in at 2.1% in May. Australia's new home sales declined by 5.5% month-over-month in May.

Broker Recommendation

Goldman Sachs downgraded Netflix, Inc. NFLX from Neutral to Sell and lowered the price target from $265 to $186.

Netflix shares fell 3.1% to $186.80 in pre-market trading.

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Breaking News

  • Stitch Fix, Inc. SFIX reported worse-than-expected results for its third quarter on Thursday. The company said it sees Q4 net revenue of $485 million to $495 million.
  • DocuSign Inc DOCU reported weaker-than-expected earnings results for its first quarter. The company said it expects fiscal second-quarter revenue to be between $600 million and $604 million.
  • Mastercard Inc MA is opening up its payments network to NFTs and Web3. In an announcement on Thursday, the company said it was working with a number of NFT marketplaces and web3 infrastructure providers to make the process of buying NFTs easier and safer.
  • Quest Diagnostics Incorporated DGX named Sam Samad as Executive Vice President and CFO.

Check out other breaking news here

Posted In: A Peek Into The MarketsEarningsNewsEurozoneFuturesSmall CapGlobalPre-Market OutlookMarkets

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