U.S. Stock Futures Edge Higher; GDP Report In Focus

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Dow Jones dropped around 500 points in the previous session. Investors are awaiting earnings results from General Mills, Inc. GIS, McCormick & Company, Incorporated MKC and Paychex, Inc. PAYX.

Gross Domestic Product report for the first quarter will be released at 8:30 a.m. ET. The third estimate for Q1 GDP, at minus 1.4%, is likely to show little change versus the second estimate of minus 1.5%. Analysts expect personal consumption expenditures to be unrevised at a 3.1% growth rate. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 6:30 a.m. ET, while Federal Reserve Chair Jerome Powell will speak at 9:00 a.m. ET.

Check out this: McCormick, General Mills And 3 Stocks To Watch Heading Into Wednesday

Futures for the Dow Jones Industrial Average rose 40 points to 30,973.00 while the Standard & Poor’s 500 index futures rose 3.25 points to 3,828.75. Futures for the Nasdaq index rose 7 points to 11,681.25.

Oil prices traded slightly lower as Brent crude futures fell 0.2% to trade at $113.61 per barrel, while US WTI crude futures fell 0.1% to trade at $111.62 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET. Stocks of crude oil in the US dropped by 3.799 million barrels in the week ended June 24th, 2022, the API said.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 89,030,720 with around 1,041,350 deaths. India reported a total of at least 43,436,430 confirmed cases, while Brazil confirmed over 32,207,080 cases.

 

A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index dropped 0.8%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 1.1%. The French CAC 40 Index fell 0.6%, while German DAX dropped 1.2%. Retail sales in Spain rose by 1.4% year-over-year in May compared to revised 1.6% increase in the prior month, while annual inflation rate increased to 10.2% in June from 8.7% in May. Loans to households in the Eurozone increased 4.6% year-over-year in May.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.91%, China’s Shanghai Composite fell 1.4% and Hong Kong’s Hang Seng Index dipped 1.88%. Australia’s S&P/ASX 200 fell 0.9%, while India’s S&P BSE Sensex rose 0.1%. The consumer confidence index in Japan declined to an 18-month low level of 32.1 in June, while retail sales rose by 3.6% year-over-year in May. Retail sales in Australia rose by 0.9% from a month ago to another record level of AUD 34.23 billion for May.


Broker Recommendation

Deutsche Bank downgraded Crown Castle International Corp. CCI from Buy to Hold and lowered the price target from $204 to $183.

Crown Castle Intl shares fell 2.8% to close at $168.59 on Tuesday.

Check out this: US GDP And Other Macro Issues For Wednesday

 

Breaking News

  • Tesla Inc TSLA has laid off 200 salaried and contract workers from its Autopilot team in California, Bloomberg News reported, citing people familiar with the matter.
  • AeroVironment, Inc. AVAV reported weaker-than-expected results for its fourth quarter and issued weak FY23 earnings guidance.
  • Progress Software Corporation PRGS reported second-quarter revenue growth of 21% year-over-year to $148.7 million, +24% on a constant currency basis. Adjusted revenue was $150.9 million (+17% Y/Y) and +19% Y/Y on a constant currency basis, beating the consensus of $146.93 million.
  • 89bio, Inc. ETNB reported a proposed $75 million underwritten public offering.

Check out other breaking news here

Posted In: A Peek Into The MarketsEarningsNewsPenny StocksEurozoneFuturesGlobalPre-Market OutlookMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.