U.S. stock futures traded lower in early pre-market trade on Monday after the Nasdaq tumbled more than 2% in the previous session. Investors are awaiting earnings results from PepsiCo, Inc. PEP and AngioDynamics, Inc. ANGO.
The NFIB small business optimism index for June is scheduled for release at 6:00 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin will speak at 12:30 p.m. ET.
Futures for the Dow Jones Industrial Average dropped 173 points to 30,967.00 while the Standard & Poor’s 500 index futures fell 22.25 points to 3,834.50. Futures for the Nasdaq index fell 67.75 points to 11,816.50.
Oil prices traded lower as Brent crude futures fell 1.9% to trade at $105.12 per barrel, while US WTI crude futures fell 2.3% to trade at $101.74 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 90,491,960 with around 1,046,230 deaths. India reported a total of at least 43,652,940 confirmed cases, while Brazil confirmed over 32,940,500 cases.
A Peek Into Global Markets
European markets were lower today. The STOXX Europe 600 Index fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 0.5%. The French CAC 40 Index fell 0.2%, while German DAX fell 0.6%. The ZEW Indicator of Economic Sentiment for the Eurozone fell to -53.8 in July from -28 in the prior month, while ZEW Indicator of Economic Sentiment for Germany declined to -53.8 from -28 in June. Retail sales in the UK dropped 1.3% on a like-for-like basis in June from a year earlier.
Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.77%, China’s Shanghai Composite fell 0.97% and Hong Kong’s Hang Seng Index fell 1.32%. Australia’s S&P/ASX 200 rose 0.1%, while India’s S&P BSE Sensex fell 0.5%. The Westpac-Melbourne Institute Index of Consumer Sentiment for Australia fell 3.0% month-over-month in July, while NAB business confidence index declined 5 points from a month earlier to 1 in June. Producer prices in Japan surged 9.2% from a year ago in June.
JP Morgan downgraded Union Pacific Corporation UNP from Overweight to Neutral.
Union Pacific shares rose 0.1% to close at $209.87 on Monday.
- PriceSmart, Inc. PSMT reported downbeat earnings for its third quarter, while sales topped estimates.
- Shares of Chinese automotive giant BYD Co. Ltd BYDDF BYDDY sank as much as 11% during the trading session in Hong Kong on Tuesday after reports surfaced that Warren Buffett’s Berkshire Hathaway Inc BRK (NYSE: BRK-B) may be adjusting its holding.
- GameStop Corp GME announced the highly-anticipated launch of its previously-announced NFT marketplace.
- Rivian Automotive Inc RIVN reportedly aims to lay off several hundred workers to undo a recent hiring surge and reduce redundancy of roles.
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