U.S. Stock Futures Higher; All Eyes On Inflation Data - Agios Pharmaceuticals (NASDAQ:AGIO)

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Wednesday after recording losses in the previous session. Investors are awaiting earnings results from Delta Air Lines, Inc. (NYSE:DAL) and Fastenal Company (NASDAQ:FAST).

The Consumer Price Index for June will be released at 8:30 a.m. ET. Consumer prices are projected to rise 1.1% on the month in June following a much hotter-than-expected 1.0% increase in the previous month. The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET, while the U.S. Treasury budget statement for June will released at 2:00 p.m. ET.

Delta Air Lines, Fastenal And 3 Stocks To Watch Heading Into Wednesday

Futures for the Dow Jones Industrial Average rose 87 points to 31,053.00 while the Standard & Poor’s 500 index futures rose 12.75 points to 3,836.50. Futures for the Nasdaq index rose 52.25 points to 11,831.25.

Oil prices traded higher as Brent crude futures rose 1.5% to trade at $100.97 per barrel, while US WTI crude futures rose 1.5% to trade at $97.23 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released 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 90,683,220 with around 1,046,610 deaths. India reported a total of at least 43,672,150 confirmed cases, while Brazil confirmed over 33,005,270 cases.

A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.7%, London’s FTSE 100 fell 1% while Spain’s IBEX 35 Index fell 0.7%. The French CAC 40 Index fell 0.4%, while German DAX fell 0.7%. The annual inflation rate in France increased to 5.8% in June, the highest since July 1985, while annual inflation rate in Germany eased for the first time in five months to 7.6% in June. Annual inflation rate in Spain accelerated to 10.2% in June from 8.7% in May. The UK trade deficit shrank to GBP 9.7 billion in May from a revised GBP 9.8 billion in the prior month, while industrial production increased by 0.9% from a month ago in May. The British economy grew 0.5% month-over-month in May following a 0.2% contraction in the previous month.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.54%, China’s Shanghai Composite rose 0.09% and Hong Kong’s Hang Seng Index fell 0.22%. Australia’s S&P/ASX 200 rose 0.2%, while India’s S&P BSE Sensex fell 0.5%. Chinese trade surplus widened to a record high of $97.94 billion in June from $50.14 billion in the year-ago month.

Broker Recommendation

SVB Leerink upgraded BioNTech SE (NASDAQ:BNTX) from Market Perform to Outperform and lowered the price target from $253 to $223.

BioNTech shares rose 2.1% to $164.77 in pre-market trading.

Check out this: Boeing, PriceSmart And 80 Biggest Movers From Yesterday

Breaking News

Applied Genetic Technologies Corporation (NASDAQ:AGTC) reported pricing of $10 million underwritten public offering.
Stitch Fix Inc (NASDAQ:SFIX) shares jumped around 10% in pre-market trading after an SEC filing showed that Benchmark's Bill Gurley bought 1 million shares of the personal style service company.
Bankrupt crypto hedge fund Three Arrows Capital's (3AC) assets have been frozen by the New York bankruptcy court after a ruling from a federal judge on Tuesday.
Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) appointed Brian Goff as Chief Executive Officer.

Check out other breaking news here

AGIOAgios Pharmaceuticals Inc

DALDelta Air Lines Inc

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