U.S. stock futures traded higher in early pre-market trade on Friday after the Dow Jones jumped more than 300 points in the previous session. Investors are awaiting earnings results from The Procter & Gamble Company PG, Exxon Mobil Corporation XOM, Charter Communications, Inc. CHTR and Sony Group Corporation SONY.
Data on personal income, outlays and employment cost index will be released at 8:30 a.m. ET. The Chicago PMI for July will be released at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for July is scheduled for release at 10:00 a.m. ET. Data on farm prices for June will be released at 3:00 p.m. ET.
Futures for the Dow Jones Industrial Average gained 69 points to 32,559.00 while the Standard & Poor’s 500 index futures rose 29.25 points to 4,102.75. Futures for the Nasdaq index jumped 154 points to 12,891.50.
Oil prices traded higher as Brent crude futures rose 2.4% to trade at $104.25 per barrel, while US WTI crude futures rose 2.3% to trade at $98.61 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 92,917,650 with around 1,054,420 deaths. India reported a total of at least 43,979,730 confirmed cases, while Brazil confirmed over 33,752,370 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index gained 1%, London’s FTSE 100 rose 0.7% while Spain’s IBEX 35 Index rose 1.2%. The French CAC 40 Index rose 1.4%, while German DAX gained 0.9%.
The Eurozone economy grew 0.7% on quarter during the three months to June, compared to a revised 0.5% expansion in the first quarter, while annual inflation rate in the Eurozone accelerated to a fresh record high of 8.9% in July from 8.6% in June. The annual inflation rate in Italy fell to 7.9% in July from the 36-year high level of 8% recorded in the prior month. The unemployment rate in Germany rose to a nine-month high of 5.4% in July, while the country’s economy stalled in the second quarter. Italy’s gross domestic product grew by 1% quarter-on-quarter during the three months to June. The annual inflation rate in Spain increased to 10.8% in July, while gross domestic product expanded by 1.1% on the quarter during the three months to June. Annual inflation rate in France accelerated to 6.1% in July. The France’s economy expanded 0.5% on quarter in Q2.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.05%, while China’s Shanghai Composite fell 0.89% and Hong Kong’s Hang Seng Index fell 2.26%. Australia’s S&P/ASX 200 rose 0.8%, while India’s S&P BSE Sensex surged 1.2%.
Japan's housing starts fell by 2.2% year-over-year in June, while consumer confidence index fell to an 18-month low of 30.2 in July. Retail sales in Japan increased by 1.5% from a year ago in June, while industrial production climbed by 8.9% month-over-month in June. Japan’s unemployment rate came in at 2.6% in June. The final demand producer price index in Australia rose by 1.4% quarter-over-quarter in Q2. Foreign direct investment into China rose 17.4% year-over-year to CNY 723.31 billion during the first half of the year.
JP Morgan downgraded Spirit Airlines, Inc. SAVE from Overweight to Underweight and lowered the price target from $30 to $29.
Spirit Airlines shares fell 2.6% to $25.00 in pre-market trading.
- Apple Inc AAPL reported better-than-expected results for its fiscal year third-quarter, helped by strong iPhone and iPad sales. iPhone revenue of $40.67 billion came in better than analysts’ estimates of $39.2 billion.
- Amazon.com, Inc. AMZN reported better-than-expected results for its second quarter. The company said it expects-third quarter net sales to be in a range of $125 billion to $130 billion, up 13% to 17% year-over-year.
- Chevron Corporation CVX reported upbeat earnings for its second quarter.
- Roku Inc ROKU reported weaker-than-expected financial results for its second quarter and withdrew its full-year revenue growth guidance. Roku said it expects third-quarter revenue to increase about 3% year-over-year to $700 million. Total gross profit is expected to be around $325 million.
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