Pre-open movers
U.S. stock futures traded slightly lower in early pre-market trade on Tuesday after the Dow Jones surged around 150 points in the previous session. Investors are awaiting earnings results from Walmart Inc. (NYSE:WMT), The Home Depot, Inc. (NYSE:HD) and Agilent Technologies, Inc. (NYSE:A).
Data on housing starts and permits for July will be released at 8:30 a.m. ET, while data on industrial production for July will be released at 9:15 a.m. ET.
Check out this: Dow Jumps Over 150 points But Market Volatility Increases
Futures for the Dow Jones Industrial Average dropped 16 points to 33,857.00 while the Standard & Poor’s 500 index futures fell 6.50 points to 4,291.75. Futures for the Nasdaq index fell 21.25 points to 13,660.00.
Oil prices traded lower as Brent crude futures fell 0.6% to trade at $94.57 per barrel, while US WTI crude futures fell 0.2% to trade at $94.57 a barrel. The API’s report on crude oil stocks will be released today.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 94,788,020 with around 1,062,770 deaths. India reported a total of at least 44,277,190 confirmed cases, while France confirmed over 34,234,000 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index rose 1%, London’s FTSE 100 gained 0.3% while Spain’s IBEX 35 Index climbed 0.2%. The French CAC 40 Index climbed 0.3%, while German DAX rose 0.5%.
The unemployment rate in the UK came in unchanged at 3.8% in the second quarter, while average weekly earnings including bonuses rose by 5.1% year-over-year to GBP 611 in the three months to June.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.01%, China’s Shanghai Composite rose 0.05%, while Hong Kong’s Hang Seng Index fell 1.05%. Australia’s S&P/ASX 200 rose 0.6%, while India’s S&P BSE SENSEX gained 0.5%.
The annual wholesale price inflation rate in India declined to 13.93% in July from 15.18% in the previous month.
Broker Recommendation
RBC Capital upgraded Seagen Inc. (NASDAQ:SGEN) from Sector Perform to Outperform and raised the price target from $179 to $188.
Seagen shares fell 1% to close at $168.53 on Monday.
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