US Stock Futures Edge Lower; Crude Oil Rises 1%

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade on Wednesday after the Dow Jones dropped over 150 points in the previous session. Investors are awaiting earnings results from Brinker International, Inc. EAT, Salesforce, Inc. CRM and NVIDIA Corporation NVDA.

Data on durable goods orders for July will be released at 8:30 a.m. ET, while the pending home sales index for July is scheduled for release at 10:00 a.m. ET.

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Futures for the Dow Jones Industrial Average dropped 38 points to 32,863.00 while the Standard & Poor’s 500 index futures fell 3.25 points to 4,127.25. Futures for the Nasdaq index fell 9.50 points to 12,887.00.

Oil prices traded higher as Brent crude futures rose 1% to trade at $101.20 per barrel, while US WTI crude futures rose 1% to trade at $94.66 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 95,537,990 with around 1,066,410 deaths. India reported a total of at least 44,368,190 confirmed cases, while France confirmed over 34,387,610 cases.


A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index slipped 0.2%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.3%. The French CAC 40 Index fell 0.2%, while German DAX declined 0.4%.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.49%, China’s Shanghai Composite fell 1.86%, while Hong Kong’s Hang Seng Index fell 1.20%. Australia’s S&P/ASX 200 rose 0.5%, while India’s S&P BSE SENSEX rose 0.2%.

Broker Recommendation

BMO Capital downgraded Bank of Nova Scotia BNS from Outperform to Market Perform.

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Breaking News

  • Toll Brothers, Inc. TOL reported better-than-expected earnings for its third quarter, but lowered its full-year deliveries guidance.
  • A former Twitter Inc's TWTR security chief, in a disclosure to U.S. regulators, alleged that Narendra Modi's government forced the social media giant to put a government agent on the payroll.
  • Nordstrom, Inc. JWN reported better-than-expected results for its second quarter, but lowered its FY22 outlook.
  • The world’s largest cryptocurrency exchange Binance is launching zero-fees trading for Ethereum ETH/USD on its platform.

Check out other breaking news here

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