A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of CPI

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade. The Consumer Price Index for April is schedule for release at 8:30 a.m. ET. Federal Reserve Member of the Board of Governors Lael Brainard is set to speak in Washington, DC at 8:30 a.m. ET, while Atlanta Federal Reserve Bank President Raphael Bostic will speak in Meridian, MS at 9:05 a.m. ET. New York Federal Reserve Bank President John Williams is set to speak in Bronx, NY at 10:00 a.m. ET. The U.S. Treasury budget report for April will be released at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 17 points to 25,781.00, while the Standard & Poor’s 500 index futures fell 8.2 points to 2,865.75. Futures for the Nasdaq 100 index fell 15.25 points to 7,584.75.

Oil prices traded higher as Brent crude futures rose 0.6 percent to trade at $70.79 per barrel, while US WTI crude futures gained 0.6 percent to trade at $62.08 a barrel. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.8 percent, STOXX Europe 600 Index gained 0.8 percent and German DAX 30 index gained 1.2 percent. The UK's FTSE index was trading higher by 0.6 percent, while French CAC 40 Index rose 0.9 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.27 percent, Hong Kong’s Hang Seng Index gained 0.84 percent, China’s Shanghai Composite Index rose 3.1 percent and India’s BSE Sensex slipped 0.26 percent.

Broker Recommendation

Analysts at Bank of America upgraded Ford Motor Company F from Neutral to Buy.

Ford shares rose 2.7 percent to $10.47 in pre-market trading.

Breaking News

• Marriott International Inc MAR reported upbeat earnings for its first quarter, while sales missed views.
• JD.Com Inc JD announced better-than-expected results for its first quarter.
• GoPro Inc GPRO reported better-than-expected earnings for its first quarter.
• Symantec Corporation SYMC reported downbeat sales for its fourth quarter and issued Q1 earnings guidance below analyst estimates. Symantec disclosed that its President and CEO Greg Clark is stepping down.