A Peek Into The Markets: US Stock Futures Gain Ahead Of Fed Speakers

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. Data on motor vehicle sales for August will be released today. International trade report for July is schedule for release at 8:30 a.m. ET. New York Federal Reserve Bank President John Williams is set to speak in in New York at 9:30 a.m. ET, while Dallas Federal Reserve Bank President Robert Kaplan will speak in Toronto, Canada at 10:00 a.m. ET. Federal Reserve Member of the Board of Governors Michelle Bowman is set to speak in St.Louis, Missouri at 12:30 p.m. ET, while St. Louis Federal Reserve Bank President James Bullard will speak in St. Louis, Missouri at 12:30 p.m. ET. Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in a livestreamed event at 1:00 p.m. ET, while Chicago Federal Reserve Bank President Charles Evans will speak in Detroit, Michigan at 3:15 p.m. ET. The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 193 points to 26,315 while the Standard & Poor’s 500 index futures rose 21.6 points to 2,927.50. Futures for the Nasdaq 100 index surged 76 points to 7,693.50.

Oil prices traded higher as Brent crude futures rose 0.7% to trade at $58.64 per barrel, while US WTI crude futures rose 1% to trade at $54.49 a barrel.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.7%, STOXX Europe 600 Index climbing 0.8% and German DAX 30 index gaining 1%. The UK's FTSE index was trading higher by 0.3%, while French CAC 40 Index rose 1%.

In Asian markets, Japan’s Nikkei Stock Average rose 0.12%, Hong Kong’s Hang Seng Index gained 3.9%, China’s Shanghai Composite Index rose 0.93% and India’s BSE Sensex rose 0.44%.

Broker Recommendation

Analysts at UBS downgraded eBay Inc EBAY from Buy to Neutral and announced a $42 price target.

eBay shares fell 0.3% to $39.62 in pre-market trading.

Breaking News

• Navistar International Corp NAV reported better-than-expected Q3 results.
• Michaels Companies Inc MIK reported stronger-than-expected results for its second quarter.
• Tyson Foods, Inc. TSN lowered its earnings forecast for 2019. Tyson now expects adjusted earnings of $5.30 to $5.70 per share, versus a previous outlook of $5.75 to $6.10 per share.
• Coupa Software Inc COUP reported upbeat sales for its second quarter and issued strong third-quarter sales guidance.