A Peek Into The Markets: US Stock Futures Down Following Thursday's Sell-Off

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after recording a decline in the previous session. Investors are awaiting earnings results from Verizon Communications Inc. VZ, American Express Company AXP, Schlumberger NV SLB and Honeywell International Inc. HON. The flash Composite Purchasing Managers' Index for July is scheduled for release at 9:45 a.m. ET, while data on new home sales for June is scheduled for release at 10:00 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 4,038,860 with around 144,300 deaths. Brazil confirmed over 2,287,470 cases, while India reported a total of at least 1,288,100 confirmed cases.

Futures for the Dow Jones Industrial Average dropped 98 points to 26,445 while the Standard & Poor’s 500 index futures traded fell 12.35 points to 3,215.25. Futures for the Nasdaq 100 index declined 114.25 points to 10,434.00.

Oil prices traded higher as Brent crude futures rose 0.6% to trade at $43.58 per barrel, while US WTI crude futures rose 0.8% to trade at $41.39 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.4% and STOXX Europe 600 Index dropping 1.8%. The UK's FTSE index was trading lower by 1.4%, while French CAC 40 Index fell 1.7% and German DAX 30 declined 1.8%.

In Asian markets, Japan’s Nikkei fell 0.58%, Hong Kong’s Hang Seng Index declined 2.21%, China’s Shanghai Composite Index dipped 3.86% and India’s BSE Sensex fell 0.1%.

Broker Recommendation

Analysts at Piper Sandler downgraded Seattle Genetics, Inc. SGEN from Overweight to Neutral and raised the price target from $155 to $165.

Seattle Genetics shares fell 2.2% to close at $172.90 on Thursday.

Breaking News

• Intel Corporation INTC reported better-than-expected results for its second quarter, but announced delay in its 7-nanometer chip release.
• NRG Energy Inc NRG announced plans to purchase Centrica’s business in the United States for $3.6 billion in cash.
• Skechers USA Inc SKX reported a narrower-than-expected loss for its second quarter.
• Edwards Lifesciences Corp. EW reported upbeat results for its second quarter on Thursday.