A Peek Into The Markets: US Stock Futures Edge Higher; Adobe Profit Beats Views

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Wall Street closed mixed in the previous session. Initial jobless claims increased to 412 thousand last week, recording the first rise in more than one month.

Futures for the Dow Jones Industrial Average gained 11 points to 33,816.00 while the Standard & Poor’s 500 index futures rose 0.50 points at 4,222.75. Futures for the Nasdaq 100 index rose 33.50 points to 14,199.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,508,900 with around 600,930 deaths. India reported a total of at least 29,762,790 confirmed cases, while Brazil confirmed over 17,702,630 cases.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $72.72 per barrel, while US WTI crude futures fell 0.4% to trade at $70.79 a barrel. US natural-gas supplies rose 16 billion cubic feet last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.5% and STOXX Europe 600 Index fell 0.2%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 fell 0.4% while German DAX 30 dropped 0.3%. Producer prices in Germany surged 7.2% year-over-year in May, recording the strongest growth since October 2008. UK’s retail sales fell 1.4% in May versus a 9.2% rise in April, while construction output in Italy rose 60.2% year-over-year in April. The Eurozone current account surplus increased to EUR 31.4 billion in April from EUR 12.1 billion in the year-ago month.

Asian markets traded mostly lower today. Japan’s Nikkei 225 dropped 0.19%, while Hong Kong’s Hang Seng Index rose 0.85% and China’s Shanghai Composite Index slipped 0.01%. Australia’s S&P/ASX 200 gained 0.1% and India’s BSE Sensex fell 0.3%. The Bank of Japan held its key short-term interest rate at -0.1% during its June meeting. Consumer prices in Japan slipped 0.1% year-over-year in May.

Breaking News

• Adobe Inc ADBE reported upbeat results for its second quarter and issued strong guidance for the current quarter.
• Hydrofarm Holdings Group Inc HYFM announced plans to acquire Aurora Innovations, Inc. and its organic nutrients and grow media operations.
• Smith & Wesson Brands Inc SWBI posted better-than-expected results for its fourth quarter. The company reported a $50 million buyback program and also boosted its quarterly dividend from $0.05 to $0.08 per share.
• Advanced Micro Devices, Inc AMD and Alphabet Inc GOOGL GOOG subsidiary Google announced the launch of T2D on Thursday.

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