A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of PMI Data, Fed Speakers

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Nasdaq surged more than 100 points in the previous session. Investors are awaiting earnings results from Winnebago Industries, Inc. WGO, Patterson Companies, Inc. PDCO and KB Home KBH

The current account report for the first quarter will be released at 8:30 a.m. ET, while the flash Composite Purchasing Managers' Index for June is scheduled for release at 9:45 a.m. ET. Data on new home sales for May will be released at 10:00 a.m. ET. Fed Governor Michelle Bowman is set to speak at 9:10 a.m. ET, while Raphael Bostic, Federal Reserve Bank of Atlanta president will speak at 11:10 a.m. ET. Federal Reserve Bank of Boston President Eric Rosengren is set to speak at 4:30 p.m. ET.

Futures for the Dow Jones Industrial Average gained 42 points to 33,877.00 while the Standard & Poor’s 500 index futures rose 2.25 points at 4,238.50. Futures for the Nasdaq 100 index rose 7 points to 14,265.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,565,290 with around 602,460 deaths. India reported a total of at least 30,028,700 confirmed cases, while Brazil confirmed over 18,054,650 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $74.70 per barrel, while US WTI crude futures rose 0.4% to trade at $73.34 a barrel. The American Petroleum Institute, late Tuesday, reported a decline of 7.199 million barrels in crude oil inventories for the week ending June 18. The Energy Information Administration’s weekly report on petroleum inventories is scheduled for released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index rose 0.1% and STOXX Europe 600 Index fell 0.2%. The French CAC 40 Index fell 0.4%, London’s FTSE 100 rose 0.1% while German DAX 30 fell 0.4%. The IHS Markit Eurozone manufacturing PMI came in unchanged at 63.1 in June, while services PMI climbed to 58.0 in June. Germany’s composite PMI increased to 60.4 in June, recording its strongest reading since March 2011. French composite PMI increased to 57.1 in June from 57 in May

Asian markets traded mixed today. Japan’s Nikkei 225 slipped 0.03%, while Hong Kong’s Hang Seng Index climbed 1.79% and China’s Shanghai Composite Index gained 0.25%. Australia’s S&P/ASX 200 fell 0.6% and India’s BSE Sensex slipped 0.1%. Japan’s index of leading economic indicators in Japan rose to 103.8 in April from the preliminary reading of 103.0, while index of coincident economic indicators rose to 95.3 in April from a final reading of 92.9 a month ago. The au Jibun Bank Japan’s composite PMI dropped to 47.8 in June from a final level of 48.8 a month ago. Australian composite PMI fell to 56.1 in June from 58.0 in the earlier month.

Broker Recommendation

JP Morgan downgraded RPM International Inc. RPM from Neutral to Underweight and announced a $90 price target.

RPM International shares fell 1.1% to $88.83 in pre-market trading.

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Breaking News

• Second Sight Medical Products, Inc. EYES reported the pricing of its underwritten public offering of 10,000,000 shares at $5.00 per share.
• Xpeng Inc. XPEV has received approval from the Hong Kong stock exchange for a dual primary listing in the city, Bloomberg reported — citing people with knowledge of the matter..
• BioXcel Therapeutics Inc BTAI reported a $100 million common stock offering.
• IHS Markit Ltd INFO reported upbeat results for its second quarter.

Check out other breaking news here