A Peek Into The Markets: US Stock Futures Mixed After S&P 500 Hits New High

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade. The Dow Jones dropped 150 points, while the S&P 500 and Nasdaq surged to record highs on Monday. Investors are awaiting earnings results from FactSet Research Systems Inc. FDS, AeroVironment, Inc. AVAV and Enerpac Tool Group Corp EPAC

The S&P CoreLogic Case-Shiller home price index and the FHFA house price index for April will be released at 9:00 a.m. ET. The Conference Board’s consumer confidence index for June will be released at 10:00 a.m. ET. Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 9:00 a.m. ET.

Futures for the Dow Jones Industrial Average gained 40 points to 34,204.00 while the Standard & Poor’s 500 index futures fell 1.75 points at 4,278.75. Futures for the Nasdaq 100 index fell 21.50 points to 14,491.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,640,570 with around 604,110 deaths. India reported a total of at least 30,316,890 confirmed cases, while Brazil confirmed over 18,448,400 cases.

Oil prices traded lower as Brent crude futures fell 0.3% to trade at $73.95 per barrel, while US WTI crude futures fell 0.2% to trade at $72.79 a barrel. The American Petroleum Institute’s report on crude oil stocks is scheduled for release at 4:30 p.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.1% and STOXX Europe 600 Index climbed 0.3%. The French CAC 40 Index rose 0.3%, London’s FTSE 100 gained 0.3% while German DAX 30 rose 0.6%. Spain's consumer price inflation rate fell to 2.6% year-over-year in June from 2.7% a month ago, while retail sales climbed 19.6% from a year ago in May. French consumer confidence rose to 102 in June from 98 in the prior month. Annual house price growth in the UK increased to 13.4% in June. Consumer credit in the UK rose by GBP 0.28 billion in May, while the country’s factories produced 54,962 cars during May compared to 5,314 in the year-ago period.

Asian markets traded lower today. Japan’s Nikkei 225 fell 0.81%, while Hong Kong’s Hang Seng Index declined 0.94% and China’s Shanghai Composite Index fell 0.92%. Australia’s S&P/ASX 200 fell 0.1% and India’s BSE Sensex fell 0.3%. Retail sales in Japan climbed 8.2% year-over-year in May, while unemployment rate increased to 3.0% in May from 2.8% a month ago.

Broker Recommendation

Keybanc downgraded Berkeley Lights, Inc. BLI from Overweight to Sector Weight.

Berkeley Lights shares rose 2.3% to close at $49.19 on Monday.

Check out other major ratings here

Breaking News

• Herman Miller, Inc. MLHR reported better-than-expected results for its fourth quarter. However, the company issued weak earnings forecast for the current quarter..
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• PLBY Group, Inc. PLBY announced plans to buy lingerie retailer Honey Birdette for more than $300 million, according to Dow Jones.
• Hemp wellness company Vertical Wellness and hemp products and services provider CanaFarma Hemp Products Corp. CNFHF are merging to create an industry leader.

Check out other breaking news here