A Peek Into The Markets: US Stock Futures Up Ahead Of Initial Jobless Claims Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade ahead of initial jobless claims data. The Dow Jones climbed over 200 points on Wednesday, while the S&P 500 registered another record closing high in the previous session. Investors are awaiting earnings results from Walgreens Boots Alliance Inc WBA, McCormick & Company, Incorporated MKC and Acuity Brands, Inc. AYI

The Challenger job-cut report for June is scheduled for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Analysts expect jobless claims dropping to 395,000 for the June 26 week from 411,000 in the prior week. The Markit manufacturing PMI for June is scheduled for release at 9:45 a.m. ET, while the ISM manufacturing composite index for June and data on construction spending for May will be released at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average gained 130 points to 34,529.00 while the Standard & Poor’s 500 index futures gained 15 points 4,303.50. Futures for the Nasdaq 100 index rose 36.25 points to 14,585.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,664,890 with around 604,710 deaths. India reported a total of at least 30,411,630 confirmed cases, while Brazil confirmed over 18,557,140 cases.

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $75.31 per barrel, while US WTI crude futures rose 1% to trade at $74.21 a barrel. US crude oil inventories fell by 6.718 million barrels in the June 25th week, the Energy Information Administration said Wednesday. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 1.2% and STOXX Europe 600 Index climbed 1.1%. The French CAC 40 Index climbed 1.2%, London’s FTSE 100 gained 1.2% while German DAX 30 gained 1.1%. Italy’s manufacturing PMI edged lower to 62.2 in June from 62.3 in the previous month, while Spain’s manufacturing PMI clmbed to 60.4 in June from 59.4. Retail sales in Germany climbed 4.2% in May.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.29%, while Hong Kong’s Hang Seng Index declined 0.57% and China’s Shanghai Composite Index slipped 0.07%. Australia’s S&P/ASX 200 fell 0.7% and India’s BSE Sensex rose 0.1%. The Caixin China general manufacturing PMI declined to 51.3 in June from 52 in May. Australian trade surplus widened to a record high of AUD 9.68 billion in May versus a revised AUD 8.16 billion in the earlier month, while IHS Markit manufacturing PMI fell to 58.6 in June from May's reading of 60.4. Japan’s manufacturing PMI rose to 52.4 in June from a preliminary reading of 51.5. Indian manufacturing PMI declined to 48.1 in June from 50.8 a month ago.

Breaking News

• Micron Technology, Inc. MU reported better-than-expected results for its third quarter. The company also agreed to sell its Lehi, Utah, fab to Texas Instruments.
• CureVac N.V. CVAC released final data from its Phase 2b/3 trial of its first-generation COVID-19 vaccine candidate.
• Realty Income Corporation O priced an underwritten public offering of 8,000,000 shares of its common stock for expected gross proceeds of around $519 million.
• Alibaba Group Holding BABA is set to make its first big investment since paying a record antitrust fine as part of a crackdown on the Jack Ma-led company, Bloomberg News reported.

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