A Peek Into The Markets: US Stock Futures Mostly Flat Ahead Of Services PMI

Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade. The Dow Jones jumped more than 150 points on Friday after the US economy added 850,000 jobs in June.

US Services Purchasing Managers' Index for June is scheduled for release at 9:45 a.m. ET, while the ISM's services index for June will be released at 10:00 a.m. ET. The ISM’s index is likely to hold roughly steady at 63.5 in June from prior reading of 64.

Futures for the Dow Jones Industrial Average fell 3 points to 34,674.00 while the Standard & Poor’s 500 index futures slipped 1.75 points 4,341.00. Futures for the Nasdaq 100 index fell 3.50 points to 14,710.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,723,150 with around 605,560 deaths. India reported a total of at least 30,619,930 confirmed cases, while Brazil confirmed over 18,792,510 cases.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $77.34 per barrel, while US WTI crude futures rose 1.6% to trade at $76.33 a barrel. The total number of active U.S. oil rigs rose by 4 to 376 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.4% and STOXX Europe 600 Index rose 0.1%. The French CAC 40 Index dropped 0.4%, London’s FTSE 100 slipped 0.1% while German DAX 30 declined 0.4%. The IHS Markit Eurozone construction PMI came in unchanged at 50.3 for June. The ZEW Indicator of Economic Sentiment for the Eurozone dropped 20.1 points to a reading of 61.2 in July, while retail sales rose 4.6% in May. German factory orders declined 3.7% in May versus a revised 1.2% growth in April, while ZEW Indicator of Economic Sentiment fell 16.5 points to 63.3 in July. The UK’s construction PMI climbed to 66.3 in June. The IHS Markit construction PMI for France dropped to 48.9 in June from 51.1 a month ago. Spain's industrial production surged 26.0% year-over-year in May.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.16%, while Hong Kong’s Hang Seng Index declined 0.25% and China’s Shanghai Composite Index declined 0.11%. Australia’s S&P/ASX 200 fell 0.7% and India’s BSE Sensex rose 0.1%. The Reserve Bank of Australia held its cash rate at a record low level of 0.1% during its recent meeting, but announced plans to gradually withdraw its emergency policy support. The IHS Markit Hong Kong PMI dropped to 51.4 in June from 52.5 in May. Household spending in Japan surged 11.6% year-over-year, while Average cash earnings increased by 1.9% in May.

Broker Recommendation

Piper Sandler initiated coverage on monday.com Ltd. MNDY with an Overweight rating and announced a price target of $260.

monday.com shares fell 0.3% to close at $229.23 on Friday.

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Breaking News

• Jeff Bezos stepped down from the role of Amazon Inc. AMZN CEO exactly 27 years after he founded the e-commerce and cloud services giant on July 5, 1994.
• Apple Inc AAPL supplier Foxconn reported a sharp year-over-year rise in second-quarter revenue despite two back-to-back months of decline as the pandemic induced demand for work-and-learn from home devices remains robust amid supply global semiconductor shortages.
• AngloGold Ashanti Limited AU named Alberto Calderon as its new chief executive officer.
• Tesla Inc TSLA CEO Elon Musk on Monday said the updated version of the electric vehicle maker’s full self-driving software release will carry a fresh user interface as well.

Check out other breaking news here