A Peek Into The Markets: US Stock Futures Mostly Lower; Crude Oil Down

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade after the Dow Jones jumped around 450 points on Friday. Investors are awaiting earnings results from Simulations Plus Inc SLP and VOXX International Corp VOXX.

Federal Reserve Bank of New York President John Williams is set to speak at 9:30 a.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 12:00 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 118 points to 34,633.00 while the Standard & Poor’s 500 index futures fell 7.75 points 4,352.25. Futures for the Nasdaq 100 index gained 29.50 points to 14,840.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,853,940 with around 607,150 deaths. India reported a total of at least 30,874,370 confirmed cases, while Brazil confirmed over 19,089,940 cases.

Oil prices traded higher as Brent crude futures fell 0.7% to trade at $74.94 per barrel, while US WTI crude futures fell 0.9% to trade at $73.90 a barrel. The total number of active U.S. oil rigs rose by 2 to 378 rigs this week, Baker Hughes Inc reported Friday.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index fell 0.4%, London’s FTSE 100 dropped 0.6% while German DAX 30 declined 0.2%. Wholesale prices in Germany surged 10.7% year-over-year in June following a 9.7% rise in April.

Asian markets traded mostly higher today. Japan’s Nikkei 225 jumped 2.25%, while Hong Kong’s Hang Seng Index gained 0.62% and China’s Shanghai Composite Index rose 0.67%. Australia’s S&P/ASX 200 rose 0.8% and India’s BSE Sensex slipped 0.1%. Building permits in Australia declined 7.1% month-over-month to 20,163 units in May. Producer prices in Japan increased 5% annually in June after rising 5.1% a month earlier, while core machinery orders climbed 7.8% in May.

Broker Recommendation

Keybanc maintained Thermo Fisher Scientific Inc. TMO with an Overweight and raised the price target from $520 to $555.

Thermo Fisher Scientific shares fell 0.2% to $516.00 in pre-market trading.

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Breaking News

• Microsoft Corporation MSFT will pay more than $500 million in cash to buy San Francisco cybersecurity software company RiskIQ, Bloomberg reported.
• Energous Corp WATT disclosed that Stephen Rizzone will retire as President and CEO of the company.
• Tesla Inc TSLA’s recently launched Model Y standard variant is receiving a flood of orders in China, cnEVpost reported on Monday, citing Securities Daily.
• GreenBox POS GBOX filed for mixed shelf of up to $250 million, according to SEC filing.

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