A Peek Into The Markets: US Stock Futures Up Ahead Of Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade as the Dow Jones surged around 550 points in the previous session. Investors are awaiting earnings results from Verizon Communications Inc. VZ, Johnson & Johnson JNJ, Coca-Cola Co KO and Anthem, Inc. ANTM.

Futures for the Dow Jones Industrial Average jumped 200 points to 34,600.00 while the Standard & Poor’s 500 index futures rose 19 points to 4,334.50. Futures for the Nasdaq 100 index rose 15.50 points to 14,738.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 34,174,770 with around 609,520 deaths. India reported a total of at least 31,216,330 confirmed cases, while Brazil confirmed over 19,419,430 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $69.88 per barrel, while US WTI crude futures gained 0.7% to trade at $67.68 a barrel. The American Petroleum Institute, on Tuesday, said crude oil inventories in the US rose 0.806 million barrels for the week ending July 16. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 1.7% and STOXX Europe 600 Index climbed 1.1%. The French CAC 40 Index climbed 1.1%, London’s FTSE 100 gained 1.5% while German DAX 30 gained 0.4%. Public sector net borrowing in the UK fell to GBP 22.8 billion in June.

Asian markets traded mostly higher today. Japan’s Nikkei 225 gained 0.58%, while Hong Kong’s Hang Seng Index fell 0.10% and China’s Shanghai Composite Index gained 0.73%. Australia’s S&P/ASX 200 rose 0.78% and India’s BSE Sensex fell 0.7%. Retail sales in Australia fell 1.8% in July, versus analysts’ estimates of a 0.4% decline. The Westpac-Melbourne Institute Leading Economic Index for Australia slipped 0.07% in June. Japan reported a trade surplus of JPY 383.18 billion in June versus a JPY 290.95 billion deficit in the year-ago period.

Broker Recommendation

Keybanc maintained Chipotle Mexican Grill, Inc. CMG with an Overweight and raised the price target from $1800 to $1850.

Chipotle shares rose 5.4% to $1,660.00 in pre-market trading.

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Breaking News

• Netflix Inc NFLX reported downbeat earnings for its second quarter, while sales exceeded estimates. Netflix added 1.54 million paid subscribers in the quarter, up 8.4% year over year. The company finished the quarter with over 209 million paid subscribers and confirmed its much-anticipated move into video games.
• Chipotle Mexican Grill, Inc. CMG reported stronger-than-expected results for its second quarter. The company also said Q2 comparable restaurant sales surged 31.2% year over year.
• Intuitive Surgical, Inc. ISRG reported better-than-expected Q2 results.
• Novartis AG NVS reported upbeat earnings for its second quarter and reiterated its 2021 guidance.

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