A Peek Into The Markets: US Stock Futures Mostly Higher Ahead Of GDP, Jobless Claims Data

Pre-open movers

U.S. stock futures traded mostly higher in early pre-market trade ahead of earnings from major companies. Investors are awaiting earnings results from Mastercard Inc MA, Merck & Co., Inc. MRK, Comcast Corporation CMCSA and AstraZeneca plc AZN.

Data on initial jobless claims for the latest week and Gross Domestic Product for the second quarter will be released at 8:30 a.m. ET. The pending home sales index for June is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average surged 147 points to 34,981.00 while the Standard & Poor’s 500 index futures rose 8.50 points to 4,402.25. Futures for the Nasdaq 100 index fell 13.75 points to 14,997.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 34,672,820 with around 611,800 deaths. India reported a total of at least 31,528,110 confirmed cases, while Brazil confirmed over 19,797,080 cases.

Oil prices traded higher as Brent crude futures rose 0.5% to trade at $74.23 per barrel, while US WTI crude futures rose 0.7% to trade at $72.87 a barrel. US crude oil inventories dropped 4.089 million barrels in the July 23rd week, following a 2.108 million rise in the prior period, the EIA 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 0.7% and STOXX Europe 600 Index gained 0.4%. The French CAC 40 Index climbed 0.7%, London’s FTSE 100 rose 0.9% while German DAX 30 gained 0.4%. The consumer confidence indicator in the Eurozone was confirmed at -4.4 in July, while services confidence indicator climbed to 19.3 in July. The industry confidence indicator in the Eurozone increased to 14.6 in July. Producer prices in Italy surged 9.1% year-over-year in June. Consumer credit in the UK rose by GBP 0.31 billion in June, while UK factories produced 69,097 cars during June. Spain's unemployment rate fell to 15.26% in the second quarter from 15.98% in the prior three-month period, while annual inflation rate increased to 2.9% in July. French industrial producer increased 1.1% in June, while German unemployment rate stood at 3.7% in June.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.73%, Hong Kong’s Hang Seng Index climbed 3.30%, while China’s Shanghai Composite Index gained 1.49%. Australia’s S&P/ASX 200 gained 0.5% and India’s BSE Sensex rose 0.4%. Australia's import prices increased by 1.9% quarter-on-quarter during the second quarter, while export prices rose 13.2%.

Broker Recommendation

DZ Bank upgraded Tesla, Inc. TSLA from Sell to Buy and announced a $750 price target..

Tesla shares rose 0.9% to $652.57 in pre-market trading.

Check out other major ratings here

Breaking News

Facebook Inc FB reported better-than-expected earnings for its second quarter. The company saw its daily active users grow 7% year-over-year to 1.91 billion in the quarter. Monthly active users increased 7% to 2.9 billion. Facebook said its third- and fourth-quarter revenue growth rates could decelerate “significantly” due to going against tough comp periods from the prior year.
M.D.C. Holdings, Inc. MDC posted upbeat earnings for its second quarter.
QUALCOMM Incorporated QCOM reported better-than-expected Q3 results and issued strong Q4 earnings guidance.
Ford Motor Company F reported a surprise profit for the second quarter, while sales also exceeded market estimates. The company also raised its profit guidance for the year.