A Peek Into The Markets: US Stock Futures Down; Amazon Reports Downbeat Q2 Revenue

Pre-open movers

U.S. stock futures traded lower in early pre-market trade after the Dow Jones jumped over 150 points in the previous session. Investors are awaiting earnings results from Procter & Gamble Co PG, Caterpillar Inc. CAT, Exxon Mobil Corporation XOM and Charter Communications, Inc. CHTR.

Data on personal income and outlays for June and the employment cost index for the second quarter will be released at 8:30 a.m. ET. The Chicago PMI for July is scheduled for release at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for July will be released at 10:00 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 9:00 a.m. ET, while Federal Reserve Governor Lael Brainard will speak at 8:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 124 points to 34,850.00 while the Standard & Poor’s 500 index futures fell 29.75 points to 4,382.00. Futures for the Nasdaq 100 index fell 175.25 points to 14,862.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 34,751,030 with around 612,120 deaths. India reported a total of at least 31,572,340 confirmed cases, while Brazil confirmed over 19,839,360 cases.

Oil prices traded slightly lower as Brent crude futures fell 0.2% to trade at $74.99 per barrel, while US WTI crude futures fell 0.1% to trade at $73.54 a barrel. US natural-gas supplies climbed 36 billion cubic feet last week, the Energy Information Administration said Thursday. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today. The Spanish Ibex Index fell 0.6% and STOXX Europe 600 Index declined 0.4%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 fell 0.6% while German DAX 30 declined 0.8%. Spain's gross domestic product grew 2.8% on quarter during the three months to June following a 0.4% contraction in the prior period. French consumer price inflation rate eased to 1.2% in July from 1.5% a month ago, while the country’s economy expanded 0.9% quarter-on-quarter in the second quarter. German economy expanded by 1.5% on quarter in the second quarter, following a revised 2.1% contraction in the prior three-month period. Italy's gross domestic product expanded by 2.7% on quarter during the three months to June, while unemployment rate dropped to 9.7% in June.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.80%, Hong Kong’s Hang Seng Index fell 1.35%, while China’s Shanghai Composite Index dropped 0.42%. Australia’s S&P/ASX 200 fell 0.3% and India’s BSE Sensex rose 0.5%. Retail sales in Japan rose 0.1% year-over-year in June, while housing starts climbed 7.3% year-over-year in June. Industrial production in Japan increased 6.2% in June, while unemployment rate slipped to 2.9% in June. Australian producer price index rose by 0.7% qoq in the second quarter.

Broker Recommendation

BTIG initiated coverage on Riot Blockchain, Inc. RIOT with a Buy rating and announced a price target of $45.

Riot Blockchain shares fell 2.5% to $31.10 in pre-market trading.

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Breaking News

• Amazon.com, Inc. AMZN reported better-than-expected earnings for its second quarter, while sales missed expectations. The company also issued weak sales forecast for the current quarter.
• Pinterest Inc PINS reported upbeat earnings and sales results for its second quarter on Thursday. However, the company reported weaker-than-expected growth in monthly active users and issued bearish revenue forecast for the third quarter.
• Tesla Inc TSLA will pay $1.5 million in settlement over claims a software update temporarily reduced maximum battery charging speed, capacity and range temporarily in 1,743 Model S sedans, Reuters reported.
• T-Mobile US, Inc. TMUS posted upbeat results for its second quarter and also raised its FY21 core adjusted EBITDA guidance.

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