A Peek Into The Markets: US Stock Futures Up Ahead Of Jobless Claims Data

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones tumbled more than 300 points in the previous session. Investors are awaiting earnings results from Kellogg Company K Cardinal Health Inc CAH, ViacomCBS Inc. VIAC and Cigna Corporation CI.

The Challenger job-cut report for July is scheduled for release at 7:30 a.m. ET, while data on international trade report for June and initial jobless claims for the latest week will be released at 8:30 a.m. ET. Federal Reserve Governor Christopher Waller is set to speak at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average gained 79 points to 34,769.00 while the Standard & Poor’s 500 index futures rose 11 points to 4,405.75. Futures for the Nasdaq 100 index rose 28.25 points to 15,101.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 35,330,870 with around 614,780 deaths. India reported a total of at least 31,812,110 confirmed cases, while Brazil confirmed over 20,026,530 cases.

Oil prices traded lower as Brent crude futures fell 0.2% to trade at $70.25 per barrel, while US WTI crude futures fell 0.2% to trade at $68.02 a barrel. US crude oil inventories climbed 3.626 million barrels in the recent week, following a 4.089 million decline in the prior period, the Energy Information Administration said Wednesday. The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mixed today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index gained 0.4%. The French CAC 40 Index rose 0.3%, London’s FTSE 100 fell 0.1% while German DAX 30 gained 0.1%. Italy’s construction PMI dropped to 55.8 in July from 57.9 in June. French construction PMI slipped to 48.5 in July from 48.9 in the earlier month, while industrial production increased 0.5% in June. The IHS Markit construction PMI for Germany rose to 47.1 in July versus 47 a month ago, while factory orders rose 4.1% in June.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.52%, Hong Kong’s Hang Seng Index fell 0.83%, while China’s Shanghai Composite Index fell 0.31%. Australia’s S&P/ASX 200 rose 0.1% and India’s BSE Sensex rose 0.5%. Australian trade surplus widened to AUD 10.50 billion in June, with exports jumping 4% and imports rising 1%.

Broker Recommendation

Keybanc downgraded Inogen, Inc. INGN from Overweight to Sector Weight.

Inogen shares fell 6.6% to $76.85 in pre-market trading.

Check out other major ratings here

Breaking News

• Uber Technologies Inc UBER reported a wider loss for its second quarter, while sales exceeded expectations. The company posted an adjusted loss before interest, taxes, depreciation and amortization of $509 million, wider by around $150 million compared to the first quarter.
• Binance, the world’s largest crypto exchange by trading volume, has partnered with Alchemy Pay, the world’s first hybrid fiat and digital currency gateway.
• Booking Holdings Inc BKNG reported a wider-than-expected loss for its second quarter, while sales surpassed estimates.
• The Western Union Co WU reported better-than-expected Q2 results.

Check out other breaking news here