A Peek Into The Markets: US Stock Futures Mostly Lower; Crude Oil Tumbles 4%

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade after the Dow Jones jumped more than 100 points in the previous session following the release of strong jobs report. Investors are awaiting earnings results from DISH Network Corp DISH US Foods Holding Corp USFD, Tyson Foods, Inc. TSN and AECOM ACM.

The Labor Department's JOLTS report for June is scheduled for release at 10:00 a.m. ET. Analysts expect job openings increasing to 9.285 in June versus May's level of 9.209 million. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 10:10 a.m. ET, while Federal Reserve Bank of Richmond President Thomas Barkin will speak at 11:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 87 points to 35,004.00 while the Standard & Poor’s 500 index futures fell 7 points to 4,422.50. Futures for the Nasdaq 100 index rose 6.25 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 35,763,970 with around 616,820 deaths. India reported a total of at least 31,969,950 confirmed cases, while Brazil confirmed over 20,165,670 cases.

Oil prices traded lower as Brent crude futures fell 3.9% to trade at $67.97 per barrel, while US WTI crude futures dipped 4.1% to trade at $65.47 a barrel. US oil rigs rose by 2 to 387 rigs this week, Baker Hughes Inc said Friday.

A Peek Into Global Markets

European markets were mostly flat today. The Spanish Ibex Index fell 0.1% and STOXX Europe 600 Index rose 0.1%. The French CAC 40 Index rose 0.2%, London’s FTSE 100 fell 0.2% while German DAX 30 slipped 0.1%. Germany's trade surplus increased to EUR 16.3 billion in June from EUR 15.4 billion in the year-ago period, while current account surplus widened to EUR 22.5 billion from EUR 20.3 billion.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.33%, Hong Kong’s Hang Seng Index rose 0.30%, while China’s Shanghai Composite Index climbed 1.05%. India’s BSE Sensex fell 0.2%. China's annual inflation rate edged lower to 1.0% in July compared to 1.1% a month ago. The country’s producer prices surged 9.0% year-over-year in July, while trade surplus shrank to $56.58 billion in July from $60.5 billion in the year-ago month. Foreign exchange reserves in China rose to $3.236 trillion in July from $3.214 trillion in June.

Broker Recommendation

Keybanc downgraded Werner Enterprises, Inc. WERN from Overweight to Sector Weight.

Werner Enterprises shares rose 0.7% to close at $45.34 on Friday.

Check out other major ratings here

Breaking News

• Veoneer Inc. VNE announced plans to begin discussions with Qualcomm Inc. QCOM after the chipmaker issued a $4.6 billion takeover bid. Qualcomm is offering $37 per share, an 18% premium as compared to Magna’s bid of $31.25 per share. The boards of both Veoneer and Magna unanimously approved a potential $3.8 billion deal last month.
• Nio Inc's NIO former senior vice president Charles Huang Chendong, who left the electric company last year, has launched his own electric commercial vehicle company, Newrizon Inc, cnEVpost reported on Monday.
• Tesla Inc TSLA is reinforcing the face-mask wearing requirement at its Nevada gigafactory starting Monday, The Wall Street Journal reported on Sunday.
• Saudi Aramco, the world's largest oil exporter, reported that its net profit jumped to $25.5 billion during the second quarter, up from $6.6 billion in the year-ago quarter.

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