A Peek Into The Markets: US Stock Futures Edge Higher After S&P 500, Nasdaq Hit Record Highs

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the S&P and the Nasdaq hit record closing highs in the previous session following comments from Fed Chair Jerome Powell. Investors are also awaiting earnings results from Zoom Video Communications Inc ZM, Catalent Inc CTLT and Nordson Corporation NDSN.

The pending home sales index for July is scheduled for release at 10:00 a.m. ET, while the Dallas Fed manufacturing index for August will be released at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 18 points to 35,421.00 while the Standard & Poor’s 500 index futures gained 3.25 points to 4,508.75. Futures for the Nasdaq 100 index rose 21.75 points to 15,448.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 38,798,960 with around 637,530 deaths. India reported a total of at least 32,737,930 confirmed cases, while Brazil confirmed over 20,741,810 cases.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $71.37 per barrel, while US WTI crude futures fell 1% to trade at $68.07 a barrel. US natural-gas supplies rose 29 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 mostly higher today. The Spanish Ibex Index fell 0.2% and STOXX Europe 600 Index gained 0.1%. The French CAC 40 Index rose 0.1%, London’s FTSE 100 rose 0.3% while German DAX 30 gained 0.2%. The economic sentiment indicator in the Eurozone declined to 117.5 in August versus an all-time high of 119.0 a month ago. Spain's consumer price inflation increased to 3.3% year-over-year in August from 2.9% in the prior month.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.54%, Hong Kong’s Hang Seng Index gained 0.52%, while China’s Shanghai Composite Index gained 0.17%. Australia’s S&P/ASX 200 rose 0.22% and India’s BSE Sensex rose 1.2%. Corporate profits in Australia jumped 7.1% quarter-over-quarter in the second quarter, while business inventories increased 0.2% quarter-on-quarter in the second quarter. Retail sales in Japan surged 2.4% year-over-year in July, beating market estimates of 2.1%.

Broker Recommendation

Baird downgraded Capital One Financial Corporation COF from Neutral to Underperform and announced a $145 price target.

Capital One Financial shares fell 0.9% to $174.19 in pre-market trading.

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Breaking News

• Affirm Holdings Inc AFRM announced a partnership with Amazon.com Inc. AMZN.
• Ideanomics, Inc. IDEX agreed to acquire VIA Motors International, Inc. in an all-stock transaction valued at up to $630 million.
• Astra Space Inc ASTR said over the weekend that it failed to accomplish all mission objectives related to a test launch of its space vehicle LV0006.
• After the US paused distribution of Eli Lilly And Co LLY's COVID-19 antibody therapies in June, the pharmaceutical company says those therapies are once again being distributed.

Check out other breaking news here