US Stock Futures Mixed Ahead Of Jobless Claims, Powell Testimony

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade after the Dow Jones dropped around 50 points in the previous session. Investors are awaiting earnings results from Accenture plc ACN, FedEx Corporation FDX and Darden Restaurants, Inc. DRI.

Fed chief Jerome Powell is scheduled to testify before the House Financial Services Committee at 10:00 a.m. ET. Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Analysts expect jobless claims declining to 225,000 for the June 18 week from 229,000 in the previous week. The current account report for the first quarter is scheduled for release at 8:30 a.m. ET, while the flash Composite Purchasing Managers' Index for June will be released at 9:45 a.m. ET. The Kansas City Fed manufacturing index for June is scheduled for release at 11:00 a.m. ET.

Check out this: 5 Stocks To Watch For June 23, 2022: FedEx, Accenture And More

Futures for the Dow Jones Industrial Average dropped 111 points to 30,360.00 while the Standard & Poor’s 500 index futures fell 6.75 points to 3,756.00. Futures for the Nasdaq index rose 20.25 points to 11,586.00.

Oil prices traded lower as Brent crude futures fell 2.3% to trade at $106.17 per barrel, while US WTI crude futures fell 2.4% to trade at $103.65 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 88,443,390 with around 1,039,770 deaths. India reported a total of at least 43,347,590 confirmed cases, while Brazil confirmed over 31,894,500 cases.

A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index declined 1.1%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index fell 0.9%. The French CAC 40 Index fell 1.2%, while German DAX dipped 1.3%. The S&P Global Eurozone manufacturing PMI declined to 52 in June from 54.6 in May, while services PMI fell to 52.8 in June from 56.1. The S&P Global France services PMI fell to 54.4 in June from 58.3 in May, while manufacturing PMI dropped to a 19-month low of 51 in June. German manufacturing PMI declined to a 23-month low of 52 in June, while services PMI slipped to 52.4 from 55. The UK’s composite PMI came in at 53.1 in June, unchanged from May.

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.08%, China’s Shanghai Composite gained 1.2% and Hong Kong’s Hang Seng Index gained 1.26%. Australia’s S&P/ASX 200 rose 0.3%, while India’s S&P BSE Sensex rose 0.5%. The au Jibun Bank Japanese manufacturing PMI fell to 52.7 in May from a final reading of 53.3 a month ago, while services PMI rose to 54.2 in June. The S&P Global Flash Australia’s composite PMI fell to 52.6 in June from a final reading of 52.9 in the previous month.

Broker Recommendation

Wolfe Research downgraded The Travelers Companies, Inc. TRV from Outperform to Peer Perform and lowered the price target from $185 to $156.

Travelers shares rose 0.3% to close at $163.15 on Wednesday.

Check out this: Jobless Claims, Powell Testimony And Other Macro Issues For Thursday

Breaking News

• Steelcase Inc. SCS reported upbeat results for its first quarter. The company also said it expects Q2 revenue of $875 million - $900 million, and adjusted earnings per share of $0.11 - $0.15.
• Coinbase Global Inc COIN plans to phase out Coinbase Pro, its trading platform targeted at more advanced traders.
• KB Home KBH reported stronger-than-expected earnings for its second quarter. The company also said it sees FY22 housing revenues of 7.30 billion to $7.50 billion, versus prior expectations of $7.20 billion to $7.60 billion.
• Xenon Pharmaceuticals Inc XENE announced an underwritten public offering of its common shares.

Check out other breaking news here