U.S. Stock Futures Edge Higher Ahead of Jobless Claims Data

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade on Thursday after the Dow Jones jumped over 400 points in the previous session. Investors are awaiting earnings results from Alibaba Group Holding Limited BABA, Eli Lilly and Company LLY, Kellogg Company K and Block, Inc. SQ.

The Challenger job-cut report for July is scheduled for release at 7:30 a.m. ET, while data on international trade and initial jobless claims will be released at 8:30 a.m. ET. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 12:00 p.m. ET.

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Futures for the Dow Jones Industrial Average gained 20 points to 32,790.00 while the Standard & Poor’s 500 index futures rose 4 points to 4,160.25. Futures for the Nasdaq index rose 13.50 points to 13,285.00.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $97.13 per barrel, while US WTI crude futures rose 0.6% to trade at $91.21 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released at 10:30 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 93,593,210 with around 1,057,230 deaths. India reported a total of at least 44,087,030 confirmed cases, while France confirmed over 33,960,130 cases.

A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index rose 0.3%, London’s FTSE 100 slipped 0.1% while Spain’s IBEX 35 Index rose 0.4%. The French CAC 40 Index rose 0.6%, while German DAX gained 0.9%.

The S&P Global Eurozone construction PMI dropped to 45.7 in July from 47.0 in the previous month. UK new car registrations dropped 9% year-over-year to 121,162 units in July, while construction PMI declined to 48.9 in July from 52.6 in June. The S&P Global Italian construction PMI declined to 46.2 in July from 50.4 in the previous month, while French construction PMI climbed to 48.6 from 46.4. The S&P Global German construction PMI declined to 43.7 in July from 45.9 in June, while factory orders in Germany fell 0.4% month-over-month in June.

Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.69%, while China’s Shanghai Composite rose 0.80% and Hong Kong’s Hang Seng Index jumped 2.06%. Australia’s S&P/ASX 200 slipped 0.01%, while India’s S&P BSE Sensex slipped 0.1%.

Australian trade surplus widened to AUD 17.67 billion in June from a revised AUD 15.02 billion in the prior month. Exports of goods and services from Australia climbed 5.1%, while imports rose 0.7% month-over-month in June.

Broker Recommendation

Keybanc downgraded Ping Identity Holding Corp. PING from Overweight to Sector Weight.

Ping Identity shares fell 0.8% to $27.85 in pre-market trading.

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Breaking News

• eBay Inc. EBAY reported upbeat earnings and sales results for its second quarter on Wednesday. The company also said it sees full fiscal year revenue coming in a range of $9.6 billion to $9.9 billion versus a Street estimate of $9.68 billion. Full-year earnings per share are guided for a range of $3.95 to $4.10 versus a Street estimate of $3.98.
• SoftBank Group Corp SFTBY has raised $22 billion in cash through deals that would significantly trim its stake in Alibaba Group Holding Ltd. BABA over the coming years, reported Financial Times.
• Booking Holdings Inc. BKNG reported better-than-expected earnings for its second quarter. Although revenue nearly doubled year-over-year to $4.29 billion, but it still missed the consensus of $4.33 billion.
• Cigna Corporation CI reported upbeat earnings for its second quarter.

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