U.S. Stock Futures Lower After S&P 500, Nasdaq Record Gains For 4th Consecutive Week

Pre-open movers

U.S. stock futures traded lower in early pre-market trade on Friday after recording gains in the previous session. Investors are awaiting earnings results from Tencent Music Entertainment Group TME and Ferroglobe PLC GSM.

The Empire State manufacturing index for August is scheduled for release at 8:30 a.m. ET, while the housing market index for August will be released at 10:00 a.m. Federal Reserve Governor Christopher Waller is set to speak at 10:50 a.m. ET. The Treasury International Capital report for June will be released at 4:00 p.m. ET.

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Futures for the Dow Jones Industrial Average dropped 125 points to 33,593.00 while the Standard & Poor’s 500 index futures fell 18.75 points to 4,262.25. Futures for the Nasdaq index fell 66.50 points to 13,511.25.

Oil prices traded lower as Brent crude futures fell 2.5% to trade at $95.68 per barrel, while US WTI crude futures fell 2.6% to trade at $89.69 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.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 94,688,160 with around 1,062,340 deaths. India reported a total of at least 44,268,380 confirmed cases, while France confirmed over 34,229,440 cases.

A Peek Into Global Markets

European markets were slightly higher today. The STOXX Europe 600 Index rose 0.3%, London’s FTSE 100 gained 0.1% while Spain’s IBEX 35 Index climbed 0.2%. The French CAC 40 Index climbed 0.2%, while German DAX rose 0.1%.

Wholesale prices in Germany rose by 19.5% year-over-year in July following a 21.2% increase in the prior month.

Asian markets traded mixed today. Japan’s Nikkei 225 gained 1.14%, China’s Shanghai Composite slipped 0.02%, while Hong Kong’s Hang Seng Index fell 0.67%. Australia’s S&P/ASX 200 rose 0.5%.

Industrial production in Japan climbed by 9.2% month-over-month in June, while the country’s economy expanded by 2.2% on an annualized basis in Q2. China's retail trade increased by 2.7% year-over-year in July, while industrial production surged by 3.8% year-over-year in July. The People's Bank of China reduced a key policy interest rate for the first time since January. Total passenger vehicles sales in India climbed 13.1% from the prior month to 293,865 units in July.

Broker Recommendation

Deutsche Bank downgraded Illinois Tool Works Inc. ITW from Hold to Sell and announced a $188 price target.

Illinois Tool Works shares rose 2% to close at $217.46 on Friday.

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Breaking News

• Best Buy Co Inc BBY is slashing store jobs to lower costs as the spending habits of customers change, the Wall Street Journal reported.
• Rakesh Jhunjhunwala, also known as "The Big Bull," has died at the age of 62, reportedly due to cardiac arrest on Sunday. The veteran investor, widely followed in India, had recently launched the country’s latest airline, Akasa Air.
• Beam Global BEEM reported downbeat results for its second quarter on Friday.
• Innovative Eyewear, Inc. LUCYW priced its 980,000 unit IPO at $7.50 per unit.

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