US Stock Futures Edge Lower; Fed's Powell Speech In Focus

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after recording gains on Wednesday. The Dow Jones jumped more than 400 points, while the Nasdaq Composite climbed over 2% in the previous session.

Investors are awaiting earnings results from RH RH, DocuSign, Inc. DOCU and Zumiez Inc. ZUMZ.

Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Analysts expect jobless claims coming in at 240,000 for the September 2 week compared to 232,000 in the previous week.

Fed Chair Jerome Powell is set to speak at 9:10 a.m. ET, while Federal Reserve Bank of Chicago President Charles Evans will speak at 12:00 p.m. ET.

Check out this: Fear & Greed Index Remains In 'Fear' Zone Ahead Of Powell's Speech

Futures for the Dow Jones Industrial Average fell 16 points to 31,561.00 while the Standard & Poor’s 500 index futures fell 3.25 points to 3,976.75. Futures for the Nasdaq index fell 13.75 points to 12,249.50.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $87.58 per barrel, while US WTI crude futures fell 0.5% to trade at $87.58 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 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 96,870,370 with around 1,074,170 deaths. India reported a total of at least 44,478,630 confirmed cases, while France confirmed over 34,643,240 cases.

A Peek Into Global Markets

European markets were mixed today. The STOXX Europe 600 Index gained 0.1%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index fell 0.4%. The French CAC 40 Index rose 0.4%, while German DAX declined 0.1%.

France recorded a current account deficit of EUR 5.3 billion in July versus a revised EUR 1.5 billion gap in the prior month, while trade gap widened to €14.54 billion in July versus a revised €13.08 billion in the previous month. Payroll employment in France’s private sector increased by 0.5% to 20.72 million in the second quarter.

Asian markets traded mixed today. Japan’s Nikkei 225 climbed 2.31%, China’s Shanghai Composite fell 0.33%, while Hong Kong’s Hang Seng Index fell 1%. Australia’s S&P/ASX 200 rose 1.8%, while India’s S&P BSE SENSEX surged 1.1%.

The Japanese economy expanded 3.5% on an annualized basis in the second quarter, while gauge for the country’s service sector sentiment climbed by 1.7 points to a reading of 45.5 in August. The value of loans in Japan climbed 1.9% year-over-year in August. Japan's current account surplus came in at JPY 229 billion in July versus a year-ago surplus of JPY 1,715 billion. Australian trade surplus narrowed to AUD 8.73 billion in July from AUD 17.13 billion in the prior month.

Broker Recommendation

Stifel initiated coverage on Advanced Micro Devices AMD with a Buy rating and announced a price target of $122.

AMD shares rose 0.6% to $80.09 in pre-market trading.

Check out this: Ethereum Rises Sharply, Here Are Other Crypto Movers That Should Be On Your Radar Today

Breaking News

• Asana, Inc. ASAN reported better-than-expected results for its second quarter and issued a strong sales guidance.
• Tesla, Inc’s TSLA China wholesale sales came in at 76,965 during August, up 173% month-over-month and also up 74% from a year ago.
• GameStop Corp. GME reported better-than-expected earnings for its second quarter and also announced a partnership with cryptocurrency exchange FTX to bring more customers to the digital asset space.
• General Motors Company GM is reportedly planning to woo the urban rich in China through a new direct sales platform that will offer niche, luxury imports and experiences as the American automaker tries to regain momentum in the world's biggest car market.

Check out other breaking news here