US Stock Futures Rise Ahead Of Economic Reports, Fed Speakers; Crude Oil Rises 1%

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Tuesday after recording losses on Monday. The Dow Jones fell into a bear market on Monday, while the S&P 500 recorded a fresh closing low level for the year.

Data on durable goods orders for August will be released at 8:30 a.m. ET. Analysts expect durable goods orders declining 0.4% in August following a 0.1% drop in July. The S&P Corelogic Case-Shiller home price index and the FHFA's house price index for July will be released at 9:00 a.m. ET. The Conference Board's consumer confidence index, Richmond Fed's manufacturing index and data on new home sales for August will be released at 10:00 a.m. ET.

Federal Reserve Bank of Chicago President Charles Evans is set to speak at 6:15 a.m. ET, while Federal Reserve Chair Jerome Powell will speak at 7:30 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 9:55 a.m. ET, while Federal Reserve Bank of San Francisco President Mary Daly will speak at 8:55 p.m. ET.

Investors are also awaiting earnings results from Jabil Inc. JBL, TD SYNNEX Corporation SNX and United Natural Foods, Inc. UNFI.

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Futures for the Dow Jones Industrial Average climbed 208 points to 29,551.00 while the Standard & Poor’s 500 index futures gained 32.75 points to 3,702.75. Futures for the Nasdaq index rose 118 points to 11,434.25.

Commodities

Oil prices traded higher as Brent crude futures rose 1.1% to trade at $83.74 per barrel, while US WTI crude futures rose 1% to trade at $77.50 a barrel. The API’s report on crude oil stocks will be released later during the day.

Gold futures gained 0.5% to trade at $1,642.00 an ounce, while silver traded up 0.5% at $18.58 an ounce on Tuesday.

 

A Peek Into Global Markets

Europe Markets

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

Loans to households in the Eurozone climbed 4.5% year-over-year in August.

Asia-Pacific Markets

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.53%, Hong Kong’s Hang Seng Index rose 0.03% and China’s Shanghai Composite Index climbed 1.4%. Australia’s S&P/ASX 200 rose 0.4%, while India’s S&P BSE SENSEX rose 0.1%.

Profits earned by China's industrial firms fell by 2.1% from a year ago to CNY 55.25 trillion in the first eight months of the year.

 

Broker Recommendation

Cowen & Co. maintained Domino's Pizza, Inc. DPZ with a Market Perform and lowered the price target from $410 to $362.

Domino's shares fell 1.6% to close at $324.74 on Monday.

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Breaking News

 

• Nautilus, Inc. NLS reported a review of strategic alternatives, which may include a potential sale.
• AstraZeneca AZN said Tezspire was approved in Japan for severe asthma.
• Exicure, Inc. XCUR announced plans to cut its workforce by around 66% and also reported a $5.4 million private placement transaction with CBI, USA. The company also said it will seek the asset divestiture of its SCN9A program.
• Aurora Mobile Limited JG signed strategic agreement with BYD Company for its overseas messaging cloud solution.

Check out other breaking news here