A Peek Into The Markets: US Stock Futures Down Ahead Of Economic Reports

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on retail sales for May, while industrial production report for May will be released at 9:15 a.m. ET. The University of Michigan's consumer sentiment index for June and data on business inventories for April will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 58 points to 26,063, while the Standard & Poor’s 500 index futures fell 8.9 points to 2,889.50. Futures for the Nasdaq 100 index declined 60 points to 7,489.00.

Oil prices traded lower as Brent crude futures fell 0.1 percent to trade at $61.26 per barrel, while US WTI crude futures fell 0.3 percent to trade at $52.11 a barrel. The Baker Hughes North American rig count report for the recent week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.7 percent, STOXX Europe 600 Index declining 0.7 percent and German DAX 30 index dropping 0.9 percent. The UK's FTSE index was trading lower by 0.6 percent, while French CAC 40 Index fell 0.5 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.4 percent, Hong Kong’s Hang Seng Index declined 0.65 percent, China’s Shanghai Composite Index fell 0.99 percent and India’s BSE Sensex fell 0.73 percent.

Broker Recommendation

Analysts at BMO Capital upgraded Louisiana-Pacific Corporation LPX from Market Perform to Outperform and raised the price target from $26 to $28..

Louisiana-Pacific shares rose 2.2 percent to $25.41 in pre-market trading.

Breaking News

• Broadcom Inc AVGO reported upbeat earnings for its second quarter, while sales missed estimates. The company also cut its FY2019 sales guidance.
• Kornit Digital Ltd. KRNT priced its 4.34 million share public offering at $27.50 per share.
• Apollo Endosurgery Inc APEN disclosed that it has received FDA approval for its labeling updates for the ORBERA Intragastric Balloon System.
• WhiteHorse Finance Inc WHF reported a common stock offering by selling shareholders with no disclosed size.