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

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The S&P Corelogic Case-Shiller home price index and the FHFA's house price index for April will be released at 9:00 a.m. ET. New home sales report for May and the Conference Board consumer confidence index for June will be released at 10:00 a.m. ET. New York Federal Reserve Bank President John Williams is set to speak in New York at 8:45 a.m. ET, while Atlanta Federal Reserve Bank President Raphael Bostic will speak in Atlanta, GA at 12:00 p.m. ET. Federal Reserve Chairman Jerome Powell is set to speak in New York at 1:00 p.m. ET, while St. Louis Federal Reserve Bank President James Bullard will speak in St. Louis, Missouri at 6:30 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 39 points to 26,723, while the Standard & Poor’s 500 index futures fell 6.4 points to 2,945.75. Futures for the Nasdaq 100 index fell 26.5 points to 7,732.25.

Oil prices traded lower as Brent crude futures fell 0.7 percent to trade at $63.74 per barrel, while US WTI crude futures fell 0.6 percent to trade at $57.58 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.5 percent, STOXX Europe 600 Index declining 0.1 percent and German DAX 30 index dropping 0.1 percent. The UK's FTSE index was trading lower by 0.2 percent, while French CAC 40 Index fell 0.1 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.43 percent, Hong Kong’s Hang Seng Index dropped 1.15 percent, China’s Shanghai Composite Index fell 0.87 percent and India’s BSE Sensex rose 0.80 percent.

Broker Recommendation

Analysts at Citigroup upgraded GrubHub Inc GRUB from Neutral to Buy and announced a $91 price target.

GrubHub shares rose 3.2 percent to $74.50 in pre-market trading.

Breaking News

• Lennar Corporation LEN announced better-than-expected results for its second quarter.
• AbbVie Inc ABBV is nearing a deal to buy Allergan plc AGN for more than $60 billion, according to sources cited by the Wall Street Journal.
• Walt Disney Co DIS is in talks to purchase a stake in Indonesian media company MNC Vision, Reuters reported.
• The Medicines Company MDCO reported a $150 million common stock offering.