A Peek Into The Markets: US Stock Futures Edge Lower Following Monday's Rally

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade, after posting gains in the previous session. Investors are awaiting earnings results from Exelon Corporation EXC, Walt Disney Co DIS, Emerson Electric Co. EMR, Prudential Financial Inc PRU and Ralph Lauren Corp RL. Data on factory orders for June will be released at 10:00 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 4,717,710 with around 155,470 deaths. Brazil confirmed over 2,750,310 cases, while India reported a total of at least 1,855,740 confirmed cases.

Futures for the Dow Jones Industrial Average fell 23 points to 26,535 while the Standard & Poor’s 500 index futures traded fell 6.15 points to 3,282.25. Futures for the Nasdaq 100 index declined 31.5 points to 11,012.75.

Oil prices traded lower as Brent crude futures fell 1.2% to trade at $43.62 per barrel, while US WTI crude futures fell 1.2% to trade at $40.51 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index rising 0.3% and STOXX Europe 600 Index falling 0.1%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index rose 0.5% and German DAX 30 declined 0.3%.

In Asian markets, Japan’s Nikkei rose 1.70%, Hong Kong’s Hang Seng Index climbed 2% China’s Shanghai Composite Index climbed 0.11% and India’s BSE Sensex rose 2.1%.

Broker Recommendation

Analysts at Deutsche Bank upgraded McKesson Corporation MCK from Hold to Buy and raised the price target from $169 to $202.

McKesson shares rose 6.5% to close at $159.90 on Monday.

Breaking News

• Mosaic Co MOS reported stronger-than-expected results for its second quarter on Monday.
• Regeneron Pharmaceuticals Inc REGN said Monday that a non-peer-reviewed study indicated its antibody drug combination both prevented and treated COVID-19 in animals, as reported by Reuters.
• Solaredge Technologies Inc SEDG reported upbeat results for its second quarter. The company also said it expects Q3 sales of $325 million to $350 million.
• Snap Inc’s SNAP messaging app Snapchat is planning to release a feature this fall that will allow users to set their Snaps to background music, something which TikTok users can do at present, TechCrunch reported Monday.