A Peek Into The Markets: US Stock Futures Gain Following Monday's Plunge

Pre-open movers

U.S. stock futures traded higher in early pre-market trade as the Dow Jones tumbled more than 700 points in the previous session amid concerns over the spread of the delta variant of coronavirus. Investors are awaiting earnings results from Philip Morris International Inc. PM, HCA Healthcare Inc HCA, Netflix Inc NFLX and Travelers Companies TRV.

Data on housing starts and permits for June will be released at 8:30 a.m. ET. A 1.590 million annual is projected for starts in June up from May's 1.572 million rate. Analysts expect permits at 1.700 million in June compared to 1.683 million a month ago.

Futures for the Dow Jones Industrial Average jumped 174 points to 34,013.00 while the Standard & Poor’s 500 index futures rose 18.75 points to 4,270.00. Futures for the Nasdaq 100 index rose 68.75 points to 14,609.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 34,132,070 with around 609,230 deaths. India reported a total of at least 31,174,320 confirmed cases, while Brazil confirmed over 19,391,840 cases.

Oil prices traded higher as Brent crude futures rose 1.2% to trade at $69.43 per barrel, while US WTI crude futures gained 1.4% to trade at $69.43 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.9% and STOXX Europe 600 Index climbed 1%. The French CAC 40 Index climbed 1.3%, London’s FTSE 100 gained 1.1% while German DAX 30 gained 0.9%. German producer prices increased 8.5% year-over-year in June compared to a 7.2% rise in the prior month. The Eurozone recorded a current account surplus of EUR 4.3 billion in May versus a EUR 0.7 billion deficit in the year-ago month.

Asian markets traded lower today. Japan’s Nikkei 225 dropped 0.96%, while Hong Kong’s Hang Seng Index fell 0.83% and China’s Shanghai Composite Index declined 0.07%. Australia’s S&P/ASX 200 fell 0.5% and India’s BSE Sensex fell 0.5%. The People's Bank of China maintained its benchmark lending rate for corporate and household loans at its July fixing. Japanese consumer prices increased 0.2% year-over-year in June following a 0.1% decline in May. Hong Kong's unemployment rate dropped to 5.5% in the April to June period.

Broker Recommendation

Keybanc downgraded Consolidated Edison, Inc. ED from Sector Weight to Underweight and announced a $66 price target.

Consolidated Edison shares fell 0.5% to $73.40 in pre-market trading.

Check out other major ratings here

Breaking News

• IBM IBM reported better-than-expected results for its second quarter on Monday.
• PPG Industries, Inc. PPG reported downbeat earnings for its second quarter and issued weak earnings forecast for FY21.
• AMC Entertainment Holdings Inc. AMC said it has struck deals to reopen two of the highest-grossing movie theaters in the Los Angeles area.
• General Motors Co GM is working on a GMC electric pickup truck to follow the GMC Hummer EV and the electric Chevrolet Silverado, a company executive said at a media event on Monday, as reported by CNBC.

Check out other breaking news here