A Peek Into The Markets: US Stock Futures Edge Lower; Fed Minutes In Focus

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade after the Nasdaq Composite tumbled around 270 points in the previous session. Investors are awaiting earnings results from DICK'S Sporting Goods, Inc. DKS, NVIDIA Corporation NVDA and Williams-Sonoma, Inc. WSM.

Data on durable goods orders for April will be released at 8:30 a.m. ET. Federal Reserve Governor Lael Brainard will speak at 12:15 p.m. ET. The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average fell 60 points to 31,820.00 while the Standard & Poor’s 500 index futures slipped 5.75 points to 3,934.75. Futures for the Nasdaq index declined 15 points to 11,756.00.

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $111.71 per barrel, while US WTI crude futures rose 1% to trade at $111.71 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 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 85,241,010 with around 1,029,520 deaths. India reported a total of at least 43,142,190 confirmed cases, while Brazil confirmed over 30,836,810 cases.

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A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index fell 0.8%, London’s FTSE 100 rose 0.4% while Spain’s IBEX 35 Index rose 0.5%. The French CAC 40 Index rose 0.1%, while German DAX gained 0.2%. Producer prices in Spain jumped 45% year-over-year in April following a revised 47% surge in the prior month. French consumer confidence slipped to 86 in May, recording the weakest reading since October 2014. German gross domestic product grew 0.2% on quarter during the first three months of the year, while GfK Consumer Climate Indicator rose to -26 heading into June.

Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.26%, Hong Kong’s Hang Seng Index gained 0.29% and China’s Shanghai Composite Index rose 1.19%. Australia’s S&P/ASX 200 rose 0.4% and India’s S&P BSE Sensex fell 0.5%. The index of coincident economic indicators in Japan rose to 97.5 in March from the flash level of 97.0, while index of leading economic indicators fell to 100.8 in March versus the preliminary level of 101.0. Total construction work done in Australia fell by 0.9% on quarter in the three months to March.

Broker Recommendation

Telsey Advisory Group maintained Best Buy Co., Inc. BBY with an Outperform and lowered the price target from $90 to $88.

Best Buy shares rose 0.7% to $74.00 in pre-market trading.

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Breaking News

• Toll Brothers, Inc. TOL reported better-than-expected results for its second quarter. The company also said it sees Q3 deliveries of 2,750 units, with an average delivered price per home of $895,000 -$915,000.
• Tesla, Inc. TSLA faced a legal setback in a sexual harassment lawsuit, days after the company's stock came under pressure following reports of alleged sexual misconduct by its chief executive officer Elon Musk.
• Urban Outfitters, Inc. URBN reported downbeat results for its first quarter.
• Intuit Inc INTU reported better-than-expected financial results for its third quarter and raised guidance.

Check out other breaking news here