Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade after the Dow Jones dropped around 500 points in the previous session. Investors are awaiting earnings results from General Mills, Inc. (NYSE:GIS), McCormick & Company, Incorporated (NYSE:MKC) and Paychex, Inc. (NASDAQ:PAYX).

Gross Domestic Product report for the first quarter will be released at 8:30 a.m. ET. The third estimate for Q1 GDP, at minus 1.4%, is likely to show little change versus the second estimate of minus 1.5%. Analysts expect personal consumption expenditures to be unrevised at a 3.1% growth rate. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 6:30 a.m. ET, while Federal Reserve Chair Jerome Powell will speak at 9:00 a.m. ET.

Check out this: McCormick, General Mills And 3 Stocks To Watch Heading Into Wednesday

Futures for the Dow Jones Industrial Average rose 40 points to 30,973.00 while the Standard & Poor’s 500 index futures rose 3.25 points to 3,828.75. Futures for the Nasdaq index rose 7 points to 11,681.25.

Oil prices traded slightly lower as Brent crude futures fell 0.2% to trade at $113.61 per barrel, while US WTI crude futures fell 0.1% to trade at $111.62 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET. Stocks of crude oil in the US dropped by 3.799 million barrels in the week ended June 24th, 2022, the API said.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 89,030,720 with around 1,041,350 deaths. India reported a total of at least 43,436,430 confirmed cases, while Brazil confirmed over 32,207,080 cases.

A Peek Into Global Markets

European markets were lower today. The STOXX Europe 600 Index dropped 0.8%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 1.1%. The French CAC 40 Index fell 0.6%, while German DAX dropped 1.2%. Retail sales in Spain rose by 1.4% year-over-year in May compared to revised 1.6% increase in the prior month, while annual inflation rate increased to 10.2% in June from 8.7% in May. Loans to households in the Eurozone increased 4.6% year-over-year in May.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.91%, China’s Shanghai Composite fell 1.4% and Hong Kong’s Hang Seng Index dipped 1.88%. Australia’s S&P/ASX 200 fell 0.9%, while India’s S&P BSE Sensex rose 0.1%. The consumer confidence index in Japan declined to an 18-month low level of 32.1 in June, while retail sales rose by 3.6% year-over-year in May. Retail sales in Australia rose by 0.9% from a month ago to another record level of AUD 34.23 billion for May.

Broker Recommendation

Deutsche Bank downgraded Crown Castle International Corp. (NYSE:CCI) from Buy to Hold and lowered the price target from $204 to $183.

Crown Castle Intl shares fell 2.8% to close at $168.59 on Tuesday.

Check out this: US GDP And Other Macro Issues For Wednesday

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