U.S. Stock Futures Edge Lower Ahead Of Manufacturing Data

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade on Friday after the Wall Street recorded its worst first half in over 50 years.

The Markit PMI manufacturing data for June will be released at 9:45 a.m. ET, while the ISM manufacturing index for June and data on construction spending for May will be released at 10:00 a.m. ET.

Check out this: Micron, Akebia Therapeutics And 3 Stocks To Watch Heading Into Friday

Futures for the Dow Jones Industrial Average dipped 54 points to 30,727.00 while the Standard & Poor’s 500 index futures fell 6.25 points to 3,783.25. Futures for the Nasdaq index fell 18 points to 11,511.50.

Oil prices traded higher as Brent crude futures rose 1.7% to trade at $110.93 per barrel, while US WTI crude futures rose 1.5% to trade at $107.38 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.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 89,360,080 with around 1,042,670 deaths. India reported a total of at least 43,471,280 confirmed cases, while Brazil confirmed over 32,358,450 cases.

A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 1.1%. The French CAC 40 Index rose 0.5%, while German DAX gained 0.4%. The S&P Global manufacturing PMI for France declined to 51.4 in June from 54.6 in the previous month, while UK manufacturing PMI dropped to a two-year low of 52.8 in June. The S&P Global Eurozone manufacturing PMI declined to 52.1 in June from 54.6 in the previous month, while Italian manufacturing PMI declined to 50.9 from 50.1. The S&P Global/BME manufacturing PMI for Germany dropped to 52 in June from 54.8 a month ago, while Spanish manufacturing PMI dipped to 52.6 from 53.8.

Asian markets traded lower today. Japan’s Nikkei 225 fell 1.73%, China’s Shanghai Composite fell 0.32% and Hong Kong’s Hang Seng Index fell 0.62%. Australia’s S&P/ASX 200 fell 0.4%, while India’s S&P BSE Sensex fell 0.8%. The S&P Global Indian manufacturing index declined to 53.9 in June from 54.6 in May, while the Caixin China’s general manufacturing PMI rose to 51.7 from 48.1. The au Jibun Bank Japanese manufacturing PMI fell to 52.7 in June from 53.3 a month ago, while unemployment rate rose to 2.6% in May from April's figure of 2.5%. Australian manufacturing PMI rose to 56.2 in June from 55.7 in May.

Broker Recommendation

B of A Securities downgraded Duck Creek Technologies, Inc. DCT from Buy to Neutral and announced a $16 price target.

Duck Creek Technologies shares fell 0.5% to $14.78 in pre-market trading.

Check out this: US Manufacturing Data And Other Macro Issues For Friday

Breaking News

• Micron Technology Inc MU reported upbeat financial results for its third quarter, but issued weak guidance for its fourth quarter.
• Accolade, Inc. ACCD reported upbeat results for its first quarter, but issued weak sales forecast for the current quarter.
• Apple Inc. AAPL has hiked iPhone and iPad prices in Japan, according to its regional website.
• Hillenbrand, Inc. HI agreed to acquire Herbold Meckesheim GmbH for an enterprise value of around €79 million.

Check out other breaking news here