A Peek Into The Market At The Start Of The Trading Day

Pre-open movers US stock futures are pointing to a higher open today, as markets open after a long holiday weekend. While futures on the Dow Jones Industrial Average surged 102 points to 9698 two hours before the start of trading, those on the S&P 500 added 12.2 points to 1026.5. Meanwhile, Nasdaq 100 futures advanced 27 points to 1748.25. A Peek Into Global Markets Positive sentiments ruled the European markets, with STOXX Europe 600 Index advancing 2.61% and London’s FTSE 100 Index moving up 2.44%. Most Asian markets ended in the positive territory, with Japan's Nikkei Stock Average adding 0.77%, Australia's S&P/ASX 200 climbing 1.16% and China's Shanghai Composite gaining 1.92%. Broker Recommendation JP Morgan analysts Kian Abouhossein and Delphine Lee upgraded Goldman GS from “neutral” to “overweight.” The analysts said that GS is highly conservative in the way it calculates risk associated with its trading activities. The investment firm did not believe that GS will need to raise additional capital after changes to capital rules get implemented. Piper Jaffray is out with an analyst note this morning, where it downgrades Applied Materials Inc AMAT to “neutral” from “overweight,” while lowering AMAT’s price target from $18.50 to $14.00. To read the full report, click here. Breaking news

• The light vehicle sales in June depict a picture that does not indicate an immediate recovery in the U.S. auto industry as expected. Sales in the month grew 14.4% to 981,258 vehicles. However, sales in terms of seasonally adjusted annual rate (SAAR) were gloomy on a sequential basis. To read the full analysis, click here.
• Fidelity National Information Services FIS has confirmed its adjusted profit outlook for the second quarter. The company has unveiled its plan to raise new debt via the sale of a $1.2 billion note. To read the full news, click here.
• As the financial regulation bill nears its final Senate vote, large banks are scrambling to redefine their proprietary traders, according to the WSJ. The Volcker rule, named for former Fed chief Paul Volcker, was passed by the House last week as a part of the bill. The rule bans proprietary trading at banks "unless the trades are meant to serve near-term client demand or reduce risk." To read the full news, click here.

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