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Pre-open movers
U.S. stock futures traded slightly lower in early pre-market trade on Tuesday after the Dow Jones surged around 150 points in the previous session. Investors are awaiting earnings results from Walmart Inc. WMT, The Home Depot, Inc. HD and Agilent Technologies, Inc. A.
Data on housing starts and permits for July will be released at 8:30 a.m. ET, while data on industrial production for July will be released at 9:15 a.m. ET.
Check out this: Dow Jumps Over 150 points But Market Volatility Increases
Futures for the Dow Jones Industrial Average dropped 16 points to 33,857.00 while the Standard & Poor’s 500 index futures fell 6.50 points to 4,291.75. Futures for the Nasdaq index fell 21.25 points to 13,660.00.
Oil prices traded lower as Brent crude futures fell 0.6% to trade at $94.57 per barrel, while US WTI crude futures fell 0.2% to trade at $94.57 a barrel. The API’s report on crude oil stocks will be released today.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 94,788,020 with around 1,062,770 deaths. India reported a total of at least 44,277,190 confirmed cases, while France confirmed over 34,234,000 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index rose 1%, London’s FTSE 100 gained 0.3% while Spain’s IBEX 35 Index climbed 0.2%. The French CAC 40 Index climbed 0.3%, while German DAX rose 0.5%.
The unemployment rate in the UK came in unchanged at 3.8% in the second quarter, while average weekly earnings including bonuses rose by 5.1% year-over-year to GBP 611 in the three months to June.
Asian markets traded mixed today. Japan’s Nikkei 225 fell 0.01%, China’s Shanghai Composite rose 0.05%, while Hong Kong’s Hang Seng Index fell 1.05%. Australia’s S&P/ASX 200 rose 0.6%, while India’s S&P BSE SENSEX gained 0.5%.
The annual wholesale price inflation rate in India declined to 13.93% in July from 15.18% in the previous month.
Broker Recommendation
RBC Capital upgraded Seagen Inc. SGEN from Sector Perform to Outperform and raised the price target from $179 to $188.
Seagen shares fell 1% to close at $168.53 on Monday.
Breaking News
- GAN Limited GAN reported weaker-than-expected Q2 sales results and issued FY22 sales guidance below estimates.
- Fabrinet FN reported better-than-expected results for its fourth quarter and issued a strong forecast for the current quarter.
- Compass Inc COMP reported worse-than-expected financial results for its second quarter and issued guidance below analyst estimates.
- Fulcrum Therapeutics FULC priced an underwritten public offering of 9,590,792 shares at $7.82 per share.
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Image and article originally from www.benzinga.com. Read the original article here.