A Peek Into The Markets: US Stock Futures Gain Ahead Of Earnings

Pre-open movers

U.S. stock futures traded higher in early pre-market trade after the Dow Jones dropped around 100 points in the previous session. Investors are awaiting earnings results from Alibaba Group Holding Ltd – ADR (NYSE: BABA) Eli Lilly And Co (NYSE: LLY), Cummins Inc. (NYSE: CMI) and Phillips 66 (NYSE: PSX).

Data on factory orders for June will be released at 10:00 a.m. ET. Analysts expect factory orders rising 0.8% in June, following a 1.7% rise in the previous month. Federal Reserve Governor Michelle Bowman is set to speak at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average surged 146 points to 34,867.00 while the Standard & Poor’s 500 index futures rose 14 points to 4,393.75. Futures for the Nasdaq 100 index rose 14.50 points to 14,967.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 35,131,460 with around 613,670 deaths. India reported a total of at least 31,726,500 confirmed cases, while Brazil confirmed over 19,953,500 cases.

Oil prices traded higher as Brent crude futures rose 0.8% to trade at $73.49 per barrel, while US WTI crude futures rose 0.8% to trade at $71.84 a barrel. The API’s report on crude oil stocks will be released later during the day.

A Peek Into Global Markets

European markets were higher today. The Spanish Ibex Index rose 0.2% and STOXX Europe 600 Index gained 0.3%. The French CAC 40 Index rose 0.9%, London’s FTSE 100 rose 0.5% while German DAX 30 gained 0.1%. Producer prices in the Eurozone increased 1.4% in June. Spanish number of people registered as unemployed declined by 197,841 to 3.42 million in July

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.50%, Hong Kong’s Hang Seng Index fell 0.16%, while China’s Shanghai Composite Index declined 0.47%. Australia’s S&P/ASX 200 fell 0.2% and India’s BSE Sensex rose 1.7%. The Reserve Bank of Australia held its cash rate at a record low level of 0.1% during its recent meeting. Building permits in Australia dropped 6.7% to 18,911 units in June.

Broker Recommendation

Barclays upgraded Workday, Inc. (NASDAQ: WDAY) from Equal-Weight to Overweight and raised the price target from $268 to $282.

Workday shares rose 1.9% to $238.01 in pre-market trading.

Check out other major ratings here


Breaking News

  • Mosaic Co (NYSE: MOS) reported upbeat earnings for its second quarter on Monday.
  • Eastman Chemical Company (NYSE: EMN) reported upbeat results for its second quarter on Monday.
  • ZoomInfo Technologies Inc (NASDAQ: ZI) reported better-than-expected results for its second quarter and raised FY21guidance.
  • DuPont de Nemours, Inc. (NYSE: DD) reported stronger-than-expected Q2 results.

Check out other breaking news here

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