A Peek Into The Markets: US Stock Futures Down Ahead Of Fed's Beige Book

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U.S. stock futures traded lower in early pre-market trade after the Dow Jones tumbled around 270 points in the previous session. Investors are awaiting earnings results from Korn Ferry (NYSE: KFY), Lululemon Athletica Inc (NASDAQ: LULU) and GameStop Corp. (NYSE: GME)

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The Labor Department’s JOLTS report for July is scheduled for release at 10:00 a.m. ET. Federal Reserve Bank of New York President John Williams is set to speak at 1:10 p.m. ET, while Federal Reserve Bank of Dallas President Robert Kaplan will speak at 6:00 p.m. ET. The Federal Open Market Committee will release its recent Beige Book report at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 124 points to 34,967.00 while the Standard & Poor’s 500 index futures fell 12.75 points to 4,506.50. Futures for the Nasdaq 100 index declined 33.75 points to 15,641.00.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 40,280,090 with around 650,530 deaths. India reported a total of at least 33,096,710 confirmed cases, while Brazil confirmed over 20,914,230 cases.

Oil prices traded higher as Brent crude futures rose 0.3% to trade at $71.91 per barrel, while US WTI crude futures rose 0.4% to trade at $68.64 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 lower today. The Spanish Ibex Index fell 1.3% and STOXX Europe 600 Index dropped 1.2%. The French CAC 40 Index declined 1.3%, London’s FTSE 100 dipped 1.1% while German DAX 30 dropped 1.4%. France’s trade deficit increased to EUR 6.96 billion in July from revised EUR 6.05 billion in the prior month, while payroll employment in the private sector increased 1.4% to 19.84 million in the second quarter. Retail sales in Italy slipped 0.4% in July.

Asian markets traded mostly lower today. Japan’s Nikkei 225 climbed 0.89%, Hong Kong’s Hang Seng Index slipped 0.12%, while China’s Shanghai Composite Index declined 0.04%. Australia’s S&P/ASX 200 fell 0.2% and India’s BSE Sensex fell 0.3%. The Japanese economy grew 0.5% on quarter during the three months to June, while current account surplus rose to JPY 1,910.8 billion in July from JPY 1535.3 billion in the year-ago month.

Broker Recommendation

Keybanc downgraded Hill-Rom Holdings, Inc. (NYSE: HRC) from Overweight to Sector Weight.

Hill-Rom shares gained 0.1% to close at $151.88 on Tuesday.

Check out other major ratings here

 

Breaking News

Casey’s General Stores Inc (NASDAQ: CASY) reported better-than-expected results for its first quarter on Tuesday. JetBlue Airways Corporation (NASDAQ: JBLU) appointed Ursula Hurley as Chief Financial Officer, effective immediately. Bumble Inc (NASDAQ: BMBL) reported an offering of 15 million shares of common stock by selling shareholders. Intel Corp (NASDAQ: INTC) will set aside part of its Ireland facility to make chips for automakers crippled with shortages, CEO Pat Gelsinger said at an event.

Check out other breaking news here

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