Pre-open movers
U.S. stock futures traded slightly higher in early pre-market trade on Wednesday after the Dow Jones dropped around 170 points in the previous session. Investors are awaiting earnings results from BJ's Wholesale Club Holdings, Inc (NYSE:BJ), The Estée Lauder Companies Inc. (NYSE:EL) and Applied Materials, Inc. (NASDAQ:AMAT).
Data on initial jobless claims for the latest week and Philadelphia Fed manufacturing index for August will be released at 8:30 a.m. ET. Data on existing home sales and index of leading economic indicators for July will be released at 10:00 a.m. ET. Federal Reserve Bank of Kansas City President Esther George is set to speak at 1:20 p.m. ET, while Minneapolis Fed President Neel Kashkari will speak at 1:45 p.m. ET.
Check out this: Volatility In Markets Increases Following Release Of Fed Minutes
Futures for the Dow Jones Industrial Average gained 9 points to 33,972.00 while the Standard & Poor’s 500 index futures rose 3 points to 4,279.75. Futures for the Nasdaq index rose 12.50 points to 13,505.75.
Oil prices traded higher as Brent crude futures rose 1.4% to trade at $94.95 per barrel, while US WTI crude futures rose 1.2% to trade at $94.95 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.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 95,065,400 with around 1,064,200 deaths. India reported a total of at least 44,298,860 confirmed cases, while France confirmed over 34,276,080 cases.
A Peek Into Global Markets
European markets were mixed. The STOXX Europe 600 Index rose 0.2%, London’s FTSE 100 slipped 0.1% while Spain’s IBEX 35 Index fell 0.1%. The French CAC 40 Index rose 0.4%, while German DAX rose 0.7%.
Annual inflation rate in the Eurozone was confirmed at a fresh record high of 8.9% in July, versus 8.6% in June, while construction output in the Eurozone rose 0.1% year-over-year in June.
Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.96%, China’s Shanghai Composite fell 0.46%, while Hong Kong’s Hang Seng Index fell 0.80%. Australia’s S&P/ASX 200 fell 0.2%, while India’s S&P BSE SENSEX gained 0.1%.
Australia's seasonally adjusted unemployment rate declined to a new record low of 3.4% during July.
Broker Recommendation
Deutsche Bank initiated coverage on Watsco, Inc. (NYSE:WSO) with a Hold rating and announced a price target of $311.
Watsco shares rose 0.7% to close at $304.39 on Wednesday.
Check out this: U.S. Jobless Claims And Existing Home Sales Among Biggest Macro Catalysts Today
Breaking News
- Cisco Systems Inc (NASDAQ:CSCO) reported better-than-expected results for its fourth quarter and issued strong guidance.
- The U.S. on late Wednesday announced that it began formal negotiation talks with Taiwan on a bilateral trade agreement to deepen economic ties, amid frequent warnings from China.
- Keysight Technologies, Inc. (NYSE:KEYS) reported upbeat earnings for its third quarter and issued a strong forecast for the fourth quarter.
- Accelerate Diagnostics, Inc. (NASDAQ:AXDX) reported a proposed public offering of common stock.
