Pre-open movers
U.S. stock futures traded mostly lower in early pre-market trade on Thursday after the Federal Reserve raised interest rates by 75 bps on Wednesday. Investors are awaiting earnings results from Apple Inc. (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN), Pfizer Inc. (NYSE:PFE) and Mastercard Incorporated (NYSE:MA).
Data on initial jobless claims and Gross Domestic Product will be released at 8:30 a.m. ET. The Kansas City Fed manufacturing index for July will be released at 11:00 a.m. ET.
Apple, Amazon.com And 5 Stocks To Watch Heading Into Thursday
Futures for the Dow Jones Industrial Average fell 23 points to 32,143.00 while the Standard & Poor’s 500 index futures fell 12.50 points to 4,012.00. Futures for the Nasdaq index dipped 106 points to 12,513.00.
Oil prices traded higher as Brent crude futures rose 1.5% to trade at $103.25 per barrel, while US WTI crude futures rose 1.6% to trade at $103.25 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 92,761,860 with around 1,053,960 deaths. India reported a total of at least 43,959,320 confirmed cases, while Brazil confirmed over 33,707,060 cases.
A Peek Into Global Markets
European markets were mixed today. The STOXX Europe 600 Index gained 0.2%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 1.3%. The French CAC 40 Index rose 0.1%, while German DAX fell 0.2%.
Producer prices in France surged 1.3% month-over-month in June following a 0.3% decline in May. Retail sales in Spain rose 1% year-over-year in June, while unemployment rate dropped to 12.48% in the quarter ending June from 13.65% in the prior three-month period. UK car production rose 5.6% year-over-year to 72,946 units in June.
Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.36%, while China’s Shanghai Composite rose 0.21% and Hong Kong’s Hang Seng Index fell 0.23%. Australia’s S&P/ASX 200 rose 1%, while India’s S&P BSE Sensex surged 1.8%.
Retail sales in Australia climbed 0.2% from a month ago to another record level of AUD 34.24 billion for June, while export prices rose by 10.1% on quarter in Q2. The Hong Kong Monetary Authority increased the base rate by 75 basis points to 2.75% at its recent meeting.
Broker Recommendation
Jefferies downgraded Best Buy Co., Inc. (NYSE:BBY) from Buy to Hold and lowered the price target from $106 to $71.
Best Buy shares fell 3.4% to $71.94 in pre-market trading.
Check out this: Why This Healthcare Stock Dipped Over 75%; Here Are 73 Biggest Movers From Yesterday
Breaking News
- Spirit Airlines, Inc. (NYSE:SAVE) reported termination of merger agreement with Frontier. The Wall Street Journal reported that JetBlue Airways Corporation (NASDAQ:JBLU) is nearing a deal to buy Spirit.
- Meta Platforms, Inc. (NASDAQ:META) reported weaker-than-expected earnings for its second quarter on Wednesday. Daily active users for the company were 1.97 billion in the second quarter, up 3% year-over-year. Monthly active users for the company were 2.93 billion in the second quarter, up 1% year-over-year
- Bitcoin (CRYPTO: BTC), the world’s most valued cryptocurrency, managed to surpass the $23,000 mark on Thursday morning following the Fed’s rate decision.
- QUALCOMM Incorporated (NASDAQ:QCOM) reported better-than-expected results for its third quarter, but issued a weak sales forecast for the current quarter.
