A Peek Into The Markets: US Stock Futures Mostly Flat; Bank Earnings, Inflation Data In Focus

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Pre-open movers

U.S. stock futures traded mostly flat in early pre-market trade ahead of inflation data scheduled for release today. US stocks surged to record highs, with the Dow Jones settling near the 35,000 level in the previous session. Investors are awaiting earnings results from JPMorgan Chase & Co. (NYSE: JPM), The Goldman Sachs Group, Inc. (NYSE: GS) and PepsiCo, Inc. (NASDAQ: PEP).

The Consumer Price Index for June will be released at 8:30 a.m. ET. Consumer prices have surpassed estimates in the previous three reports May, increasing a monthly 0.6% overall. However, consumer prices might rise 0.5% in June. The U.S. Treasury budget statement for June will be released at 2:00 p.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:00 p.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 12:45 p.m. ET. Federal Reserve Bank of Boston President Eric Rosengren will speak at 2:50 p.m. ET.

Futures for the Dow Jones Industrial Average dropped 7 points to 34,868.00 while the Standard & Poor’s 500 index futures fell 1.75 points 4,374.75. Futures for the Nasdaq 100 index gained 13 points to 14,882.25.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 33,886,170 with around 607,390 deaths. India reported a total of at least 30,874,370 confirmed cases, while Brazil confirmed over 19,106,970 cases.

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $75.82 per barrel, while US WTI crude futures rose 0.8% to trade at $74.72 a barrel. The API’s report on crude inventories will be released later during the day.

A Peek Into Global Markets

European markets were mostly lower today. The Spanish Ibex Index fell 0.6% and STOXX Europe 600 Index slipped 0.1%. The French CAC 40 Index fell 0.1%, London’s FTSE 100 gained 0.3% while German DAX 30 slipped 0.1%. The annual inflation rate in France increased to 1.5% in June from 1.4% in the prior month, while annual inflation rate in Germany was confirmed at 2.3%.

Asian markets traded mostly higher today. Japan’s Nikkei 225 gained 0.52%, while Hong Kong’s Hang Seng Index gained 1.63% and China’s Shanghai Composite Index rose 0.53%. Australia’s S&P/ASX 200 slipped 0.02% and India’s BSE Sensex gained 0.7%. China’s trade surplus widened to $51.53 billion in June from $44.8 billion in the year-ago month. The NAB business confidence index for Australia dropped sharply to 11 in June, compared to 20 in May. Australia’s new home sales surged 14.8% to 5,841 units in June.

Broker Recommendation

JP Morgan upgraded PACCAR Inc (NASDAQ: PCAR) from Neutral to Overweight and announced a $112 price target.

PACCAR shares rose 2.1% to $90.22 in pre-market trading.

Check out other major ratings here

Breaking News

  • Fortive Corp (NYSE: FTV) agreed with Bayard Capital and Accel Partners to acquire ServiceChannel for $1.2 billion.
  • Tesla Inc (NASDAQ: TSLA) is rumored to have signed a $400 billion deal with South Korea’s Samsung Electro-Mechanics to supply cameras, likely for the highly-anticipated Cybertruck pickup truck launch.
  • The Walt Disney Company (NYSE: DIS) announced Monday that starting on Aug. 13, both the monthly and annual subscription prices for ESPN+ will increase, according to Variety.
  • Amazon.com Inc (NASDAQ: AMZN) founder Jeff Bezos’ Blue Origin on Monday secured a license from the Federal Aviation Administration (FAA) to carry humans on the New Shepard launch system into space, the aviation agency said.

Check out other breaking news here

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