US stock futures rise ahead of bank earnings, economic reports
U.S. stock futures traded higher in early pre-market trades on Thursday after closing mixed in the previous session. Investors await the results of Citigroup Inc. VS, Wells Fargo and company WFC and UnitedHealth Group Incorporated A H.
June retail sales data, Empire State manufacturing index for July, June import and export prices will be released at 8:30 a.m. ET. Industrial production data for June will be released at 9:15 a.m. ET, while business inventory data for May and the University of Michigan Consumer Sentiment Index for July will be released at 10:00 a.m. ET . Atlanta Federal Reserve Chairman Raphael Bostic is scheduled to speak at 8:45 a.m. ET.
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Dow Jones Industrial Average futures gained 90 points to 30,694.00 while Standard & Poor’s 500 index futures rose 11.50 points to 3,804.75. Nasdaq index futures rose 36.75 points to 11,834.25.
Oil prices rose as Brent crude futures rose 0.7% to trade at $99.79 a barrel, while U.S. WTI crude futures rose 0, 2% to trade at $96.00 a barrel. Baker Hughes’ North American Platform Count report for the past week will be released at 1:00 p.m. ET.
The United States has the highest number of COVID-19 cases and deaths in the world, with the total number of infections in the country exceeding 91,060,220 with approximately 1,048,230 fatalities. India has reported a total of at least 43,710,020 confirmed cases, while Brazil has confirmed more than 33,142,150 cases.
An overview of global markets
European markets were up today. The STOXX Europe 600 index rose 0.9%, London’s FTSE 100 rose 0.9% while the Spanish IBEX 35 index rose 1%. The French CAC 40 index climbed 0.7%, while the German DAX rose 1.7%. The euro area recorded a trade deficit of EUR 26.3 in May, compared to a surplus of EUR 12.0 billion a year ago. European Union passenger car registrations fell 15.4% year-on-year to 886,510 units in June. Italy’s annual inflation rate rose 8% year-on-year in June, the highest since January 1986.
Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.54%, China’s Shanghai Composite fell 1.64% and Hong Kong’s Hang Seng Index fell 2.2%. Australia’s S&P/ASX 200 fell 0.7%, while India’s S&P BSE Sensex rose 0.4%. China’s retail trade unexpectedly climbed 3.1% year-on-year in June, while the country’s economy contracted 2.6% quarter-on-quarter in the three months to June. China’s industrial production rose 3.9% year-on-year in June, while average new home prices fell 0.5% year-on-year in June.
Goldman Sachs downgraded Yelp Inc. YAP from Buy to Neutral and lowered the price target from $49 to $33.
Yelp shares fell 0.5% to close at $26.82 on Thursday.
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- Pinterest Inc. PINS Shares jumped 14% in premarket trading following a WSJ report suggesting Elliott Management held talks with the company.
- Private space company SpaceXproperty of Tesla Inc. TSLA CEO Elon Musk has successfully launched his 25th Commercial Resupply Services (CRS) mission for NASA.
- NexImmune, Inc. NEXI has received Investigational New Drug Clearance from the FDA for its first cell therapy product candidate NEXI-003 treating solid tumors.
- Volkswagen AG VWAGY PowerCo’s global battery manufacturing business, which it plans to spin off in an initial public offering in 2023, is facing the impact of supply chain challenges, Bloomberg reported.
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