U.S. Stock Futures Edge Lower; Verizon, Twitter Earnings in Focus


Pre-open movers

U.S. stock futures traded lower in early pre-market trade on Thursday after the Nasdaq Composite jumped around 1.4% the previous session. Investors are awaiting earnings results from Verizon Communications Inc. VZ, Twitter, Inc. TWTR and American Express Company AXP.

The flash Composite Purchasing Managers’ Index for July will be released at 9:45 a.m. ET. Both manufacturing and services declined in June, with analysts expecting manufacturing PMI dropping to 51.8 in July from 52.7 in June, while services index might decline to 52.3 from 52.7.

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Futures for the Dow Jones Industrial Average dropped 22 points to 31,985.00 while the Standard & Poor’s 500 index futures fell 12.75 points to 3,988.50. Futures for the Nasdaq index fell 73.25 points to 12,566.75.

Oil prices traded higher as Brent crude futures rose 0.2% to trade at $ 99.68 per barrel, while US WTI crude futures rose 0.3% to trade at $96.61 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.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 91,942,740 with around 1,051,230 deaths. India reported a total of at least 43,847,060 confirmed cases, while Brazil confirmed over 33,506,280 cases.


A Peek Into Global Markets

European markets were higher today. The STOXX Europe 600 Index gained 0.4%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.6%. The French CAC 40 Index rose 0.2%, while German DAX gained 0.2%. The annual inflation rate in Japan came in at 2.4% in June, little compared to May’s 7-1/2- high of 2.5%.

Asian markets traded mixed today. Japan’s Nikkei 225 rose 0.40%, while China’s Shanghai Composite fell 0.06% and Hong Kong’s Hang Seng Index rose 0.17%. Australia’s S&P/ASX 200 fell 0.04%, while India’s S&P BSE Sensex rose 0.8%. Retail sales in the UK fell 0.1% month-over-month in June. The S&P Global Eurozone manufacturing PMI fell to 49.6 in July, while services PMI dropped to 50.6 in July from 53 in June.

Broker Recommendation

Keybanc downgraded Snap Inc SNAP from Overweight to Sector Weight.

Snap shares fell 29% to $11.61 in pre-market trading.

Check out this: Verizon, Twitter And 3 Stocks To Watch Heading Into Friday


Breaking News

  • Snap Inc. SNAP posted weaker-than-expected results for its second quarter. The company announced it would not provide third-quarter guidance.
  • Seagate Technology Holdings plc STX posted weaker-than-expected results for its fourth quarter and issued weak forecast for the current quarter
  • Intuitive Surgical, Inc. ISRG reported second-quarter revenue growth of 4% year-over-year to $1.52 billion, +6% on a constant currency basis, missing the consensus of $1.56 billion.
  • PPG Industries, Inc. PPG reported upbeat earnings for its second quarter and raised its dividend from $0.59 to $0.62 per share.

Check out other breaking news here


Image and article originally from www.benzinga.com. Read the original article here.