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News

U.S. Stock Futures Edge Higher Ahead of Jobless Claims Data

Author: Lisa Levin | August 04, 2022 06:09am

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade on Thursday after the Dow Jones jumped over 400 points in the previous session. Investors are awaiting earnings results from Alibaba Group Holding Limited (NYSE:BABA), Eli Lilly and Company (NYSE:LLY), Kellogg Company (NYSE:K) and Block, Inc. (NYSE:SQ).

The Challenger job-cut report for July is scheduled for release at 7:30 a.m. ET, while data on international trade and initial jobless claims will be released at 8:30 a.m. ET. Federal Reserve Bank of Cleveland President Loretta Mester is set to speak at 12:00 p.m. ET.

Check out this: This Biotechnology Stock Jumped Over 360%; Here Are 106 Biggest Movers From Yesterday

Futures for the Dow Jones Industrial Average gained 20 points to 32,790.00 while the Standard & Poor’s 500 index futures rose 4 points to 4,160.25. Futures for the Nasdaq index rose 13.50 points to 13,285.00.

Oil prices traded higher as Brent crude futures rose 0.4% to trade at $97.13 per barrel, while US WTI crude futures rose 0.6% to trade at $91.21 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage will be released 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 93,593,210 with around 1,057,230 deaths. India reported a total of at least 44,087,030 confirmed cases, while France confirmed over 33,960,130 cases.

 

A Peek Into Global Markets

European markets were mostly higher today. The STOXX Europe 600 Index rose 0.3%, London’s FTSE 100 slipped 0.1% while Spain’s IBEX 35 Index rose 0.4%. The French CAC 40 Index rose 0.6%, while German DAX gained 0.9%.

The S&P Global Eurozone construction PMI dropped to 45.7 in July from 47.0 in the previous month. UK new car registrations dropped 9% year-over-year to 121,162 units in July, while construction PMI declined to 48.9 in July from 52.6 in June. The S&P Global Italian construction PMI declined to 46.2 in July from 50.4 in the previous month, while French construction PMI climbed to 48.6 from 46.4. The S&P Global German construction PMI declined to 43.7 in July from 45.9 in June, while factory orders in Germany fell 0.4% month-over-month in June.


Asian markets traded mostly higher today. Japan’s Nikkei 225 rose 0.69%, while China’s Shanghai Composite rose 0.80% and Hong Kong’s Hang Seng Index jumped 2.06%. Australia’s S&P/ASX 200 slipped 0.01%, while India’s S&P BSE Sensex slipped 0.1%.

Australian trade surplus widened to AUD 17.67 billion in June from a revised AUD 15.02 billion in the prior month. Exports of goods and services from Australia climbed 5.1%, while imports rose 0.7% month-over-month in June.


Broker Recommendation

Keybanc downgraded Ping Identity Holding Corp. (NYSE:PING) from Overweight to Sector Weight.

Ping Identity shares fell 0.8% to $27.85 in pre-market trading.

Check out this: U.S. Trade Deficit Might Narrow Further To This Level In June, Here Are The Major Macro Issues For Thursday

 

Breaking News

  • eBay Inc. (NASDAQ:EBAY) reported upbeat earnings and sales results for its second quarter on Wednesday. The company also said it sees full fiscal year revenue coming in a range of $9.6 billion to $9.9 billion versus a Street estimate of $9.68 billion. Full-year earnings per share are guided for a range of $3.95 to $4.10 versus a Street estimate of $3.98.
  • SoftBank Group Corp (OTC:SFTBY) has raised $22 billion in cash through deals that would significantly trim its stake in Alibaba Group Holding Ltd. (NYSE:BABA) over the coming years, reported Financial Times.
  • Booking Holdings Inc. (NASDAQ:BKNG) reported better-than-expected earnings for its second quarter. Although revenue nearly doubled year-over-year to $4.29 billion, but it still missed the consensus of $4.33 billion.
  • Cigna Corporation (NYSE:CI) reported upbeat earnings for its second quarter.


Check out other breaking news here

Posted In: BABA BKNG CI EBAY K LLY PING SFTBY SQ

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