US Stock Futures Edge Higher Following Monday's Sell-Off, Crude Oil Rises

Author: Lisa Levin | August 23, 2022 05:18am

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade on Tuesday after recording sharp losses in the previous session. Investors are awaiting earnings results from Macy's, Inc. (NYSE:M), Medtronic plc (NYSE:MDT) and Intuit Inc. (NASDAQ:INTU).

The flash Composite Purchasing Managers' Index for August is scheduled for release at 9:45 a.m. ET, while data on new home sales for July and Richmond Fed's manufacturing index will be released at 10:00 a.m. ET. Federal Reserve Bank of Minneapolis President Neel Kashkari is set to speak at 7:00 p.m. ET.

Check out this: Market Volatility Rises Sharply As Rate Hike Fears Return

Futures for the Dow Jones Industrial Average gained 65 points to 33,121.00 while the Standard & Poor’s 500 index futures rose 9.25 points to 4,150.50. Futures for the Nasdaq index rose 38 points to 12,947.75.

Oil prices traded higher as Brent crude futures rose 1.4% to trade at $97.81 per barrel, while US WTI crude futures rose 1.7% to trade at $91.92 a barrel. The API’s report on crude oil stocks will be released today.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 95,449,600 with around 1,066,080 deaths. India reported a total of at least 44,357,540 confirmed cases, while France confirmed over 34,358,620 cases.

 

A Peek Into Global Markets

European markets were mixed today. The STOXX Europe 600 Index slipped 0.1%, London’s FTSE 100 fell 0.4% while Spain’s IBEX 35 Index fell 0.4%. The French CAC 40 Index rose 0.2%, while German DAX gained 0.3%.

The S&P Global Eurozone services PMI declined to 50.2 in August from 51.2 in July, while manufacturing PMI slipped to 49.7 from 49.8 in July. The S&P Global/CIPS Flash manufacturing PMI for the UK dropped to 46 in August from 52.1 in the previous month, while composite PMI declined to 50.9 from 52.1.

The S&P Global Germany composite PMI declined to 47.6 in August from 48.1 a month ago, while French composite PMI dropped to 49.8 from 51.7.

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 1.19%, China’s Shanghai Composite fell 0.05%, while Hong Kong’s Hang Seng Index fell 0.78%. Australia’s S&P/ASX 200 fell 1.2%, while India’s S&P BSE SENSEX rose 0.4%.

The au Jibun Bank Japanese composite PMI dropped to 48.9 in August from a final reading of 50.2 in the previous month, while Australian composite PMI slipped to 49.8 from 51.1.

Broker Recommendation

Needham downgraded Clarus Therapeutics Holdings, Inc. (NASDAQ:CRXT) from Buy to Hold..

Clarus Therapeutics shares fell 8.3% to close at $0.1890 on Monday.

Check out this: Bitcoin, Ethereum Drop Below These Major Levels, Here Are Other Crypto Movers That Should Be On Your Radar Today

 

Breaking News

• Zoom Video Communications Inc (NASDAQ:ZM) reported better-than-expected earnings for its second quarter, but sales missed expectations. The company ended the quarter with 204,100 Enterprise customers, up 18% year-over-year.
• Alcon Inc. (NYSE:ALC) announced plans to acquire Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) for $15.25 per share.
• Palo Alto Networks (NYSE:PANW) reported better-than-expected results for its fourth quarter and issued FY23 guidance above estimates. The company’s board also announced a three-for-one stock split.
• Starbox Group Holdings Ltd. (NASDAQ:STBX) priced its 5 million share IPO at $4.00 per share.

Check out other breaking news here

Posted In: AERI ALC CRXT INTU M MDT PANW STBX ZM