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A Peek Into The Markets: U.S. Stock Futures Up; Bank of America Profit Tops Views

A Peek Into The Markets: U.S. Stock Futures Up; Bank of America Profit Tops Views - Bank of America Corporation NYSE:BAC, Hasbro, Inc. NASDAQ:HAS

Pre-open movers

U.S. stock futures traded higher in early pre-market trade ahead of earnings from major companies. The NAHB housing market index for July is scheduled for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average gained 22 points to 18,439.00, while the Standard & Poor’s 500 index futures rose 3.75 points to 2,156.50. Futures for the Nasdaq 100 index gained 5.50 points to 4,584.75.

Oil prices traded lower as Brent crude futures fell 0.82 percent to trade at $47.24 per barrel, while US WTI crude futures also dropped 0.81 percent to trade at $45.60 a barrel.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index dropping 0.17 percent, STOXX Europe 600 Index gaining 0.15 percent and German DAX 30 index dropping 0.02 percent. The UK's FTSE index was trading higher by 0.26 percent, while French CAC 40 Index declined 0.22 percent.

In Asian markets, Hong Kong’s Hang Seng Index rose 0.66 percent, China’s Shanghai Composite Index fell 0.35 percent and India’s BSE Sensex declined 0.32 percent.

Broker Recommendation

Analysts at Piper Jaffray upgraded Groupon Inc GRPN from Neutral to Overweight, while raising the price target from $4.00 to $6.00.

Groupon shares climbed 11.75 percent to $3.90 in pre-market trading.

Breaking news

  • Bank of America Corp BAC announced 25 percent more provision for credit losses in the second quarter than the year-ago quarter. Its profit attributable to common shareholders dropped 19.4 percent as revenue fell 7.1 percent. However, the results exceeded the Street analysts' expectations. To read the full news, click here.
  • Biogen Inc BIIB and Swedish Orphan Biovitrum AB (publ) (Sobi™) will present updated data on long-term safety and efficacy of the companies' novel extended half-life therapies, ELOCTATE® [Antihemophilic Factor (Recombinant), Fc Fusion Protein] (marketed as ELOCTA® in Europe) for hemophilia A and ALPROLIX® [Coagulation Factor IX (Recombinant), Fc Fusion Protein] for hemophilia B. To read the full news, click here.

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