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A Peek Into The Markets: U.S. Stock Futures Edge Higher Ahead Of Bank Earnings

A Peek Into The Markets: U.S. Stock Futures Edge Higher Ahead Of Bank Earnings - Citigroup Inc. NYSE:C, Wells Fargo & Company NYSE:WFC

Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade ahead of earnings from Citigroup Inc C and Wells Fargo & Co WFC. Data on retail sales for June will be released at 8:30 a.m. ET. The Consumer Price Index for June and the Empire State manufacturing index for July will be released at 8:30 a.m. ET. Data on industrial production for June will be released at 9:15 a.m. ET, while business inventories report for May will be released at 10:00 a.m. ET. The University of Michigan's consumer sentiment index for July is scheduled for release at 10:00 a.m. ET. San Francisco Federal Reserve Bank President John Williams is set to speak in Cambridge Mass at 1:00 p.m. ET, while Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in St. Louis at 1:15 p.m. ET.

Futures for the Dow Jones Industrial Average gained 6 points to 18,430.00, while the Standard & Poor’s 500 index futures rose 0.50 points to 2,157.00. Futures for the Nasdaq 100 index gained 1 point to 4,590.50.

Oil prices traded lower as Brent crude futures fell 0.50 percent to trade at $45.42 per barrel, while US WTI crude futures also dropped 0.40 percent to trade at $47.15 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 0.53 percent, STOXX Europe 600 Index falling 0.36 percent and German DAX 30 index dropping 0.44 percent. The UK's FTSE index was trading lower by 0.21 percent, while French CAC 40 Index declined 0.62 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.68 percent, Hong Kong’s Hang Seng Index rose 0.46 percent, China’s Shanghai Composite Index rose 0.01 percent and India’s BSE Sensex declined 0.38 percent.

Broker Recommendation

Analysts at Citigroup upgraded Sealed Air Corp SEE from Neutral to Buy and raised the price target from $54.00 to $56.00.

Sealed Air shares fell 0.08 percent to close at $48.33 on Thursday.

Breaking news

  • Infosys Ltd ADR INFY announced 7.4 percent year-over-year growth in its net profit for the first quarter driven by 10.9 percent increase in the top line. However, both earnings and revenue fell short of the Street analysts' expectations. The company also provided tepid outlook for the rest of the year. To read the full news, click here.
  • Ultragenyx Pharmaceutical Inc RARE revealed its final stage study of recombinant human beta-Glucuronidase has met the primary endpoint of reduction in urinary CAG excretion. According to the company, the positive top line data from the pivotal study also provided proof of clinical improvement. To read the full news, click here.

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