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A Peek Into The Markets: U.S. Stock Futures Edge Higher; Michael Kors Issues Weak Outlook

A Peek Into The Markets: U.S. Stock Futures Edge Higher; Michael Kors Issues Weak Outlook - Walt Disney Company The NYSE:DIS, Michael Kors Holdings Limited NYSE:KORS

Pre-open movers

U.S. stock futures traded higher in early pre-market trade. The Labor Department's JOLTS report for June will be released at 10:00 a.m. ET, while the U.S. Treasury budget data for July will be released at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average climbed 18 points to 18,484.00, while the Standard & Poor’s 500 index futures gained 3 points to 2,180.50. Futures for the Nasdaq 100 index rose 6.50 points to 4,798.25.

Oil prices traded lower as Brent crude futures declined 0.09 percent to trade at $44.94 per barrel, while US WTI crude futures also fell 0.40 percent to trade at $42.60 a barrel. The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.12 percent, STOXX Europe 600 Index declining 0.20 percent and German DAX 30 index dropping 0.45 percent. The UK's FTSE index was trading lower by 0.16 percent, while French CAC 40 Index declined 0.29 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.18 percent, Hong Kong’s Hang Seng Index rose 0.12 percent, China’s Shanghai Composite Index declined 0.23 percent and India’s BSE Sensex fell 1.10 percent.

Broker Recommendation

Analysts at Macquarie upgraded Walt Disney Co (NYSE: DIS) from Neutral to Outperform.

Disney shares fell 1.37 percent to $95.35 in pre-market trading.

Breaking news

  • Michael Kors Holdings Ltd (NYSE: KORS) reported better-than-expected earnings and revenue for the first quarter. However, the company offered a soft outlook for the second quarter and fiscal year 2017. To read the full news, click here.
  • SunPower Corporation (NASDAQ: SPWR) posted a loss for its second quarter and issued a weak revenue forecast. Management expected a workforce reduction of about 15 percent totaling about 1,200 employees in the future and restructuring charges totaling $30-$45 million. To read the full news, click here.
  • Inc(ADR) (NASDAQ: JD) provided revenue outlook for the third quarter that was better than the Street estimate. Its revenue for the second quarter came in ahead of the estimates. The company suffered a net loss of 132.1 million Yuan or $19.92 million in the second quarter. In comparison, the year-ago loss was 510.4 million Yuan. To read the full news, click here.
  • Yelp Inc (NYSE: YELP) reported a surprise profit for the second quarter. The company also exceeded analysts’ sales estimates. To read the full news, click here.

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