movers who arrive before the doors open
In early pre-market activity, U.S. stock futures were neutral as investors awaited the publication of numerous economic releases today. Morgan Stanley (NYSE: MS) and Alcoa Corporation are also expected to report earnings (NYSE: AA).
At 8:30 a.m. ET, data on first jobless claims for the previous week will be released. Jobless claims are predicted to fall to 368,000 for the week ending July 10 from 373,000 the week before. At 8:30 a.m. ET, the Philadelphia Fed manufacturing index, the Empire State manufacturing index, and June import and export prices will be revealed. At 9:15 a.m. ET, data on industrial production for June will be revealed. At 9:30 a.m. ET, Federal Reserve Chair Jerome Powell will appear before the Senate Banking Committee, while Chicago Fed President Charles Evans will address the Senate Banking Committee at 11:00 a.m. ET.
The Dow Jones Industrial Average’s futures slid 115 points to 34,701.00, while the S&P 500 index futures declined 5 points to 4,362.75. The Nasdaq 100 index futures rose 53.25 points to 14,945.00.
The United States has the highest number of COVID-19 cases and deaths in the world, with a total of 33,946,340 infections and 608,100 deaths. In India, there were at least 30,946,070 verified cases, whereas in Brazil, there were over 19,209,720 confirmed cases.
Brent crude futures declined 0.8 percent to $74.16 per barrel, while US WTI crude futures dropped 1% to $72.41 per barrel. The EIA reported that US crude oil inventories declined 7.897 million barrels in the week ending July 9th. The weekly data on natural gas stockpiles in underground storage from the Energy Information Administration is set to be released at 10:30 a.m. ET.
A Glimpse of the World’s Markets
Today’s European stock markets were generally down. The Ibex Index in Spain plummeted 1%, while the STOXX Europe 600 Index fell 0.5 percent. The CAC 40 index in France declined 0.5 percent, the FTSE 100 in London gained 0.1 percent, and the DAX 30 in Germany fell 0.8 percent. In June, consumer prices in Italy rose 1.3 percent year over year. In the three months leading up to May, the unemployment rate in the United Kingdom increased to 4.8 percent.
Today’s Asian markets were neutral. The Nikkei 225 index in Japan fell 1.15 percent, while the Hang Seng Index in Hong Kong gained 0.75 percent and the Shanghai Composite Index in China climbed 1.02 percent. The S&P/ASX 200 index in Australia lost 0.3 percent, while the BSE Sensex in India rose 0.5 percent. Following a 12.4 percent increase a month earlier, China’s retail trade increased by 12.1 percent year over year in June. Following a record 18.3 percent increase in the previous quarter, the Chinese economy grew 7.9% yearly in the second quarter. In June, China’s industrial production climbed by 8.3 percent year over year, while average new housing prices increased by 4.7 percent. The unemployment rate in Australia decreased to 4.9 percent in June, down from 5.1 percent in May.
Recommendation of a Broker
The Macerich Company (NYSE: MAC) was upgraded from Underperform to Hold by Jefferies.
In pre-market trade, Macerich shares slipped 0.1 percent to $17.51.
Other notable ratings can be found here.
News of the Day
United Community Banks, Inc. (NASDAQ: UCBI) announced plans to buy Reliant Bancorp, Inc. (NASDAQ: RBNC) in a $517 million all-stock deal.
Cinedigm Corp (NASDAQ: CIDM) reported outstanding preliminary fourth-quarter revenue results. The company expects preliminary revenue of $8.3 million for the quarter, compared to $7.71 million predicted by analysts.
Daphne Huang, the CFO of Taro Pharmaceutical Industries Ltd. (NYSE: TARO), has resigned with effect from August 6, 2021.
FVCBankcorp, Inc. (NASDAQ: FVCB) and Blue Ridge Bankshares, Inc. (NYSE: BRBS) have announced plans to join in an all-stock merger of equals.
Other breaking news can be found here (C) 2021 Benzinga.com. Benzinga does not offer financial advice. All intellectual property rights are reserved./n
