movers who arrive before the doors open
After the Dow Jones fell more than 100 points in the previous session, U.S. stock futures were mixed in early pre-market action. At 12:00 p.m. ET, Federal Reserve Chair Jerome Powell will speak before Congress. Bank of America Corp (NYSE: BAC), Citigroup Inc (NYSE: C), and Wells Fargo & Co (NYSE: WFC) are all expected to report earnings this week (NYSE: WFC).
At 8:30 a.m. ET, the Producer Price Index for June will be revealed. Producer prices have been rising at a faster rate, with a headline increase of 0.8 percent in May. Prices, on the other hand, are expected to rise 0.5 percent in June, according to analysts. At 1:30 p.m. ET, President Neel Kashkari of the Federal Reserve Bank of Minneapolis will speak, and the Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.
The Dow Jones Industrial Average’s futures fell 22 points to 34,754.00, while the S&P 500 index futures increased 0.75 points to 4,362.00. The Nasdaq 100 index futures rose 46 points to 14,911.00.
The United States has the highest number of COVID-19 cases and deaths in the world, with a total of 33,914,880 infections and 607,770 deaths. In India, there were at least 30,907,280 confirmed cases, whereas in Brazil, there were over 19,151,990 confirmed cases.
Brent crude futures lost 0.6 percent to $76.02 per barrel, while US WTI crude futures dropped 0.7 percent to $74.74 per barrel. The API reported that crude stockpiles in the United States fell by 4.1 million barrels for the week ending July 8. The weekly report on petroleum inventories in the United States will be released at 10:30 a.m. ET by the Energy Information Administration.
A Glimpse of the World’s Markets
Today’s European stock markets were weaker. The Ibex Index in Spain declined 0.6 percent, while the STOXX Europe 600 Index fell 0.3 percent. The CAC 40 index in France declined 0.2 percent, the FTSE 100 in London sank 0.4 percent, and the DAX 30 in Germany fell 0.2 percent. In May, industrial production in the Eurozone fell 1%, marking the first drop in three months. In June, consumer prices in Spain grew by 2.7 percent on an annual basis. In June, producer prices in the United Kingdom increased by 4.3 percent year on year, while annual inflation increased to 2.5 percent from 2.1 percent in May.
Today’s Asian markets were neutral. The Nikkei 225 index in Japan fell 0.38 percent, while the Hang Seng Index in Hong Kong fell 0.67 percent and the Shanghai Composite Index in China down 1.07 percent. The S&P/ASX 200 index in Australia climbed 0.3 percent, while the BSE Sensex in India gained 0.2 percent. In June, China’s trade surplus increased to $51.53 billion, up from $44.8 billion the previous month. After a final 2.9 percent increase in April, Japan’s industrial production slumped 6.5 percent in May. In the first half of the year, foreign direct investment into China increased by 28.7% year on year to CNY 607.84 billion. In July, the Westpac-Melbourne Institute consumer sentiment index in Australia rose to 108.8. In June, wholesale prices in India increased 12.07 percent year over year.
Recommendation of a Broker
Nokia Corporation (NYSE: NOK) was upgraded from Neutral to Overweight by JP Morgan, with a $7.8 price target.
In pre-market trade, Nokia shares increased 0.2 percent to $5.89.
Other notable ratings can be found here.
News of the Day
For the nine weeks ending July 3, 2021, L Brands Inc (NYSE: LB) reported sales of $2.351 billion, up from $1.369 billion the previous year. In addition, the business raised its Q2 projection from $0.80 to $1.00 to $1.20 to $1.30. L Brands announced the start of an underwritten public secondary offering of 20,041,646 shares of its common stock, as well as a stock repurchase.
According to Bloomberg, Apple Inc. (NASDAQ: AAPL) plans to ship 90 million next-generation iPhones in 2021, up 20% from a year ago, as it predicts increased demand following the Covid-19 vaccination introduction.
Bloomberg reported on Tuesday that Netflix Inc (NASDAQ: NFLX) has ordered three seasons of CoComelon Lane, a popular channel on Alphabet-owned video streaming platform YouTube.
IMARA Inc. (NASDAQ: IMRA) announced the sale of $50 million in common stock.
Other breaking news can be found here (C) 2021 Benzinga.com. Benzinga does not offer financial advice. All intellectual property rights are reserved./n
