movers who arrive before the doors open
In early pre-market trade, U.S. stock futures were lower ahead of the release of unemployment claims data. Following the release of minutes from the FOMC meeting, the Dow Jones closed more than 100 points higher on Wednesday.
At 8:30 a.m. ET, data on first jobless claims for the previous week will be released. Jobless claims are predicted to drop to 353,000 for the week ending July 3 from 364,000 the week before. At 3:00 p.m. ET, consumer credit data for May will be revealed.
The Dow Jones Industrial Average’s futures slid 356 points to 34,212.00, while the S&P 500 index futures fell 41.25 points to 4,308.50. The Nasdaq 100 index futures fell 147.25 points to 14,655.00.
The United States has the highest number of COVID-19 cases and deaths in the world, with a total of 33,770,450 infections and 606,210 deaths. In India, there were at least 30,709,550 verified cases, whereas in Brazil, there were over 18,909,030 confirmed cases.
Brent crude futures declined 1.3 percent to $72.48 per barrel, while US WTI crude futures dropped 1.5 percent to $71.10 per barrel. The API reported that crude oil stocks fell by 7.98 million barrels last week. The weekly report on natural gas stocks in underground storage from the Energy Information Administration will be released at 10:30 a.m. ET, while the weekly report on petroleum inventories will be released at 11:00 a.m. ET.
Today’s European stock markets were weaker. The Ibex Index in Spain fell 2.2 percent, while the STOXX Europe 600 Index fell 1.1 percent. The CAC 40 Index in France fell 1.9 percent, the FTSE 100 in London down 1.4 percent, and the DAX 30 in Germany fell 1.4 percent. The German current account surplus climbed to EUR 13.1 billion in May, up from EUR 7.1 billion the previous month, while the trade surplus increased to EUR 12.3 billion, up from EUR 7 billion the previous month.
Today’s Asian markets were largely down. The Nikkei 225 index in Japan sank 0.9 percent, while the Hang Seng Index in Hong Kong fell 2.9 percent and China’s Shanghai Composite Index fell 0.9 percent. The S&P/ASX 200 index in Australia increased 0.2 percent, while the BSE Sensex in India fell 1%. In May, Japan’s current account surplus increased to JPY 1,979.7 billion, up from JPY 1,068.5 billion the previous month.
Recommendation of a Broker
Hibbett, Inc. (NASDAQ: HIBB) has been given an Outperform rating by Telsey Advisory Group, with a price target of $110.
Hibbett’s stock climbed 3.2 percent to $93.10 on Wednesday.
Other notable ratings can be found here.
News of the Day
On Wednesday, WD-40 Company (NASDAQ: WDFC) posted better-than-expected third-quarter results.
According to the company’s website, Tesla Inc (NASDAQ: TSLA) has unveiled and begun accepting pre-orders for its domestically made electric mid-size SUV Model Y’s base model in China for less than RMB 300,000 ($46,000), thereby qualifying it for state-led subsidies.
Gan Ltd (NASDAQ: GAN) has released preliminary second-quarter earnings. Revenue for the second quarter is expected to be in the region of $34 million to $35 million, according to the firm. The company expects adjusted EBITDA to be in the $3 million to $7 million range. GAN’s full-year projection has been raised to a range of $125 million to $135 million.
SeaSpine Holdings Corporation (NASDAQ: SPNE) announced that its 7D surgical percutaneous spine module has received FDA 510(k) clearance for minimally invasive surgery.
Other breaking news can be found here.
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