Pre-open movers
U.S. stock futures traded slightly lower in early pre-market trade, ahead of earnings from Citigroup Inc. C and Wells Fargo & Co. WFC. Data on retail sales for June and import prices for June will be released at 8:30 a.m. ET. Data on industrial production for June will be released at 9:15 a.m. ET. Data on business inventories for May and the housing market index for July will be released at 10:00 a.m. ET. Federal Reserve Member of the Board of Governors Michelle Bowman and Atlanta Federal Reserve Bank President Raphael Bostic will speak in Augusta, Georgia at 8:15 a.m. ET. Federal Reserve Member of the Board of Governors Michelle Bowman is set to speak in Augusta, Georgia at 8:30 a.m. ET, while Atlanta Federal Reserve Bank President Raphael Bostic will speak in Augusta, Georgia at 9:20 a.m. ET. Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Augusta, Georgia at 10:05 a.m. ET, while Dallas Federal Reserve Bank President Robert Kaplan will speak in Washington, DC at 12:20 p.m. ET. Federal Reserve Chairman Jerome Powell is set to speak in Paris, France at 1:00 p.m. ET, while Chicago Federal Reserve Bank President Charles Evans will speak in Chicago, IL at 3:30 p.m. ET.
Futures for the Dow Jones Industrial Average dropped 21 points to 27,321.00, while the Standard & Poor’s 500 index futures fell 1.1 points to 3,016.25. Futures for the Nasdaq 100 index declined 1.5 points to 7,985.25.
Oil prices traded higher as Brent crude futures rose 0.2% to trade at $66.62 per barrel, while US WTI crude futures rose 0.3% to trade at $59.73 a barrel.
A Peek Into Global Markets
European markets were mostly higher today, with the Spanish Ibex Index rising 0.3%, STOXX Europe 600 Index gaining 0.1% and German DAX 30 index dropping 0.1%. The UK's FTSE index was trading higher by 0.4%, while French CAC 40 Index rose 0.2%.
In Asian markets, Japan’s Nikkei Stock Average fell 0.69%, Hong Kong’s Hang Seng Index rose 0.23%, China’s Shanghai Composite Index fell 0.16% and India’s BSE Sensex rose 0.6%.
Broker Recommendation
Analysts at Goldman Sachs downgraded Kennametal Inc. KMT from Buy to Sell and lowered the price target from $43 to $30.
Kennametal shares fell 3.1 percent to $33.68 in pre-market trading.
Breaking News
- JPMorgan Chase & Co. JPM reported better-than-expected earnings for its second quarter.
- Johnson & Johnson JNJ reported upbeat results for its second quarter and raised its FY19 sales forecast.
- Interpace Diagnostics Group Inc IDXG reported the purchase of Biopharma Services unit of Cancer Genetics Inc CGIX. Ampersand Capital Partners agreed to invest $27 million in Interpace Diagnostics in two tranches of newly issued convertible preferred stock.
- First Horizon National Corporation FHN reported stronger-than-expected earnings for its second quarter.
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