Pre-open movers
U.S. stock futures traded slightly lower in early pre-market trade. The ADP national employment report for August is schedule
for release at 8:15 a.m. ET, while the Chicago PMI for August will be released at 9:45 a.m. ET. The pending home sales index for
July is schedule for release at 10:00 a.m. ET. Minneapolis Federal Reserve Bank President Neel Kashkari will speak in Saint Paul,
Minnesota at 8:00 a.m. ET, while Chicago Fed President Charles Evans is set to speak at the Shanghai Advanced Institute of Finance
in Beijing at 3:15 p.m. ET.
Futures for the Dow Jones Industrial Average fell 10 points to 18,434.00, while the Standard & Poor’s 500 index futures fell
0.50 points to 2,174.75. Futures for the Nasdaq 100 index declined 1.25 points to 4,774.50.
Oil prices traded lower as Brent crude futures declined 0.85 percent to trade at $47.96 per barrel, while US WTI crude futures
also fell 0.63 percent to trade at $46.06 a barrel. The Energy Information Administration’s weekly report on petroleum inventories
will be released at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were mostly higher today, with the Spanish Ibex Index rising 0.98 percent, STOXX Europe 600 Index gaining 0.22
percent and German DAX 30 index dropping 0.12 percent. The UK's FTSE index was trading lower by 0.15 percent, while French CAC 40
Index climbed 0.56 percent. Eurozone inflation remained unchanged in August.
In Asian markets, Japan’s Nikkei Stock Average rose 0.97 percent, Hong Kong’s Hang Seng Index fell 0.17 percent, China’s
Shanghai Composite Index gained 0.35 percent and India’s BSE Sensex gained 0.39 percent.
Broker Recommendation
Analysts at Stifel Nicolaus downgraded Abercrombie & Fitch Co. (NYSE: ANF) from Buy to Hold.
Abercrombie & Fitch shares dropped 20.31 percent to close at $18.29 on Tuesday.
Breaking news
-
Bob Evans Farms Inc (NASDAQ: BOBE) reported
better than expected earnings for the first quarter. However, revenue missed estimates hurt by a 4.3 percent drop in same-store
sales. The company lifted its full year earnings forecast. To read the full news, click
here.
-
Palo Alto Networks Inc (NYSE: PANW) reported
better-than-expected revenue for its fiscal fourth quarter, but issued a weak outlook for the current quarter. The company also
announced a $500 million share repurchase plan. To read the full news, click
here.
- In a new letter to company management, Sinovac Biotech Ltd. (NASDAQ: SVA) shareholder Heng Ren Investments voices the firm’s displeasure over Sinovac
insiders' plan to take the company private. To read the full news, click
here.
-
H & R Block Inc (NYSE: HRB) reported
weaker-than-expected results for its first quarter on Tuesday. To read the full news, click here.
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