Pre-open movers
U.S. stock futures traded slightly lower in early pre-market trade. New York Federal Reserve Bank President William Dudley is
set to speak in Albany at 8:00 a.m. ET, while Kansas City Federal Reserve Bank President Esther George will speak at the Federal
Reserve Bank of Chicago's Annual Payment Symposium at 9:40 a.m. ET. The Federal Open Market Committee will issue minutes of its
latest meeting at 2:00 p.m. ET.
Futures for the Dow Jones Industrial Average dropped 11 points to 18,059.00, while the Standard & Poor’s 500 index futures
declined 0.50 points to 2,134.00. Futures for the Nasdaq 100 index fell 4.50 points to 4,822.50.
Oil prices traded lower as Brent crude futures gained 0.55 percent to trade at $52.70 per barrel, while US WTI crude futures
also rose 0.49 percent to trade at $51.49 a barrel.
A Peek Into Global Markets
European markets were mixed today, with the Spanish Ibex Index rising 0.23 percent, STOXX Europe 600 Index rising 0.12 percent
and German DAX 30 index declining 0.06 percent. The UK's FTSE index was trading lower by 0.14 percent, while French CAC 40 Index
slipped 0.08 percent.
In Asian markets, Japan’s Nikkei Stock Average fell 1.09 percent, Hong Kong’s Hang Seng Index declined 0.60 percent, China’s
Shanghai Composite Index dropped 0.22 percent and India’s BSE Sensex rose 0.08 percent.
Broker Recommendation
Analysts at Credit Suisse upgraded Advanced Micro Devices, Inc. (NASDAQ: AMD) from Underperform to Neutral and raised the price target from $5.50 to
$7.00.
AMD shares rose 1.54 percent to $6.60 in pre-market trading.
Breaking news
- Shares of Newell Brands Inc (NYSE: NWL) surged
nearly 20 percent after the company disclosed a definitive agreement with Stanley Black & Decker, Inc. (NYSE: SWK) to divest its tools unit for about $1.95 billion. The companies
expect the transaction to be completed in the first half of next year subject to regulatory approvals. To read the full news,
click
here.
- The British pound is tanking due to ongoing uncertainty and concerns involving Brexit yet the largest U.S.-listed U.K.
exchange-traded fund saw an inflow of $96 million on Tuesday. To read the full news, click here.
-
Barracuda Networks Inc (NYSE: CUDA) posted
stronger-than-expected results for its second quarter on Tuesday. Barracuda reported Q2 EPS of $0.21 and revenue of $87.9
million beat the Street’s consensus by $0.08 and $2.63 million, respectively.
-
Fortinet Inc (NASDAQ: FTNT) lowered its outlook
for the third quarter on Tuesday.
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