US Stock Futures Gain Ahead Of Economic Data

William Arsn

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Pre-open movers

U.S. stock futures traded higher in early pre-market trade. The Dow and the S&P 500 gained in the previous session after Federal Reserve Chair Jerome Powell outlined new approach to inflation at the Jackson Hole annual economic symposium.


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Investors are awaiting earnings from Big Lots, Inc. (NYSE: BIG) and Hibbett Sports, Inc. (NASDAQ: HIBB). Data on personal income, wholesale inventories and international trade in goods for July will be released at 8:30 a.m. ET. The Chicago PMI for August is scheduled for release at 9:45 a.m. ET, while the University of Michigan’s consumer sentiment index for August will be released at 10:30 a.m. ET.

Futures for the Dow Jones Industrial Average climbed 137 points to 28,605 while the Standard & Poor’s 500 index futures traded rose 12.25 points to 3,497.50. Futures for the Nasdaq 100 index gained 2 points to 11,954.75.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 5,869,030 with around 180,840 deaths. Brazil confirmed over 3,761,390 cases, while India reported a total of at least 3,387,500 confirmed cases.

Oil prices traded lower as Brent crude futures fell 0.2{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} to trade at $45.52 per barrel, while US WTI crude futures fell 0.3{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} to trade at $42.93 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index rising 0.6{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} and STOXX Europe 600 Index declining 0.3{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05}. The UK’s FTSE index was trading higher by 0.2{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05}, while French CAC 40 Index declined 0.1{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} and German DAX 30 fell 0.4{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05}.

In Asian markets, Japan’s Nikkei fell 1.41{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05}, Hong Kong’s Hang Seng Index rose 0.56{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} China’s Shanghai Composite Index rose 1.6{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} and India’s BSE Sensex rose 1{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05}.

Broker Recommendation

Analysts at Keefe, Bruyette & Woods upgraded United Community Banks, Inc. (NASDAQ: UCBI) from Market Perform to Outperform and announced a $23 price target.

United Community Banks shares rose 1.6{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} to close at $17.98 on Thursday.

Breaking News

HP Inc (NYSE: HPQ) reported stronger-than-expected results for its third quarter and issued strong earnings guidance for FY20. Gap Inc (NYSE: GPS) reported better-than-expected results for the second quarter. The retailer’s quarterly comparable sales rose 13{5667a53774e7bc9e4190cccc01624aae270829869c681dac1da167613dca7d05} during the quarter. Prime Minister of Japan, Shinzo Abe, is considering resigning due to health concerns, several local media reports suggested Friday. Dell Technologies Inc (NYSE: DELL) reported upbeat results for its second quarter amid strong demand for its notebooks.

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