US Stock Futures Drop Ahead Of Durable Goods Orders Data

Pre-open movers

US stock futures traded lower in early pre-market trade, ahead of economic data and earnings reports. Data on durable goods orders for June will be released at 8:30 a.m. ET. Futures for the Dow Jones Industrial Average tumbled 29 points to 16,969.00, while the Standard & Poor's 500 index futures fell 3.70 points to 1,977.00. Futures for the Nasdaq 100 index declined 14.75 points to 3,957.00.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index rising 0.55%, STOXX Europe 600 Index dropping 0.17%. German DAX 30 index declined 0.50%, French CAC 40 Index dipped 0.67% and London's FTSE 100 Index dropped 0.10%.

In Asian markets, Japan's Nikkei Stock Average rose 1.13%, Hong Kong's Hang Seng Index surged 0.31%, China's Shanghai Composite Index gained 1.02% and India's BSE Sensex fell 0.55%. Japan's core consumer price index rose 3.3% y/y in June.

Broker Recommendation

Analysts at B Riley downgraded Amazon.com (NASDAQ: AMZN) from Buy to Neutral. The target price for Amazon.com has been lowered from $425 to $350.

Amazon.com shares tumbled 10.20% to $322.02 in pre-market trading.

Breaking news

• Stanley Black & Decker (NYSE: SWK) reported a 16% rise in its second-quarter profit and raised its earnings outlook for the year. To read the full news, click here.
• Bayer HealthCare and Onyx Pharmaceuticals, an Amgen subsidiary (NASDAQ: AMGN), today announced that an investigational Phase 3 trial of NEXAVAR® (sorafenib) tablets in patients with advanced breast cancer did not meet its primary endpoint of improving progression-free survival (PFS). To read the full news, click here.
• 21st Century Fox (NASDAQ: FOXA) today announced that it will transfer Sky Italia and its 57.4 percent interest in Sky Deutschland to BSkyB to create a pan-European digital television leader through the combination of these assets. To read the full news, click here.
• Amazon (NASDAQ: AMZN) shares dropped in pre-market trading after it missed bottom-line expectations by a wide margin on a 23 percent gain in revenue. The company's loss widened to $126 million or $0.27 per share, from a loss of $7 million, or $0.02 per share, a year earlier. To read the full news, click here.