A Peek Into The Markets: US Stock Futures Point To A Lower Open

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The housing market index for June is schedule for release at 10:00 a.m. ET. Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Savannah at 1:00 p.m. ET, while New York Federal Reserve Bank President John Williams will speak in New York at 4:00 p.m. ET.

Futures for the Dow Jones Industrial Average fell 177 points to 24,932.00, while the Standard & Poor’s 500 index futures traded declined 16.65 points to 2,767.75. Futures for the Nasdaq 100 index dropped 52.50 points to 7,229.25.

Oil prices traded mixed as Brent crude futures rose 0.72 percent to trade at $73.97 per barrel, while US WTI crude futures fell 0.54 percent to trade at $64.71 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.87 percent, STOXX Europe 600 Index dropping 0.96 percent and German DAX 30 index falling 1.36 percent. The UK's FTSE index was trading lower by 0.33 percent, while French CAC 40 Index fell 1.19 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.75 percent, Hong Kong’s Hang Seng Index dropped 0.43 percent, China’s Shanghai Composite Index fell 0.73 percent and India’s BSE Sensex fell 0.21 percent.

Broker Recommendation

Analysts at Pivotal Research downgraded Walt Disney Company (NYSE: DIS) from Hold to Sell.

Disney shares fell 1.70 percent to $107.00 in pre-market trading.

Breaking news

• Perry Ellis International, Inc. (NASDAQ: PERY) agreed to go private through an acquisition led by George Feldenkreis for $27.50 per share in cash.

 

• Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD) announced a proposed offering of $75 million.

 

• China Biologic Products Holdings Inc (NASDAQ: CBPO) shares climbed 16 percent in pre-market trading following 13D filing indicating non-binding offer for $110 per share.

 

• W. P. Carey Inc. (NYSE: WPC) and Corporate Property Associates 17 – Global Incorporated reported a proposed merger in a stock-for-stock transaction valued at around $6 billion.