U.S. Stock Futures Higher Ahead Of Consumer Sentiment Report
Pre-open movers
U.S. stock futures traded higher in early pre-market trade on Friday after closing mixed in the previous session. Investors are awaiting earnings results from Broadridge Financial Solutions, Inc. (NYSE: BR) and Spectrum Brands Holdings, Inc. (NYSE: SPB).
Data on import and export prices for July will be released at 8:30 a.m. ET, while the University of Michigan's consumer sentiment index for August is scheduled for release at 10:00 a.m. ET
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Futures for the Dow Jones Industrial Average gained 189 points to 33,493.00 while the Standard & Poor’s 500 index futures rose 27 points to 4,236.75. Futures for the Nasdaq index rose 93.75 points to 13,405.00.
Oil prices traded slightly higher as Brent crude futures rose 0.4% to trade at $99.96 per barrel, while US WTI crude futures rose 0.1% to trade at $94.44 a barrel. The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 94,479,770 with around 1,061,340 deaths. India reported a total of at least 44,223,550 confirmed cases, while France confirmed over 34,169,280 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index rose 0.4%, London’s FTSE 100 gained 0.6% while Spain’s IBEX 35 Index climbed 0.8%. The French CAC 40 Index climbed 0.5%, while German DAX rose 0.6%.
The British economy shrank 0.6% month-over-month in June following a revised 0.4% increase in May. Imports to the UK declined 0.4% from the previous month, while exports dropped by 4.2% in June. Industrial production in the UK fell by 0.9% from a month ago in June, while trade deficit increased to GBP 11.387 billion in June from a revised GBP 9.119 billion gap a month ago.
The annual inflation rate in France increased to 6.1% in July from 5.8% in the previous month, while unemployment rate rose to 7.4% in the second quarter from 7.3% in the earlier quarter.
Asian markets traded mixed today. Japan’s Nikkei 225 gained 2.6%, China’s Shanghai Composite fell 0.15%, while Hong Kong’s Hang Seng Index jumped 0.46%. Australia’s S&P/ASX 200 fell 0.5%, while India’s S&P BSE Sensex rose 0.3%.
Australia's new home sales dipped 13.1% from a month ago in July following a 1.9% gain in the prior month.
Broker Recommendation
Keybanc maintained Applied Industrial Technologies, Inc. (NYSE: AIT) with an Overweight and raised the price target from $120 to $140.
Applied Industrial shares jumped 12.1% to close at $118.89 on Thursday.
Check out this: U.S. Stocks Settle Mixed, Market Volatility Increases
Breaking News
- Illumina, Inc. (NASDAQ: ILMN) reported worse-than-expected results for its second quarter and issued weak full-year 2022 guidance.
- Australia's competition watchdog said the country's federal court ordered Alphabet Inc's (NASDAQ: GOOGL) (NASDAQ: GOOG) Google on Friday to pay AU$60 million ($42.7 million) in penalties for misleading users.
- Co-Diagnostics, Inc. (NASDAQ: CODX) reported downbeat results for its second quarter on Thursday.
- LegalZoom.com, Inc. (NASDAQ: LZ) reported upbeat financial results for its second quarter, but lowered its full-year revenue guidance.
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