U.S. stock futures traded lower in early pre-market trade, following a strong rebound in the previous session. AstraZeneca Plc (NYSE: AZN) CEO Pascal Soriot said during a conference call with investors Wednesday that the person experiencing symptoms related to a rare neurological disorder caused its global COVID-19 vaccine trials to pause. Investors are awaiting earnings from Oracle Corporation (NYSE: ORCL) and Chewy Inc (NYSE: CHWY). Data on initial jobless claims for the latest week and the Producer Price Index for August will be released at 8:30 a.m. ET. Data on wholesale inventories for July will be released at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average fell 88 points to 27,884 while the Standard & Poor’s 500 index futures traded fell 11 points to 3,389.25. Futures for the Nasdaq 100 index declined 33.25 points to 11,359.50.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,362,100 with around 190,860 deaths. India reported a total of at least 4,465,860 confirmed cases, while Brazil confirmed over 4,197,880 cases.
Oil prices traded lower as Brent crude futures fell 1.1% to trade at $40.36 per barrel, while US WTI crude futures fell 1.3% to trade at $37.55 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET, while the EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index falling 0.3% and STOXX Europe 600 Index declining 0.2%. The French CAC 40 Index declined 0.3%, while German DAX 30 fell 0.1% and London’s FTSE 100 fell 0.5%. Investors in Europe are awaiting the ECB’s monetary policy decision today for clues regarding further stimulus.
In Asian markets, Japan’s Nikkei rose 0.88%, Hong Kong’s Hang Seng Index fell 0.64% China’s Shanghai Composite Index fell 0.61% and India’s BSE Sensex rose 1%. Japan’s machinery orders declined at a lower-than-expected rate, falling 16.2% in July, versus analysts’ estimates for an 18.3% drop.
Analysts at KeyBanc upgraded Fortune Brands Home & Security Inc (NYSE: FBHS) from Sector Weight to Overweight and announced a $95 price target.
Fortune Brands Home shares rose 0.3% to $82.76 in pre-market trading.
- RH (NYSE: RH) reported stronger-than-expected results for its second quarter. The company also said it expects to reach 20% adjusted operating margin in FY20.
- China’s ByteDance Ltd, the parent company of TikTok, is in talks with the US government with the aim of retaining part ownership of the short-form video app, the Wall Street Journal reported Wednesday.
- GameStop Corp. (NYSE: GME) reported a wider-than-expected loss for its second quarter, while sales also missed estimates.
- Spero Therapeutics Inc (NASDAQ: SPRO) reported an 8 million share common stock offering.
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