U.S. stock futures traded lower in early pre-market trade. Data on nonfarm productivity and unit labor costs for the second quarter will be released at 8:30 a.m. ET, while data on wholesale trade inventories for June will be released at 10:00 a.m. ET. Chicago Federal Reserve Bank President Charles Evans is set to speak in Chicago at 1:00 p.m. ET.
Futures for the Dow Jones Industrial Average dropped 29 points to 21,999.00, while the Standard & Poor’s 500 index futures fell 9 points to 2,463.25. Futures for the Nasdaq 100 index declined 31.50 point to 5,885.00.
Oil prices traded higher as Brent crude futures rose 0.54 percent to trade at $52.42 per barrel, while US WTI crude futures gained 0.53 percent to trade at $49.43 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
A Peek Into Global Markets;
European markets were lower today, with the Spanish Ibex Index falling 1.39 percent, STOXX Europe 600 Index declining 0.84 percent and German DAX 30 index dropping 1.22 percent. The UK’s FTSE index was trading lower by 0.76 percent, while French CAC 40 Index fell 1.65 percent.
In Asian markets, Japan’s Nikkei Stock Average fell 1.29 percent, Hong Kong’s Hang Seng Index slipped 0.35 percent, China’s Shanghai Composite Index dropped 0.19 percent and India’s BSE Sensex fell 0.68 percent.
Analysts at Wells Fargo downgraded Dean Foods Co DF from Outperform to Market Perform and lowered price target to $12.00 from $25.00.
Dean Foods shares tumbled 20.77 percent to close at $11.86 on Tuesday.
- Walt Disney CoDIS reported a third-quarter earnings beat after Tuesday’s close, but missed on sales estimates. Disney announced it was buying a majority $1.58 billion stake in BAMTech, the MLB Advanced Media service it initially took a $1 billion stake in last year. In 2018, Disney will also launch its own ESPN streaming service powered by BAMTech, which could help curb fears that cord-cutting would be the ultimate demise of the sports news leader.
- DENTSPLY SIRONA IncXRAY reported in-line earnings for its second quarter, but lowered its outlook for FY 2017.
- Priceline Group Inc PCLNreported better-than-expected earnings for its second quarter, but issued a weak outlook for the current quarter.
- Fossil Group IncFOSL posted a loss for the second quarter and announced the resignation of its CFO Dennis Scor.