U.S. stock futures traded slightly higher in early pre-market trade, ahead of earnings from Kellogg Company K. The Challenger job-cut report for July is schedule for release at 7:30 a.m. ET, while data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. The services PMI for July is schedule for release at 9:45 a.m. ET. Data on factory orders for June and the ISM non-manufacturing index for July will be released at 10:00 a.m. ET.
Futures for the Dow Jones Industrial Average dropped 6 points to 21,951, while the Standard & Poor’s 500 index futures fell 1.25 points to 2,472.25. Futures for the Nasdaq 100 index gained 3.75 points to 5,914.50.
Oil prices traded lower as Brent crude futures fell 0.11 percent to trade at $52.30 per barrel, while US WTI crude futures dropped 0.10 percent to trade at $49.54 a barrel. The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were mostly higher today, with the Spanish Ibex Index falling 0.22 percent, STOXX Europe 600 Index rising 0.05 percent and German DAX 30 index dropping 0.26 percent. The UK’s FTSE index was trading higher by 0.54 percent, while French CAC 40 Index rose 0.39 percent.
In Asian markets, Japan’s Nikkei Stock Average fell 0.25 percent, Hong Kong’s Hang Seng Index dropped 0.28 percent, China’s Shanghai Composite Index declined 0.37 percent and India’s BSE Sensex fell 0.74 percent.
Analysts at Deutsche Bank downgraded Allstate Corp ALL from Buy to Hold.
Allstate shares rose 3.47 percent to close at $94.16 on Wednesday.
- Yum! Brands, Inc. YUMreported stronger-than-expected earnings for its second quarter.
- Chesapeake Energy Corporation CHKposted upbeat earnings for its second quarter.
- Tesla IncTSLA reported stronger-than-expected results for its second quarter. Deliveries rose 53 percent year-over-year. Tesla also said it expects positive Model 3 gross margin in Q4.
- Global Payments Inc GPNreported better-than-expected earnings for its second quarter and raised its FY17 outlook. The company also reported the purchase of ACTIVE Network for $1.2 billion in cash and stock, and announced a strategic partnership with Vista Equity Partners related to deal.