U.S. stock futures traded lower in early pre-market trade, ahead of earnings from several companies. Data on initial jobless claims for the latest week and the Philadelphia Fed general conditions index for July will be released at 8:30 a.m. ET. The index of leading economic indicators for June will be released at 10:00 a.m. ET. Federal Reserve Vice Chairman Randal Quarles is set to speak in New York at 9:00 a.m. ET.
Futures for the Dow Jones Industrial Average dropped 60 points to 25,101.00, while the Standard & Poor’s 500 index futures traded fell 8.75 points to 2,807.25. Futures for the Nasdaq 100 index declined 29 points to 7,376.25.
Oil prices traded lower as Brent crude futures fell 0.97 percent to trade at $72.19 per barrel, while US WTI crude futures fell 0.99 percent to trade at $68.08 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
A Peek Into Global Markets
European markets were mostly lower today, with the Spanish Ibex Index falling 0.18 percent, STOXX Europe 600 Index declining 0.11 percent and German DAX 30 index dropping 0.35 percent. The UK’s FTSE index was trading higher by 0.10 percent, while French CAC 40 Index fell 0.41 percent.
In Asian markets, Japan’s Nikkei Stock Average fell 0.13 percent, Hong Kong’s Hang Seng Index fell 0.38 percent, China’s Shanghai Composite Index fell 0.53 percent and India’s BSE Sensex fell 0.06 percent.
Analysts at Needham downgraded Tesla, Inc. TSLA from Hold to Underperform.
Tesla shares fell 2.13 percent to $316.94 in pre-market trading.
- Danaher Corporation DHRreported better-than-expected earnings for its second quarter and raised its FY18 outlook. The company also announced plans to spin off dental business into a publicly traded company in the second half of 2019.
- eBay Inc EBAYreported upbeat earnings for its second quarter, while sales missed estimates. The company also issued weak third quarter and FY2018 sales guidance.
- International Business Machines CorporationIBM reported stronger-than-expected results for its second quarter on Wednesday.
- KeyCorp KEYreported better-than-expected earnings for its second quarter.