Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Labor Department’s JOLTS report for July and data on wholesale trade for July will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 83 points to 25,822.00, while the Standard & Poor’s 500 index futures traded fell 5.25 points to 2,875.00. Futures for the Nasdaq 100 index declined 12.75 points to 7,448.00.

Oil prices traded higher as Brent crude futures rose 0.72 percent to trade at $77.93 per barrel, while US WTI crude futures gained 0.30 percent to trade at $67.74 a barrel.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 0.36 percent, STOXX Europe 600 Index declining 0.30 percent and German DAX 30 index dropped 0.53 percent. The UK’s FTSE index was trading lower by 0.53 percent, while French CAC 40 Index fell 0.21 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 1.30 percent, Hong Kong’s Hang Seng Index fell 0.72 percent, China’s Shanghai Composite Index declined 0.18 percent and India’s BSE Sensex dipped 1.34 percent.

Broker Recommendation

Analysts at Nomura downgraded Tesla Inc TSLA from Buy to Neutral.

Tesla shares fell 2.56 percent to $278.18 in pre-market trading.

Breaking News

  • Macerich CoMAC and Simon Property Group Inc SPG reported the formation of a joint venture to create Los Angeles outlets.
  • Merck & Co., Inc.MRK disclosed that the its ZERBAXA met the primary endpoints of non-inferiority compared to meropenem in pivotal Phase 3 study. The company will submit supplemental new drug app. in the U.S. And EU.
  • Casey’s General Stores Inc CASYreported stronger-than-expected results for its first quarter on Monday.
  • Renesas Electronics CorporationRNECY announced plans to acquire Integrated Device Technology IDTI for $49 per share in cash.