Pre-open movers

U.S. stock futures traded slightly higher in early pre-market trade. The flash Composite Purchasing Managers’ Index for September is schedule for release at 9:45 a.m. ET.

Futures for the Dow Jones Industrial Average rose 26 points to 26,753, while the Standard & Poor’s 500 index futures traded gained 0.25 points to 2,939.75. Futures for the Nasdaq 100 index gained 1.5 points to 7,610.25.

Oil prices traded higher as Brent crude futures rose 1.02 percent to trade at $79.50 per barrel, while US WTI crude futures rose 0.70 percent to trade at $70.81 a barrel. The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.14 percent, STOXX Europe 600 Index climbing 0.45 percent and German DAX 30 index gained 0.6 percent. The UK’s FTSE index was trading higher by 0.95 percent, while French CAC 40 Index rose 0.73 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 0.82 percent, Hong Kong’s Hang Seng Index rose 1.73 percent, China’s Shanghai Composite Index rose 2.5 percent and India’s BSE Sensex dipped 0.75 percent.

Broker Recommendation

Analysts at UBS upgraded AT&T Inc. T from Neutral to Buy and raises the price target from $33 to $38.

AT&T shares rose 0.93 percent to $33.75 in pre-market trading.

Breaking News

  • Micron Technology, Inc. MUreported upbeat earnings for its fourth quarter, but issued weak guidance for its current quarter.
  • Pier 1 Imports Inc PIRreported weak preliminary earnings results for its second quarter. The company expects Q2 loss of $0.64 to $0.62 per share and comparable sales to drop around 11.4 percent year-over-year.
  • Steelcase Inc. SCSreported better-than-expected earnings for its second quarter. The company issued strong Q3 and FY19 earnings guidance.
  • United Natural Foods IncUNFI reported weaker-than-expected results for its fourth quarter.