Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The Empire State manufacturing index for September will be released at 8:30 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 24 points to 26,134.00, while the Standard & Poor’s 500 index futures traded fell 3.80 points to 2,902.50. Futures for the Nasdaq 100 index declined 12.5 points to 7,532.25.

Oil prices traded higher as Brent crude futures rose 0.65 percent to trade at $78.60 per barrel, while US WTI crude futures gained 0.68 percent to trade at $69.46 a barrel.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index rising 0.42 percent, STOXX Europe 600 Index declining 0.04 percent and German DAX 30 index dropped 0.41 percent. The UK’s FTSE index was trading lower by 0.14 percent, while French CAC 40 Index fell 0.20 percent.

In Asian markets, Japan’s Nikkei Stock Average rose 1.20 percent, Hong Kong’s Hang Seng Index fell 1.30 percent, China’s Shanghai Composite Index declined 1.11 percent and India’s BSE Sensex dipped 1.33 percent.

Broker Recommendation

Analysts at BMO Capital downgraded Hormel Foods Corp HRL from Outperform to Market Perform.

Hormel shares fell 0.6 percent to $41.65 in pre-market trading.

Breaking News

  • Firmenich announced plans to acquire Senomyx Inc. SNMXfor $1.50 per share in cash.
  • Steven Madden, Ltd. SHOOdeclared a three-for-two stock split in the form of a stock dividend.
  • Altaba IncAABA announced a $5.75 billion buyback plan.
  • MAXIMUS, Inc. MMSdisclosed that it has won a $36 million contract to administer the California Public Utilities Commission’s LifeLine Program.