U.S. stock futures traded lower in early pre-market trade, ahead of earnings reports from several companies. Data on initial jobless claims for the latest week and the Philly Fed manufacturing index for October will be released at 8:30 a.m. ET. The index of leading economic indicators for September will be released at 10:00 a.m. ET. St. Louis Federal Reserve Bank President James Bullard is set to speak in Memphis, Tennessee at 9:00 a.m. ET, while US Federal Reserve Bank Vice Chairman Randal K. Quarles will speak in New York, NY at 12:15 p.m. ET.
Futures for the Dow Jones Industrial Average dropped 78 points to 25,658, while the Standard & Poor’s 500 index futures traded fell 10.25 points to 2,806.00. Futures for the Nasdaq 100 index slipped 34.5 points to 7,278.75.
Oil prices traded lower as Brent crude futures fell 0.39 percent to trade at $81.09 per barrel, while US WTI crude futures fell 0.60 percent to trade at $71.49 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 higher today, with the Spanish Ibex Index falling 0.66 percent, STOXX Europe 600 Index rising 0.17 percent and German DAX 30 index gained 0.13 percent. The UK’s FTSE index was trading lower by 0.13 percent, while French CAC 40 Index climbed 0.35 percent.
In Asian markets, Japan’s Nikkei Stock Average fell 0.80 percent, Hong Kong’s Hang Seng Index slipped 0.03 percent, China’s Shanghai Composite Index dipped 2.94 percent and India’s BSE Sensex fell 1.09 percent.
Analysts at JP Morgan downgraded Gap Inc GPS from Neutral to Underweight and lowered the price target from $30 to $24.
Gap shares fell 3.24 percent to $26.25 in pre-market trading.
- Danaher CorporationDHR reported upbeat earnings for its third quarter.
- Textron Inc. WGOreported downbeat earnings for its third quarter and narrowed its FY18 adjusted earnings guidance.
- Philip Morris International Inc.PM reported stronger-than-expected earnings for its third quarter.
- Alcoa Corp AAreported better-than-expected revenue for its third quarter and announced a $200 million buyback.