Pre-open movers

U.S. stock futures traded lower in early pre-market trade, ahead of earnings from several companies. The Challenger job-cut report for July is schedule for release at 7:30 a.m. ET. Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while data on factory orders for June will be released at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 173 points to 25,119.00, while the Standard & Poor’s 500 index futures traded fell 17.75 points to 2,793.00. Futures for the Nasdaq 100 index declined 55.25 points to 7,224.50.

Oil prices traded lower as Brent crude futures fell 0.54 percent to trade at $72.00 per barrel, while US WTI crude futures fell 0.86 percent to trade at $67.08 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 lower today, with the Spanish Ibex Index falling 1.24 percent, STOXX Europe 600 Index dropping 0.93 percent and German DAX 30 index falling 1.73 percent. The UK’s FTSE index was trading lower by 1.31 percent, while French CAC 40 Index fell 0.81 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 1.03 percent, Hong Kong’s Hang Seng Index fell 2.21 percent, China’s Shanghai Composite Index dropped 2 percent and India’s BSE Sensex slipped 0.95 percent.

Broker Recommendation

Analysts at Oppenheimer upgraded Tesla Inc TSLA from Perform to Outperform.

Tesla shares rose 8.35 percent to $325.95 in pre-market trading.

Breaking News

  • Becton, Dickinson and Company BDXreported better-than-expected results for its third quarter.
  • AmerisourceBergen Corporation ABCreported stronger-than-expected earnings for its third quarter.
  • Cigna Corporation CIreported stronger-than-expected earnings for its second quarter.
  • Tesla IncTSLA reported wider-than-expected loss for its second quarter, while sales exceeded estimates. The company expects to produce 50,000-55,000 Model 3s in the third quarter.