Pre-open movers

U.S. stock futures traded lower in early pre-market trade. The flash Composite Purchasing Managers’ Index for May will be released at 9:45 a.m. ET, while new home sales report for April is schedule for release at 10:00 a.m. ET. The Federal Open Market Committee will issue minutes of its meeting at 2:00 p.m. ET. Minneapolis Federal Reserve President Neel Kashkari is set to speak at 2:15 p.m. ET.

Futures for the Dow Jones Industrial Average tumbled 185 points to 24,660.00, while the Standard & Poor’s 500 index futures fell 16.75 points to 2,708.75. Futures for the Nasdaq 100 index declined 65.75 points to 6,842.00.

Oil prices traded lower as Brent crude futures fell 0.83 percent to trade at $78.91 per barrel, while US WTI crude futures dropped 0.21 percent to trade at $72.09 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.45 percent, STOXX Europe 600 Index declining 1 percent and German DAX 30 index dropping 1.53 percent. The UK’s FTSE index was trading lower by 0.73 percent, while French CAC 40 Index fell 1.13 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 1.18 percent, Hong Kong’s Hang Seng Index fell 1.82 percent, China’s Shanghai Composite Index dipped 1.41 percent and India’s BSE Sensex declined 0.88 percent.

Broker Recommendation

Analysts at Stifel Nicolaus downgraded Red Robin Gourmet Burgers, Inc. RRGB from Buy to Hold.

Red Robin shares fell 4.53 percent to close at $57.95 on Tuesday.

Breaking news

  • Target Corporation TGTreported weaker-than-expected earnings for its first quarter, while sales missed estimates.
  • Tiffany & Co. TIFreported upbeat results for its first quarter and raised its FY2018 earnings guidance.
  • Lowe’s Companies, Inc. LOWreported downbeat results for its first quarter on Wednesday.
  • Urban Outfitters, Inc. URBNreported better-than-expected earnings for its fiscal first quarter on Tuesday.