A Peek Into The Markets: US Stock Futures Tumble Ahead Of Earnings, Economic Data

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade. Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET, while the flash Composite Purchasing Managers' Index for May is schedule for release at 9:45 a.m. ET. Data on new home sales for April will be released at 10:00 a.m. ET, while the Kansas City Fed manufacturing index for May will be released at 11:00 a.m. ET. Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas, TX at 1:00 p.m. ET, while Richmond Federal Reserve Bank President Tom Barkin will speak in Dallas, TX at 1:00 p.m. ET. Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Dallas, TX at 1:00 p.m. ET, while San Francisco Federal Reserve Bank President Mary Daly will speak in Dallas, TX at 1:00 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 232 points to 25,539.00, while the Standard & Poor’s 500 index futures fell 26.15 points to 2,831.25. Futures for the Nasdaq 100 index fell 92 points to 7,338.00.

Oil prices traded lower as Brent crude futures fell 1.7 percent to trade at $69.80 per barrel, while US WTI crude futures fell 1.7 percent to trade at $60.37 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 1.2 percent, STOXX Europe 600 Index dropped 1.4 percent and German DAX 30 index dipped 1.8 percent. The UK's FTSE index was trading lower by 1.4 percent, while French CAC 40 Index fell 1.7 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.62 percent, Hong Kong’s Hang Seng Index dropped 1.58 percent, China’s Shanghai Composite Index fell 1.36 percent and India’s BSE Sensex declined 0.76 percent.

Broker Recommendation

Analysts at JP Morgan upgraded Target Corporation TGT from Neutral to Overweight and raised the price target from $81 to $100.

Target shares fell 0.2 percent to $77.40 in pre-market trading.

Breaking News

• BJs Wholesale Club Holdings Inc BJ reported better-than-expected earnings for its first quarter.
• Medtronic PLC MDT reported upbeat earnings for its fourth quarter.
• Hormel Foods Corp HRL reported better-than-expected earnings for its second quarter, but sales missed views. The company also lowered its FY19 guidance.
• Citi Trends, Inc. CTRN reported downbeat earnings for its first quarter and lowered its FY19 outlook.