Pre-open movers
U.S. stock futures traded slightly higher in early pre-market trade on Wednesday after the Dow Jones jumped 750 points the previous session. Investors are awaiting earnings results from Abbott Laboratories (NYSE:ABT), Tesla, Inc. (NASDAQ:TSLA) and Lithia Motors, Inc. (NYSE:LAD).
Data on existing home sales for June will be released at 10:00 a.m. ET. Existing home sales have slowed to an annualized rate of 5.41 million in May, with analysts expecting a slight drop to 5.395 million for June.
Why Crypto-Related Companies Traded Higher; Here Are 72 Biggest Movers From Yesterday
Futures for the Dow Jones Industrial Average gained 42 points to 31,833.00 while the Standard & Poor’s 500 index futures rose 6.50 points to 3,944.00. Futures for the Nasdaq index rose 27.75 points to 12,301.75.
Oil prices traded lower as Brent crude futures fell 1.2% to trade at $106.08 per barrel, while US WTI crude futures fell 1.8% to trade at $102.40 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 91,529,860 with around 1,049,680 deaths. India reported a total of at least 43,803,610 confirmed cases, while Brazil confirmed over 33,398,040 cases.
A Peek Into Global Markets
European markets were higher today. The STOXX Europe 600 Index rose 0.4%, London’s FTSE 100 gained 0.5% while Spain’s IBEX 35 Index rose 0.1%. The French CAC 40 Index rose 0.4%, while German DAX rose 0.3%. Annual inflation rate in the UK climbed to 9.4% in June, recording the highest rate since 1982, while producer prices climbed 16.5% year-over-year in from a revised 15.8% in May. Annual producer inflation in Germany fell to a three-month low level of 32.7% in June from May’s record level of 33.6%.
Asian markets traded higher today. Japan’s Nikkei 225 jumped 2.67%, while China’s Shanghai Composite rose 0.77% and Hong Kong’s Hang Seng Index climbed 1.11%. Australia’s S&P/ASX 200 rose 1.65%, while India’s S&P BSE Sensex rose 1.4%. The People's Bank of China maintained its key rates for corporate and household loans at the recent fixing.
Broker Recommendation
Raymond James maintained Murphy USA Inc. (NYSE:MUSA) with an Outperform and raised the price target from $270 to $300.
Murphy USA shares rose 2.5% to close at $275.88 on Tuesday.
Check out this: Tesla, Abbott Laboratories And 3 Stocks To Watch Heading Into Wednesday
Breaking News
- Netflix, Inc. (NASDAQ:NFLX) posted better-than-expected earnings for its second quarter. The company ended the second quarter with 220.67 million subscribers, down from a reported 221.64 million in the first quarter. Netflix also said it will add 1 million net subscribers in the third quarter
- General Motors Company (NYSE:GM) unveiled the Chevrolet Blazer EV on Tuesday with availability starting in spring of 2023. The company also stated the vehicle will be made in Mexico at a production facility that currently makes its gas-powered Blazers.
- Omnicom Group Inc. (NYSE:OMC) posted stronger-than-expected results for its second quarter on Tuesday.
- The cryptocurrency market continued to recover on Wednesday, with Bitcoin (CRYPTO: BTC), the world’s oldest cryptocurrency, surpassing the $23,000 level.
