Pre-open movers
U.S. stock futures traded higher in early pre-market trade on Tuesday after recording losses on Monday. The Dow Jones fell into a bear market on Monday, while the S&P 500 recorded a fresh closing low level for the year.
Data on durable goods orders for August will be released at 8:30 a.m. ET. Analysts expect durable goods orders declining 0.4% in August following a 0.1% drop in July. The S&P Corelogic Case-Shiller home price index and the FHFA's house price index for July will be released at 9:00 a.m. ET. The Conference Board's consumer confidence index, Richmond Fed's manufacturing index and data on new home sales for August will be released at 10:00 a.m. ET.
Federal Reserve Bank of Chicago President Charles Evans is set to speak at 6:15 a.m. ET, while Federal Reserve Chair Jerome Powell will speak at 7:30 a.m. ET. Federal Reserve Bank of St. Louis President James Bullard is set to speak at 9:55 a.m. ET, while Federal Reserve Bank of San Francisco President Mary Daly will speak at 8:55 p.m. ET.
Investors are also awaiting earnings results from Jabil Inc. (NYSE:JBL), TD SYNNEX Corporation (NYSE:SNX) and United Natural Foods, Inc. (NYSE:UNFI).
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Futures for the Dow Jones Industrial Average climbed 208 points to 29,551.00 while the Standard & Poor’s 500 index futures gained 32.75 points to 3,702.75. Futures for the Nasdaq index rose 118 points to 11,434.25.
Commodities
Oil prices traded higher as Brent crude futures rose 1.1% to trade at $83.74 per barrel, while US WTI crude futures rose 1% to trade at $77.50 a barrel. The API’s report on crude oil stocks will be released later during the day.
Gold futures gained 0.5% to trade at $1,642.00 an ounce, while silver traded up 0.5% at $18.58 an ounce on Tuesday.
A Peek Into Global Markets
Europe Markets
European markets were mixed today. The STOXX Europe 600 Index gained 0.3%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 0.1%. The French CAC 40 Index rose 0.2%, while German DAX gained 0.1%.
Loans to households in the Eurozone climbed 4.5% year-over-year in August.
Asia-Pacific Markets
Asian markets traded higher today. Japan’s Nikkei 225 rose 0.53%, Hong Kong’s Hang Seng Index rose 0.03% and China’s Shanghai Composite Index climbed 1.4%. Australia’s S&P/ASX 200 rose 0.4%, while India’s S&P BSE SENSEX rose 0.1%.
Profits earned by China's industrial firms fell by 2.1% from a year ago to CNY 55.25 trillion in the first eight months of the year.
Broker Recommendation
Cowen & Co. maintained Domino's Pizza, Inc. (NYSE:DPZ) with a Market Perform and lowered the price target from $410 to $362.
Domino's shares fell 1.6% to close at $324.74 on Monday.
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Breaking News
- Nautilus, Inc. (NYSE:NLS) reported a review of strategic alternatives, which may include a potential sale.
- AstraZeneca (NASDAQ:AZN) said Tezspire was approved in Japan for severe asthma.
- Exicure, Inc. (NASDAQ:XCUR) announced plans to cut its workforce by around 66% and also reported a $5.4 million private placement transaction with CBI, USA. The company also said it will seek the asset divestiture of its SCN9A program.
- Aurora Mobile Limited (NASDAQ:JG) signed strategic agreement with BYD Company for its overseas messaging cloud solution.
