A Peek Into The Markets: US Stock Futures Gain Ahead Of Consumer Price Index

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, following a sharp decline in the previous session. AstraZeneca Plc’s (NYSE: AZN) COVID-19 vaccine trial halt is an indicator that vaccine development is “not always a fast and a straight road,” according to the World Health Organization Chief Scientist Dr. Soumya Swaminathan. Investors are awaiting earnings from Kroger Co (NYSE: KR). The Consumer Price Index for August is scheduled for release at 8:30 a.m. ET, while The U.S. Treasury budget statement for August will be released at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average gained 206 points to 27,751 while the Standard & Poor’s 500 index futures traded rose 33.50 points to 3,374. Futures for the Nasdaq 100 index climbed 153.25 points to 11,331.50.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 6,397,240 with around 191,790 deaths. India reported a total of at least 4,562,410 confirmed cases, while Brazil confirmed over 4,238,440 cases.

Oil prices traded mixed as Brent crude futures fell 0.1% to trade at $40.01 per barrel, while US WTI crude futures rose 0.1% to trade at $37.33 a barrel. U.S. crude inventories increased 2 million barrels for the week ended September 4, the Energy Information Administration reported. The Baker Hughes North American rig count report for the recent week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were mostly lower today, with the Spanish Ibex Index falling 0.7% and STOXX Europe 600 Index declining 0.1%. The French CAC 40 Index declined 0.2%, while German DAX 30 fell 0.3% and London’s FTSE 100 rose 0.2%. The U.K. economy expanded by 6.6%, while industrial production rose 5.2% in July. Spanish consumer prices declined for the fifth consecutive month, falling 0.5% year-over-year in August.

In Asian markets, Japan’s Nikkei rose 0.74%, Hong Kong’s Hang Seng Index rose 0.78% China’s Shanghai Composite Index climbed 0.79% and India’s BSE Sensex fell 0.1%. Producer prices in Japan fell 0.5% year-over-year in August following a 0.9% drop in July.

Broker Recommendation

Analysts at SVB Leerink downgraded Satsuma Pharmaceuticals Inc (NASDAQ: STSA) from Outperform to Market Perform and lowered the price target from $35 to $4.

Satsuma Pharmaceuticals shares rose 1.6% to $5.71 in pre-market trading.

Breaking News

  • Oracle Corporation (NYSE: ORCL) reported stronger-than-expected results for its fiscal first quarter on Thursday.
  • Chewy Inc (NYSE: CHWY) posted a lower-than-expected loss for its second quarter, with sales exceeding expectations.
  • Next Private B.V. agreed to acquire Altice Europe for €4.11 per share in cash.
  • Dave & Buster’s Entertainment Inc (NASDAQ: PLAY) reported a narrower-than-expected loss for the second quarter, while sales missed estimates. The chain also declined to issue forecast for fiscal 2020.

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