A Peek Into The Markets: U.S. Stock Futures Drop Ahead Of GDP, Durable-Goods Orders Data

Courtesy of Benzinga.

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. Data on durable goods orders for April and Gross Domestic Product for the first quarter will be released at 8:30 a.m. ET. The University of Michigan’s consumer sentiment index for May is schedule for release at 10:00 a.m. ET. U.S. markets will be closed Monday for the Memorial Day holiday.

Futures for the Dow Jones Industrial Average dropped 38 points to 21,025.00, while the Standard & Poor’s 500 index futures fell 4.75 points to 2,408.75. Futures for the Nasdaq 100 index declined 8.25 points to 5,773.75.

Oil prices traded lower as Brent crude futures fell 0.37 percent to trade at $51.27 per barrel, while US WTI crude futures dropped 0.27 percent to trade at $48.77 a barrel. The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index dropping 1.01 percent, STOXX Europe 600 Index falling 0.52 percent and German DAX 30 index dropping 0.52 percent. The UK’s FTSE index was trading lower by 0.02 percent, while French CAC 40 Index declined 0.77 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.64 percent, Hong Kong’s Hang Seng Index rose 0.03 percent, China’s Shanghai Composite Index gained 0.07 percent and India’s BSE Sensex rose 0.90 percent.

Broker Recommendation

Analysts at JP Morgan upgraded Ecolab Inc. (NYSE: ECL) from Neutral to Overweight.

Ecolab shares rose 0.77 percent to close at $130.31 on Thursday.

Breaking news

• Big Lots, Inc. (NYSE: BIG) reported better-than-expected earnings for its first quarter and raised its FY17 outlook.
• GameStop Corp. (NYSE: GME) reported stronger-than-expected results for its first quarter. However, the company reaffirmed its FY17 earnings outlook.
• Costco Wholesale Corporation (NASDAQ: COST) reported better-than-expected earnings for its third quarter.
• Ulta Beauty Inc (NASDAQ: ULTA) reported upbeat results for its first quarter and raised its FY17 outlook.

Posted-In: A Peek Into The MarketsEarnings News Guidance Eurozone Global Pre-Market Outlook Markets