A Peek Into The Markets: US Stock Futures Dip Ahead Of Economic Data, Fed Speakers

Pre-open movers

U.S. stock futures traded lower in early pre-market trade. International trade report for March, the Producer Price Index for April and data on initial jobless claims for the latest week will be released at 8:30 a.m. ET. Data on wholesale trade for March will be released at 10:00 a.m. ET. Federal Reserve Chairman Jerome Powell is set to speak in Washington, DC at 8:30 a.m. ET, while Atlanta Federal Reserve Bank President Raphael Bostic will speak in New Orleans, LA at 10:45 a.m. ET. Chicago Federal Reserve Bank President Charles Evans is set to speak in Washington DC at 1:15 p.m. ET.

Futures for the Dow Jones Industrial Average dipped 203 points to 25,811.00, while the Standard & Poor’s 500 index futures fell 22 points to 2,865.25. Futures for the Nasdaq 100 index tumbled 69.75 points to 7,577.75.

Oil prices traded lower as Brent crude futures fell 0.1 percent to trade at $70.35 per barrel, while US WTI crude futures dropped 0.4 percent to trade at $61.90 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 0.9 percent, STOXX Europe 600 Index declined 0.9 percent and German DAX 30 index dropped 0.9 percent. The UK’s FTSE index was trading lower by 0.4 percent, while French CAC 40 Index fell 1.3 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.93 percent, Hong Kong’s Hang Seng Index dropped 2.39 percent, China’s Shanghai Composite Index fell 1.48 percent and India’s BSE Sensex slipped 0.61 percent.

Broker Recommendation

Analysts at KeyBanc downgraded Tutor Perini Corp (NYSE: TPC) from Overweight to Sector Weight.

Tutor Perini shares fell 7.9 percent to $17.95 in pre-market trading.

Breaking News

• Becton Dickinson and Co (NYSE: BDX) reported upbeat earnings for its second quarter, while sales missed views.
• Endo International PLC (NASDAQ: ENDP) announced better-than-expected results for its first quarter.
• Commscope Holding Company Inc (NASDAQ: COMM) announced upbeat results for its first quarter, but issued weak Q2 forecast.
• Walt Disney Co (NYSE: DIS) reported better-than-expected results for its second quarter.