U.S. stock futures traded slightly higher in early pre-market trade after closing lower on Tuesday. The Dow Jones dropped around 173 points, while the Nasdaq Composite declined around 86 points in the previous session. Data released Tuesday showed the ISM services index climbed to 56.9 in August from previous reading of 56.7.
Investors are awaiting earnings results from Casey’s General Stores, Inc. CASY, GameStop Corp. GME and G-III Apparel Group, Ltd. GIII.
International trade report for July will be released at 8:30 a.m. ET. Analysts expect a deficit of $70.5 billion for total goods and services trade in July compared with a $79.6 billion deficit in the previous month. The Federal Reserve will release its latest Beige Book report at 2:00 p.m. ET.
Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 9:00 a.m. ET, while Federal Reserve Bank of Cleveland President Loretta Mester will speak at 10:00 a.m. ET. Federal Reserve Governor Lael Brainard is set to speak at 11:55 a.m. ET, while Michael S. Barr, Vice Chair of the Federal Reserve for Supervision, will speak at 2:00 p.m. ET.
Check out this: Fear & Greed Index Remains In ‘Fear’ Zone As US Stocks Drop
Futures for the Dow Jones Industrial Average rose 6 points to 31,172.00 while the Standard & Poor’s 500 index futures rose 3.25 points to 3,913.75. Futures for the Nasdaq index rose 27 points to 12,046.00.
Oil prices traded higher as Brent crude futures rose 0.5% to trade at $93.30 per barrel, while US WTI crude futures rose 0.5% to trade at $87.34 a barrel.
The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 96,716,570 with around 1,073,290 deaths. India reported a total of at least 44,472,240 confirmed cases, while France confirmed over 34,623,090 cases.
A Peek Into Global Markets
European markets were mostly lower today. The STOXX Europe 600 Index fell 0.6%, London’s FTSE 100 fell 0.9% while Spain’s IBEX 35 Index rose 0.3%. The French CAC 40 Index fell 0.5%, while German DAX declined 0.5%.
The Eurozone economy grew 0.8% on quarter during the second quarter, versus a 0.6% growth in the second estimate, while number of employed persons increased by 0.4% on the quarter to 164.1 million in the quarter. Retail sales in Italy climbed 1.3% from a month ago in July following a 1.1% drop a …….