LUNA (LUNA/USD), Bristol-Myers Squibb (NYSE:BMY) – US Stock Futures Rise After Recording Worst Sell-Off Since June 2020; PPI Data In Focus

Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Wednesday after recording sharp losses on Tuesday following the release of inflation data for August. All the three major indices settled sharply lower, notching their biggest single-session percentage declines since June 2020.

The Producer Price Index for August will be released at 8:30 a.m. ET. Producer prices cooled higher than expected during July, declining 0.5% on the month. Analysts, meanwhile, are expecting producer prices declining 0.1% on the month, with year-over-year rates expected at 8.7%.

Investors are also awaiting earnings results from BRP Inc. DOOO and Tsakos Energy Navigation Limited TNP, due to be released today.

Check out this: Market Volatility Jumps Following US CPI Data

Futures for the Dow Jones Industrial Average jumped 138 points to 31,241.00 while the Standard & Poor’s 500 index futures rose 22.75 points to 3,954.00. Futures for the Nasdaq index climbed 72.75 points to 12,109.25.

Commodities

Oil prices traded slightly higher as Brent crude futures rose 0.3% to trade at $93.49 per barrel, while US WTI crude futures rose 0.2% to trade at $87.49 a barrel. U.S. crude stockpiles increased by over 6 million barrels last week, according to the American Petroleum Institute. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.

Gold futures slipped 0.2% to trade at $1,713.90 an ounce, while silver traded almost flat at $19.49 an ounce on Wednesday.

 

A Peek Into Global Markets

Europe Markets

European markets were mostly lower today. The STOXX Europe 600 Index fell 0.3%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index gained 0.5%. The French CAC 40 Index fell 0.2%, while German DAX declined 0.3%.

Industrial production in the Eurozone dropped 2.3% month-over-month in July following a revised 1.1% increase in the previous month. Annual inflation rate in the UK fell to 9.9% in August from 10.1% in July.



Asia-Pacific Markets

Asian markets traded lower today. Japan’s Nikkei 225 fell 2.78%, Hong Kong’s Hang Seng Index fell 2.48% and China’s Shanghai Composite Index fell 0.8%. Australia’s S&P/ASX 200 fell 2.6%, while India’s S&P BSE SENSEX fell 0.2%.

Manufacturing production in Hong Kong climbed by 2.7% year-over-year in the second quarter. The annual wholesale price inflation rate in India fell to 12.41% in August from 13.93% in the earlier month. Industrial production in Japan increased 0.8% month-over-month in July, while Australian new home sales dipped 16.0% month-over-month in August.

 



Broker Recommendation

Berenberg downgraded Bristol-Myers Squibb Company BMY from Buy to Hold and lowered the price target from $82 to $76.



Bristol-Myers Squibb shares rose 0.1% to $71.05 in pre-market trading.

Check out this: Bitcoin, Ethereum Record Losses Following US Inflation Data, Here Are Other Crypto Movers That Should Be On Your Radar Today

 

Breaking News

  • Coinbase Global Inc COIN said it has now fully resolved the issue of failing trades on its platform.
  • The U.S. Food and Drug Administration granted Orphan Drug Designation to Genfit SA’s GNFT drug candidate GNS5611 (ezurpimtrostat) for the treatment of cholangiocarcinoma.
  • South Korean authorities have issued an arrest warrant for Terra LUNA/USD founder Do Kwon and five others in connection with the Terraform Labs case, Bloomberg reported on Wednesday.
  • Conformis, Inc. CFMS received 510(k) clearance from the U.S. Food and Drug Administration for its Actera Hip System.

Check out other breaking news here



Image and article originally from www.benzinga.com. Read the original article here.