A Peek Into The Markets: US Stock Futures Edge Higher; Bank of America Posts Mixed Q2 Results

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Pre-open movers
U.S. stock futures traded slightly higher in early pre-market trade, ahead of earnings from Citigroup Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC). Data on housing starts and permits for June will be released at 8:30 a.m. ET. Kansas City Federal Reserve Bank President Esther George is set to speak in Kansas City, Missouri at 12:30 p.m. ET. The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.

Futures for the Dow Jones Industrial Average gained 13 points to 27,341, while the Standard & Poor’s 500 index futures rose 1.25 points to 3,008.25. Futures for the Nasdaq 100 index gained 10.75 points to 7,953.50.

Oil prices traded higher as Brent crude futures rose 1% to trade at $64.97 per barrel, while US WTI crude futures rose 0.7% to trade at $58.03 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index falling 0.3%, STOXX Europe 600 Index gaining 0.1% and German DAX 30 index gaining 0.1%. The UK’s FTSE index was trading lower by 0.1%, while French CAC 40 Index rose 0.1%.

In Asian markets, Japan’s Nikkei Stock Average fell 0.31%, Hong Kong’s Hang Seng Index fell 0.09%, China’s Shanghai Composite Index fell 0.20% and India’s BSE Sensex rose 0.22%.

Broker Recommendation

Analysts at Bank of America upgraded ConocoPhillips (NYSE: COP) from Neutral to Buy.

ConocoPhillips shares fell 0.2 percent to $59.62 in pre-market trading.

Breaking News

  • Bank of America Corp (NYSE: BAC) reported upbeat earnings for its second quarter, while sales missed views.
  • U.S. Bancorp (NYSE: USB) reported better-than-expected earnings for its second quarter.
  • Bank of New York Mellon Corp (NYSE: BK) reported upbeat earnings for its second quarter.
  • PNC Financial Services Group Inc (NYSE: PNC) reported stronger-than-expected earnings for its second quarter.

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