Benzinga | Jul 24, 2020 06:13AM EDT

A Peek Into The Markets: US Stock Futures Down Following Thursday's Sell-Off

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after recording a decline in the previous session. Investors are awaiting earnings results from Verizon Communications Inc. (NYSE:VZ), American Express Company (NYSE:AXP), Schlumberger NV (NYSE:SLB) and Honeywell International Inc. (NYSE:HON). The flash Composite Purchasing Managers' Index for July is scheduled for release at 9:45 a.m. ET, while data on new home sales for June is scheduled for release at 10:00 a.m. ET.

The U.S. has the highest number of COVID-19 cases and deaths in the world, with total infections in the country exceeding 4,038,860 with around 144,300 deaths. Brazil confirmed over 2,287,470 cases, while India reported a total of at least 1,288,100 confirmed cases.

Futures for the Dow Jones Industrial Average dropped 98 points to 26,445 while the Standard & Poor's 500 index futures traded fell 12.35 points to 3,215.25. Futures for the Nasdaq 100 index declined 114.25 points to 10,434.00.

Oil prices traded higher as Brent crude futures rose 0.6% to trade at $43.58 per barrel, while US WTI crude futures rose 0.8% to trade at $41.39 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

A Peek Into Global Markets

European markets were lower today, with the Spanish Ibex Index falling 1.4% and STOXX Europe 600 Index dropping 1.8%. The UK's FTSE index was trading lower by 1.4%, while French CAC 40 Index fell 1.7% and German DAX 30 declined 1.8%.

In Asian markets, Japan's Nikkei fell 0.58%, Hong Kong's Hang Seng Index declined 2.21%, China's Shanghai Composite Index dipped 3.86% and India's BSE Sensex fell 0.1%.

Broker Recommendation

Analysts at Piper Sandler downgraded Seattle Genetics, Inc. (NASDAQ:SGEN) from Overweight to Neutral and raised the price target from $155 to $165.

Seattle Genetics shares fell 2.2% to close at $172.90 on Thursday.

Breaking News

* Intel Corporation (NASDAQ:INTC) reported better-than-expected results for its second quarter, but announced delay in its 7-nanometer chip release.

* NRG Energy Inc (NYSE:NRG) announced plans to purchase Centrica's business in the United States for $3.6 billion in cash.

* Skechers USA Inc (NYSE:SKX) reported a narrower-than-expected loss for its second quarter.

* Edwards Lifesciences Corp. (NYSE:EW) reported upbeat results for its second quarter on Thursday.