Benzinga | Aug 7, 2020 06:06AM EDT

A Peek Into The Markets: US Stock Futures Down; All Eyes On Jobs Report

Pre-open movers

U.S. stock futures traded lower in early pre-market trade, after recording gains in the prior session. Investors are awaiting earnings results from DISH Network Corp (NASDAQ:DISH), Ventas, Inc. (NYSE:VTR) and Magna International Inc. (NYSE:MGA). U.S. jobs report for July is scheduled for release at 8:30 a.m. ET, while data on wholesale inventories for June will be released 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 4,883,650 with around 160,100 deaths. Brazil confirmed over 2,912,210 cases, while India reported a total of at least 2,027,070 confirmed cases.

Futures for the Dow Jones Industrial Average dropped 118 points to 27,167 while the Standard & Poor's 500 index futures traded fell 12.80 points to 3,331.50. Futures for the Nasdaq 100 index declined 49.75 points to 11,211.50.

Oil prices traded lower as Brent crude futures fell 0.5% to trade at $44.86 per barrel, while US WTI crude futures fell 0.6% to trade at $41.68 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 mostly lower today, with the Spanish Ibex Index falling 0.7% and STOXX Europe 600 Index declining 0.1%. The UK's FTSE index was trading lower by 0.1%, while French CAC 40 Index fell 0.4% and German DAX 30 slipped 0.1%.

In Asian markets, Japan's Nikkei fell 0.39%, Hong Kong's Hang Seng Index declined 1.6% China's Shanghai Composite Index dropped 0.96% and India's BSE Sensex rose 0.2%.

Broker Recommendation

Analysts at Stifel downgraded The Manitowoc Company, Inc. (NYSE:MTW) from Buy to Hold and lowered the price target from $11.5 to $11.

Manitowoc shares fell 10.5% to close at $10.03 on Thursday.

Breaking News

* T-Mobile Us Inc (NASDAQ:TMUS) reported better-than-expected earnings for its second quarter and said it had 98.3 million total customers at the end of the quarter. The company also claimed it had become the second-largest cellular carrier in the US, ahead of AT&T Inc..

* Booking Holdings Inc (NASDAQ:BKNG) reported a narrower-than-expected loss for its second quarter, while sales exceeded estimates.

* Uber Technologies Inc (NYSE:UBER) reported a wider-than-expected loss for the second quarter, while sales surpassed estimates. Bookings also declined 35% year-over-year during the quarter..

* Microsoft Corporation (NASDAQ:MSFT) is looking to buy all of TikTok's global operations, and not just in four countries as previously indicated, according to a Financial Times report Thursday.